Company registration number 11628311 (England and Wales)
PHAD PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PHAD PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PHAD PROPERTY LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
696
870
Investment property
4
2,238,000
2,223,405
2,238,696
2,224,275
Current assets
Debtors
5
6,752
1,868
Cash at bank and in hand
104,168
198,720
110,920
200,588
Creditors: amounts falling due within one year
6
(1,112,528)
(1,252,292)
Net current liabilities
(1,001,608)
(1,051,704)
Total assets less current liabilities
1,237,088
1,172,571
Creditors: amounts falling due after more than one year
7
(603,140)
(603,140)
Provisions for liabilities
(98,311)
(94,343)
Net assets
535,637
475,088
Capital and reserves
Called up share capital
101
101
Revaluation reserve
8
380,631
368,725
Profit and loss reserves
154,905
106,262
Total equity
535,637
475,088

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

PHAD PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Paul Oakes
Director
Company registration number 11628311 (England and Wales)
PHAD PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Phad Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 51 Woodville Road, Harborne, Birmingham, UK, B17 9AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on reducing balance

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PHAD PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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 period end and that are expected to apply to the reversal of the timing difference.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2023 and 30 April 2024
1,941
Depreciation and impairment
At 1 May 2023
1,071
Depreciation charged in the year
174
At 30 April 2024
1,245
Carrying amount
At 30 April 2024
696
At 30 April 2023
870
4
Investment property
2024
£
Fair value
At 1 May 2023
1,759,058
Revaluations
478,942
At 30 April 2024
2,238,000
PHAD PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,752
1,868
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48
-
0
Corporation tax
15,789
11,696
Other creditors
1,096,691
1,240,596
1,112,528
1,252,292
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
603,140
603,140
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
368,725
289,225
Cumulative fair value adjustment transferred to profit or loss on revaluation
11,906
79,500
At the end of the year
380,631
368,725
9
Related Party Disclosures

As at 30 April 2023 the following balances, included in other creditors due within one year, were due to related companies:

 

Hardwood Business Services Ltd £525,000

 

Phad Ltd: £100,000

 

The above balances are repayable on demand.

10
Ultimate Controlling Party

The company is controlled by Paul Oakes and Delshad Oakes.

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