Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03729026 2023-07-01 2024-06-30 03729026 2022-07-01 2023-06-30 03729026 2024-06-30 03729026 2023-06-30 03729026 c:Director1 2023-07-01 2024-06-30 03729026 d:FreeholdInvestmentProperty 2024-06-30 03729026 d:FreeholdInvestmentProperty 2023-06-30 03729026 d:CurrentFinancialInstruments 2024-06-30 03729026 d:CurrentFinancialInstruments 2023-06-30 03729026 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03729026 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03729026 d:ShareCapital 2024-06-30 03729026 d:ShareCapital 2023-06-30 03729026 d:SharePremium 2024-06-30 03729026 d:SharePremium 2023-06-30 03729026 d:RetainedEarningsAccumulatedLosses 2024-06-30 03729026 d:RetainedEarningsAccumulatedLosses 2023-06-30 03729026 c:FRS102 2023-07-01 2024-06-30 03729026 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03729026 c:FullAccounts 2023-07-01 2024-06-30 03729026 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03729026 2 2023-07-01 2024-06-30 03729026 6 2023-07-01 2024-06-30 03729026 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 03729026









P & L F PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
P & L F PROPERTIES LIMITED
REGISTERED NUMBER: 03729026

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
40,227
37,698

Investment property
 5 
2,926,862
2,926,862

  
2,967,089
2,964,560

Current assets
  

Debtors: amounts falling due within one year
 6 
210,388
126,818

Cash at bank and in hand
  
422,044
394,179

  
632,432
520,997

Creditors: amounts falling due within one year
 7 
(160,527)
(146,554)

Net current assets
  
 
 
471,905
 
 
374,443

  

Net assets
  
3,438,994
3,339,003


Capital and reserves
  

Called up share capital 
  
32,891
32,891

Share premium account
  
189,119
189,119

Profit and loss account
  
3,216,984
3,116,993

  
3,438,994
3,339,003


Page 1

 
P & L F PROPERTIES LIMITED
REGISTERED NUMBER: 03729026
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider 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 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 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 income and retained earnings 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.




D P Ingle Esq
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
P & L F PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies

 
1.1

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:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Investment property

Investment property is carried at fair value determined annually by 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 profit or loss.

 
1.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
1.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
P & L F PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
1.7

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.

 
1.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
1.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.10

Taxation

Tax is recognised in profit or loss 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.



2.


General information

P & L F Properties Limited ("the Company") operates by letting invested property. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 37 Fallow Fields, Loughton, Essex, IG10 4QP.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
P & L F PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 July 2023
37,698


Revaluations
2,529



At 30 June 2024
40,227




Page 5

 
P & L F PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
2,926,862



At 30 June 2024
2,926,862



Page 6

 
P & L F PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
2,670
3,771

Other debtors
207,718
123,047

210,388
126,818



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,182
16,577

Corporation tax
73,154
57,929

Other taxation and social security
143
-

Other creditors
18,154
18,154

Accruals and deferred income
53,894
53,894

160,527
146,554



8.


Lease of assets

The company has aggregate rentals receivable in relation to operating leases of £328,190 (2023 - £343,523). 

At the year end, the company had land and building used in operating leases at a cost of £2,926,862 (2023 - £2,926,862) with accumulated depreciation of £Nil (2023 - £Nil).


9.


Departure from accounting standards and companies act

The company has not complied with Section 1A of Financial Reporting Standard 102 by not revaluing investment property to open market value. 

Compliance with Section 1A of Financial Reporting Standard 102 relating to non-depreciation of investment property is a departure from the Companies Act 2006 necessary to give a true and fair view. It is not practical to quantify the effect of the departure.

 
Page 7