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REGISTERED NUMBER: SC212956 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

PMD (Properties) Limited

PMD (Properties) Limited (Registered number: SC212956)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PMD (Properties) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr Paul Michael McDermott
Mrs Wilma Isla McDermott





REGISTERED OFFICE: 16 North Claremont Street
Glasgow
G3 7LE





REGISTERED NUMBER: SC212956 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

PMD (Properties) Limited (Registered number: SC212956)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,715,449 2,507,111

CURRENT ASSETS
Debtors 5 17,500 45,500
Cash at bank 31,613 6,000
49,113 51,500
CREDITORS
Amounts falling due within one year 6 1,236,350 1,185,662
NET CURRENT LIABILITIES (1,187,237 ) (1,134,162 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,212

1,372,949

CREDITORS
Amounts falling due after more than one
year

7

(10,955

)

(997,261

)

PROVISIONS FOR LIABILITIES 9 (4,369 ) (8,286 )
NET ASSETS 512,888 367,402

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 (236,818 ) (236,818 )
Retained earnings 749,606 604,120
SHAREHOLDERS' FUNDS 512,888 367,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PMD (Properties) Limited (Registered number: SC212956)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2024 and were signed on its behalf by:





Mr Paul Michael McDermott - Director


PMD (Properties) Limited (Registered number: SC212956)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

PMD (Properties) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents a combination of rent receivable and income from interior design.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment properties - not provided
Integral features - 15% on reducing balance
Fittings and equipment - 15% on reducing balance

The cost of investment properties is their purchase cost, together with any incidental costs of acquisitions.

Investment properties are included at fair value. Gains or losses on revaluations are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PMD (Properties) Limited (Registered number: SC212956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fittings
Investment Integral and
properties features equipment Totals
£    £    £    £   
COST
At 1 April 2023 2,457,251 125,334 210,976 2,793,561
Disposals (769,921 ) (36,117 ) (146,141 ) (952,179 )
At 31 March 2024 1,687,330 89,217 64,835 1,841,382
DEPRECIATION
At 1 April 2023 - 113,830 172,620 286,450
Charge for year - 1,169 3,793 4,962
Eliminated on disposal - (32,406 ) (133,073 ) (165,479 )
At 31 March 2024 - 82,593 43,340 125,933
NET BOOK VALUE
At 31 March 2024 1,687,330 6,624 21,495 1,715,449
At 31 March 2023 2,457,251 11,504 38,356 2,507,111

The investment properties are shown at their open market value based on annual valuations. The valuations were undertaken by the director, Mr Paul McDermott.

PMD (Properties) Limited (Registered number: SC212956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 17,500 45,500

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 260,855 144,790
Trade creditors 14,704 16,070
Taxation and social security 5,608 24,302
Other creditors 955,183 1,000,500
1,236,350 1,185,662

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 10,955 997,261

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 years - 418,101

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 271,810 1,142,051

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,369 8,286

PMD (Properties) Limited (Registered number: SC212956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 8,286
Provided during year (3,917 )
Balance at 31 March 2024 4,369

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 (236,818 )

12. ULTIMATE CONTROLLING PARTY

The company was 100% controlled by the directors Mr Paul McDermott and Mrs Isla McDermott throughout the year.