Registered number
03566259
Pineapple Property Leasing Limited
Unaudited Filleted Accounts
30 April 2024
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
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
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
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