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Company No: 11417939 (England and Wales)

FIVE PERCENT PROPERTY LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 30 June 2024

FIVE PERCENT PROPERTY LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FIVE PERCENT PROPERTY LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
FIVE PERCENT PROPERTY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR A J T Gorman
REGISTERED OFFICE 14 London Road
Newark
NG24 1TW
United Kingdom
COMPANY NUMBER 11417939 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
14 London Road
Newark
NG24 1TW
United Kingdom
FIVE PERCENT PROPERTY LIMITED

DIRECTOR'S REPORT

For the financial year ended 30 June 2024
FIVE PERCENT PROPERTY LIMITED

DIRECTOR'S REPORT (continued)

For the financial year ended 30 June 2024

The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 30 June 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company in the year under review was that of property investment.

DIRECTOR

The director, who served during the financial year and to the date of this report except as noted, was as follows:

A J T Gorman

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved and signed by:

A J T Gorman
Director

27 November 2024

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIVE PERCENT PROPERTY LIMITED

For the financial year ended 30 June 2024

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIVE PERCENT PROPERTY LIMITED (continued)

For the financial year ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Five Percent Property Limited for the year ended 30 June 2024 which compromise of the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company accounting records and from infomation and explanations you have given us.

This report is made solely to the Board of Directors of Five Percent Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Five Percent Property Limited and state those matters that we have agreed to state to the Board of Directors of Five Percent Property Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Five Percent Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Five Percent Property Limited. You consider that Five Percent Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Five Percent Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited
Accountant

14 London Road
Newark
NG24 1TW
United Kingdom

27 November 2024

FIVE PERCENT PROPERTY LIMITED

INCOME STATEMENT

For the financial year ended 30 June 2024
FIVE PERCENT PROPERTY LIMITED

INCOME STATEMENT (continued)

For the financial year ended 30 June 2024
2024 2023
£ £
Turnover 104,723 78,022
Administrative expenses ( 48,609) ( 53,053)
Operating profit 56,114 24,969
Income from other fixed asset investments 0 23,450
Profit before interest and taxation 56,114 48,419
Interest payable and similar expenses ( 40,364) ( 36,454)
Profit before taxation 15,750 11,965
Tax on profit 151 ( 18,891)
Profit/(loss) for the financial year 15,901 ( 6,926)
FIVE PERCENT PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
FIVE PERCENT PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,494 5,287
Investment property 4 1,505,000 1,505,000
1,509,494 1,510,287
Current assets
Debtors 5 67,381 5,194
Cash at bank and in hand 21,220 89,530
88,601 94,724
Creditors: amounts falling due within one year 6 ( 370,267) ( 391,801)
Net current liabilities (281,666) (297,077)
Total assets less current liabilities 1,227,828 1,213,210
Creditors: amounts falling due after more than one year 7 ( 1,050,468) ( 1,051,600)
Provision for liabilities ( 45,696) ( 45,847)
Net assets 131,664 115,763
Capital and reserves
Called-up share capital 8 100 100
Fair value reserve 120,476 120,476
Profit and loss account 11,088 ( 4,813 )
Total shareholder's funds 131,664 115,763

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Five Percent Property Limited (registered number: 11417939) were approved and authorised for issue by the Director on 27 November 2024. They were signed on its behalf by:

A J T Gorman
Director
FIVE PERCENT PROPERTY LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 30 June 2024
FIVE PERCENT PROPERTY LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 30 June 2024
Called-up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 01 July 2022 100 114,912 7,677 122,689
Loss for the financial year 0 0 ( 6,926) ( 6,926)
Investment property revaluation 0 5,564 ( 5,564) 0
Total comprehensive loss 0 5,564 ( 12,490) ( 6,926)
At 30 June 2023 100 120,476 ( 4,813) 115,763
At 01 July 2023 100 120,476 ( 4,813) 115,763
Profit for the financial year 0 0 15,901 15,901
Total comprehensive income 0 0 15,901 15,901
At 30 June 2024 100 120,476 11,088 131,664
FIVE PERCENT PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FIVE PERCENT PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Five Percent Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 14 London Road, Newark, NG24 1TW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 6,220 6,220
At 30 June 2024 6,220 6,220
Accumulated depreciation
At 01 July 2023 933 933
Charge for the financial year 793 793
At 30 June 2024 1,726 1,726
Net book value
At 30 June 2024 4,494 4,494
At 30 June 2023 5,287 5,287

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 1,505,000
As at 30 June 2024 1,505,000

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

5. Debtors

2024 2023
£ £
Trade debtors 3,952 5,194
Amounts owed by director (note 9) 63,429 0
67,381 5,194

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director (note 9) 0 194,444
Accruals 2,394 2,357
Other creditors 367,873 195,000
370,267 391,801

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans (secured) 1,050,468 1,051,600

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

2024 2023
£ £
A J T Gorman 63,429 0
FIVE PERCENT PROPERTY LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

For the financial year ended 30 June 2024
FIVE PERCENT PROPERTY LIMITED

DETAILED PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 30 June 2024
2024 2023
£ £
Turnover
Rents 104,723 78,022
Administrative expenses
Rates and water ( 6,919) ( 2,293)
Light and heat ( 6,649) ( 2,343)
Internet, telephone and fax ( 122) 47
Bank charges ( 90) ( 90)
Insurance ( 207) 0
Depreciation ( 793) ( 933)
Repairs and renewals ( 15,750) ( 12,808)
Accountancy ( 2,402) ( 2,865)
Legal fees 0 ( 4,994)
Agent fees ( 15,677) ( 11,105)
Mortgage fees 0 ( 15,669)
(48,609) (53,053)
Operating profit 56,114 24,969
Income from other fixed asset investments 0 23,450
Profit before interest and taxation 56,114 48,419
Interest payable and similar expenses
Mortgage interest payable ( 40,364) ( 36,454)
Profit before taxation 15,750 11,965