Pineapple Property Leasing Limited |
Registered number: |
03566259 |
Balance Sheet |
as at 30 April 2024 |
|
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
- |
|
|
60 |
Investments |
4 |
|
|
880,000 |
|
|
880,000 |
|
|
|
|
880,000 |
|
|
880,060 |
|
Current assets |
Debtors |
5 |
|
825,877 |
|
|
697,565 |
Investments held as current assets |
6 |
|
65 |
|
|
20,065 |
Cash at bank and in hand |
|
|
35,059 |
|
|
123,588 |
|
|
|
861,001 |
|
|
841,218 |
|
Creditors: amounts falling due within one year |
7 |
|
(61,206) |
|
|
(21,739) |
|
Net current assets |
|
|
|
799,795 |
|
|
819,479 |
|
Total assets less current liabilities |
|
|
|
1,679,795 |
|
|
1,699,539 |
|
Creditors: amounts falling due after more than one year |
8 |
|
|
(10,500) |
|
|
(17,500) |
|
|
|
Net assets |
|
|
|
1,669,295 |
|
|
1,682,039 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1,006,287 |
|
|
1,006,287 |
Revaluation reserve |
9 |
|
|
262,840 |
|
|
262,840 |
Profit and loss account |
|
|
|
400,168 |
|
|
412,912 |
|
Shareholders' funds |
|
|
|
1,669,295 |
|
|
1,682,039 |
|
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr C O'Rourke |
Director |
Approved by the board on 30 January 2025 |
|
Pineapple Property Leasing Limited |
Notes to the Accounts |
for the year ended 30 April 2024 |
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|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
Fixtures, fittings, tools and equipment |
15% on cost |
|
Motor vehicles |
25% on reducing balance |
|
Computer equipment |
33% on cost |
|
|
Investments |
|
Unlisted investments, including investment properties, are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Rental Income |
|
Rental income is recognised in the profit and loss account, on a receiveable basis, with reference to the rental period it relates to. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 May 2023 |
107 |
|
At 30 April 2024 |
107 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2023 |
47 |
|
Charge for the year |
60 |
|
At 30 April 2024 |
107 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2024 |
- |
|
At 30 April 2023 |
60 |
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 May 2023 |
880,000 |
|
|
At 30 April 2024 |
880,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 May 2023 |
626,115 |
|
At 30 April 2024 |
626,115 |
|
|
|
|
|
|
|
|
|
|
Fair value at 30 April 2020 is represented by: |
£ |
|
Valuation in 2016 |
|
|
|
|
162,249 |
|
Valuation in 2017 |
|
|
|
|
300,000 |
|
Valuation in 2018 |
|
|
|
|
(244,810) |
|
Cost |
|
|
|
|
662,561 |
|
|
If investment property had not been revalued it would have been included at the following historical cost: |
|
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
Cost |
|
|
|
|
626,115 |
|
626,115 |
|
|
Aggregate depreciation |
|
|
|
|
129,047 |
|
116,524 |
|
|
Investment property was valued at open market basis on 30th April 2024 by the director, Mr C. N. O'Rourke. |
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Deferred tax asset |
|
|
|
|
9,677 |
|
13,039 |
|
Other debtors |
816,200 |
|
684,526 |
|
|
|
|
|
|
825,877 |
|
697,565 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
576,400 |
|
470,400 |
|
|
|
|
|
|
|
|
|
|
6 |
Investments held as current assets |
2024 |
|
2023 |
£ |
£ |
|
Fair value |
|
Unlisted investments |
65 |
|
20,065 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
7,000 |
|
7,000 |
|
Taxation and social security costs |
39,857 |
|
3,789 |
|
Other creditors |
14,349 |
|
10,950 |
|
|
|
|
|
|
61,206 |
|
21,739 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
10,500 |
|
17,500 |
|
|
|
|
|
|
|
|
|
|
9 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 May 2023 |
262,840 |
|
262,277 |
|
Loss on revaluation of land and buildings |
- |
|
(25,000) |
|
Deferred taxation adjustment |
- |
|
25,563 |
|
|
At 30 April 2024 |
262,840 |
|
262,840 |
|
|
|
|
|
|
|
|
|
|
10 |
Loans to directors |
|
|
Included within other debtors are the following loans to directors. |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
|
Director 1 |
102,438 |
|
6,464 |
|
(20,000) |
|
88,902 |
|
|
Director 2 |
102,438 |
|
6,464 |
|
(20,000) |
|
88,902 |
|
|
|
204,876 |
|
12,928 |
|
(40,000) |
|
177,804 |
|
|
|
|
|
|
|
|
|
|
11 |
Related party transactions |
|
|
The company provided additional funding of £10,184 (2023 £0) during the year to Ceramica Obscura Limited. This loan is included within other debtors (Note 5). Two of that company's directors are also the directors of Pineapple Property Leasing Limited. The loan was interest free for the year (2023 interest free) in recognition of the difficult trading conditions that Ceramica Obscura Limited is experiencing, due to recovery from Coronavirus and lockdown. There are no fixed repayment terms for the loan, but the directors have indicated to Ceramica Obscura Limited that the company will not be seeking repayment of at least £401,000 (2023: £390,000) of the loan until at least 30 April 2026. |
|
The company also advanced a further loan of £95,000 (2024: £80,400) to Blackness Bay Distillery Limited during the year. This loan balance is included within other debtors (Note5). Two of that company's directors are also the directors of Pineapple Property Leasing Limited. The loan is interest free. There are no fixed repayment terms for the loan, but the directors have indicated to Blackness Bay Distilllery LImited that the company will not be seeking repayment of the loan balance outstanding at the year end of £175,400 (2023: £80,400) until at least 30th April 2026. |
|
A dividend of £20,000 each was paid to two directors during the year. |
|
12 |
Other information |
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|
Pineapple Property Leasing Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Offmore Farm Close |
|
Kidderminster |
|
Worcestershire |
|
DY10 3XJ |