Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312023-04-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09503464 2023-04-01 2024-03-31 09503464 2022-04-01 2023-03-31 09503464 2024-03-31 09503464 2023-03-31 09503464 c:Director1 2023-04-01 2024-03-31 09503464 d:OfficeEquipment 2023-04-01 2024-03-31 09503464 d:OfficeEquipment 2024-03-31 09503464 d:OfficeEquipment 2023-03-31 09503464 d:FreeholdInvestmentProperty 2024-03-31 09503464 d:FreeholdInvestmentProperty 2023-03-31 09503464 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 09503464 d:CurrentFinancialInstruments 2024-03-31 09503464 d:CurrentFinancialInstruments 2023-03-31 09503464 d:Non-currentFinancialInstruments 2024-03-31 09503464 d:Non-currentFinancialInstruments 2023-03-31 09503464 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09503464 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09503464 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09503464 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09503464 d:ShareCapital 2024-03-31 09503464 d:ShareCapital 2023-03-31 09503464 d:RevaluationReserve 2023-04-01 2024-03-31 09503464 d:RevaluationReserve 2024-03-31 09503464 d:RevaluationReserve 2023-03-31 09503464 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09503464 d:RetainedEarningsAccumulatedLosses 2024-03-31 09503464 d:RetainedEarningsAccumulatedLosses 2023-03-31 09503464 c:FRS102 2023-04-01 2024-03-31 09503464 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09503464 c:FullAccounts 2023-04-01 2024-03-31 09503464 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09503464 2 2023-04-01 2024-03-31 09503464 6 2023-04-01 2024-03-31 09503464 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09503464









PMA PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PMA PROPERTIES LIMITED
REGISTERED NUMBER: 09503464

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
                                                                      Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1
1

Investments
 5 
65
75

Investment property
 6 
7,005,216
6,802,818

  
7,005,282
6,802,894

Current assets
  

Debtors: amounts falling due within one year
 7 
1,262,497
1,226,478

Cash at bank and in hand
 8 
69,708
69,522

  
1,332,205
1,296,000

Creditors: amounts falling due within one year
 9 
(205,566)
(178,994)

Net current assets
  
 
 
1,126,639
 
 
1,117,006

Total assets less current liabilities
  
8,131,921
7,919,900

Creditors: amounts falling due after more than one year
 10 
(3,745,000)
(3,785,000)

Net assets
  
4,386,921
4,134,900


Capital and reserves
  

Called up share capital 
  
4,377,042
4,377,042

Revaluation reserve
 11 
303,170
211,229

Profit and loss account
 11 
(293,291)
(453,371)

  
4,386,921
4,134,900


Page 1

 
PMA PROPERTIES LIMITED
REGISTERED NUMBER: 09503464
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 February 2025.



P Summers
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

PMA Properties Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 62 Salisbury Road, Walmer, Deal, Kent, CT14 7QJ.
The Company's principal activity during the year under review was the letting and operating of owned or leased real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered.
Revenue represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.

  
2.3

Investment property

Investment property relates to the long leasehold interests. Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Office equipment
-
25%
on cost.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.5

Valuation of investments

Fixed asset investments are in unlisted company shares. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Gains and losses on remeasurement are recognised in the Statement of comprehensive income  for the period.
Investments held as current assets represent loans provided to third parties to finance property development projects. These are shown at cost less provision for impairment when it is considered probable that the amount will not be fully recovered.

  
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

Current and deferred taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2023
3,001



At 31 March 2024

3,001



Depreciation


At 1 April 2023
3,000



At 31 March 2024

3,000



Net book value



At 31 March 2024
1



At 31 March 2023
1


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
75


Disposals
(10)



At 31 March 2024
65




Page 6

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
6,802,818


Surplus on revaluation
202,398



At 31 March 2024
7,005,216

The most recent valuation of March 2024, made by the directors, using their knowledge and information available, on an open market value for existing use basis stated a market value of £7,005,216.  



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
7,175,671
7,175,671


7.


Debtors

2024
2023
£
£


Trade debtors
17,331
526

Other debtors
1,245,166
1,224,076

Prepayments and accrued income
-
1,876

1,262,497
1,226,478



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
69,708
69,522


Page 7

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
21,819
-

Corporation tax
12,605
25,508

Other creditors
131,902
118,722

Accruals and deferred income
39,240
34,764

205,566
178,994



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,745,000
3,785,000


Secured loans
Bank loans amounting to £3,745,000 (2023 - £3,785,000) are secured by a debenture over all the company assets and a personal guarantee of the director, P E Summers, limited to £467,500 plus interest and costs.


11.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative revaluation gains and losses which have arisen in respect of tangible fixed assets.

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


12.


Related party transactions

Included within other debtors is an amount of £145,389 (2023 - £145,389) due from companies in which the entity has a participating interest.
Included within other creditors is an amount of £13,831
 owed to the director (2023 - £201,518 owed from).

Page 8

 
PMA PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Director's benefits: advances, credit and guarantees

2024
2023
£
£
Balance brought forward

201,519

(16,781)

Advances in year

47,707

600,696

Repayments in year

(264,881)

(383,420)

Interest charged in year

1,824

1,024

(13,831)

201,519


Interest was charged by the Company at the HM Revenue & Customs official rate of interest on beneficial loans.

 
Page 9