5 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06525814 2023-04-01 2024-03-31 06525814 2024-03-31 06525814 2023-03-31 06525814 2022-04-01 2023-03-31 06525814 2023-03-31 06525814 2022-03-31 06525814 core:PlantMachinery 2023-04-01 2024-03-31 06525814 core:OnerousContractsExcludingVacantProperties 2023-04-01 2024-03-31 06525814 bus:Director4 2023-04-01 2024-03-31 06525814 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 06525814 core:PlantMachinery 2023-03-31 06525814 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 06525814 core:PlantMachinery 2024-03-31 06525814 core:WithinOneYear 2024-03-31 06525814 core:WithinOneYear 2023-03-31 06525814 core:AfterOneYear 2024-03-31 06525814 core:AfterOneYear 2023-03-31 06525814 core:UKTax 2023-04-01 2024-03-31 06525814 core:UKTax 2022-04-01 2023-03-31 06525814 core:ShareCapital 2024-03-31 06525814 core:ShareCapital 2023-03-31 06525814 core:RevaluationReserve 2024-03-31 06525814 core:RetainedEarningsAccumulatedLosses 2024-03-31 06525814 core:RetainedEarningsAccumulatedLosses 2023-03-31 06525814 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06525814 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 06525814 core:PlantMachinery 2023-03-31 06525814 bus:SmallEntities 2023-04-01 2024-03-31 06525814 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06525814 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06525814 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06525814 bus:FullAccounts 2023-04-01 2024-03-31 06525814 core:Associate1 2023-04-01 2024-03-31 06525814 core:Associate1 2022-04-01 2023-03-31 06525814 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06525814 core:OtherPropertyPlantEquipment 2023-03-31 06525814 core:OtherPropertyPlantEquipment 2024-03-31 06525814 core:Associate1 2024-03-31 06525814 core:Associate1 2023-03-31
Company registration number: 06525814
Property Rental Services Limited
Pages for filing with Registrar
31 March 2024
Property Rental Services Limited
Contents
Statement of financial position
Notes to the financial statements
Property Rental Services Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,758,433 1,582,093
_______ _______
1,758,433 1,582,093
Current assets
Debtors 7 118,511 148,223
Cash at bank and in hand 3,405 8,568
_______ _______
121,916 156,791
Creditors: amounts falling due
within one year 8 ( 137,942) ( 175,634)
_______ _______
Net current liabilities ( 16,026) ( 18,843)
_______ _______
Total assets less current liabilities 1,742,407 1,563,250
Creditors: amounts falling due
after more than one year 9 ( 1,109,285) ( 1,199,641)
_______ _______
Net assets 633,122 363,609
_______ _______
Capital and reserves
Called up share capital 26 26
Revaluation reserve 180,000 -
Profit and loss account 453,096 363,583
_______ _______
Shareholders funds 633,122 363,609
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 January 2025 , and are signed on behalf of the board by:
David Murray
Director
Company registration number: 06525814
Property Rental Services Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 & 9a Cleadon Lane Industrial Estate, Cleadon Lane, East Boldon, NE36 0AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value of rents receivable during the period, net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Lodge - 5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 30,946 36,911
Adjustments in respect of previous periods - ( 1,609)
_______ _______
Tax on profit 30,946 35,302
_______ _______
6. Tangible assets
Freehold property Plant and machinery Lodge Total
£ £ £ £
Cost or valuation
At 1 April 2023 1,520,000 12,581 63,725 1,596,306
Revaluation 180,000 - - 180,000
_______ _______ _______ _______
At 31 March 2024 1,700,000 12,581 63,725 1,776,306
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 7,841 6,372 14,213
Charge for the year - 474 3,186 3,660
_______ _______ _______ _______
At 31 March 2024 - 8,315 9,558 17,873
_______ _______ _______ _______
Carrying amount
At 31 March 2024 1,700,000 4,266 54,167 1,758,433
_______ _______ _______ _______
At 31 March 2023 1,520,000 4,740 57,353 1,582,093
_______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 April 2023 1,520,000
Fair value adjustments 180,000
_______
At 31 March 2024 1,700,000
_______
The properies were independently valued on a "desk top" basis on 14 May 2024.
7. Debtors
2024 2023
£ £
Trade debtors 99,400 130,770
Other debtors 19,111 17,453
_______ _______
118,511 148,223
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 88,000 88,000
Trade creditors 16,071 33,889
Corporation tax 31,118 50,581
Social security and other taxes 288 699
Other creditors 2,465 2,465
_______ _______
137,942 175,634
_______ _______
Bank loans are secured by fixed and floating charges over the Company's assets.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 392,894 483,250
Other creditors 716,391 716,391
_______ _______
1,109,285 1,199,641
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 74,724 (2023 £ 148,750 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are secured by fixed and floating charges over the Company's assets.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Group Tegula Limited ( 4,192) 100,067 ( 629,215) ( 625,023)
_______ _______ _______ _______