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Registration number: 10837475

Profusion Property Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 29 December 2023

 

Profusion Property Limited

(Registration number: 10837475)
Balance Sheet as at 29 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,108

2,530

Investment property

5

235,000

202,856

 

237,108

205,386

Current assets

 

Debtors

6

1,379

899

Cash at bank and in hand

 

4,052

8,535

 

5,431

9,434

Creditors: Amounts falling due within one year

7

(46,439)

(52,651)

Net current liabilities

 

(41,008)

(43,217)

Total assets less current liabilities

 

196,100

162,169

Creditors: Amounts falling due after more than one year

7

(177,745)

(176,655)

Provisions for liabilities

(6,107)

-

Net assets/(liabilities)

 

12,248

(14,486)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

12,247

(14,487)

Shareholders' funds/(deficit)

 

12,248

(14,486)

For the financial period ending 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Profusion Property Limited

(Registration number: 10837475)
Balance Sheet as at 29 December 2023 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 February 2025
 

Mr G D Stewart
Director

   
     
 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stowford
41 High Street
Bodicote
Banbury
OX15 4BS

These financial statements were authorised for issue by the director on 21 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover derived from ordinary activities represents the rents receivable, excluding VAT. Income is recognised when the right to rent falls due under the terms of the tenancy agreements.

 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 December 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from tenants and are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 December 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

4,218

4,218

At 29 December 2023

4,218

4,218

Depreciation

At 1 January 2023

1,688

1,688

Charge for the period

422

422

At 29 December 2023

2,110

2,110

Carrying amount

At 29 December 2023

2,108

2,108

At 31 December 2022

2,530

2,530

5

Investment properties

2023
£

At 1 January

202,856

Fair value adjustments

32,144

At 29 December

235,000

The investment properties comprises a residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the period end by the director. The valuation has been made on an open market value basis by reference to market evidence of transaction price for similar properties.

There has been no valuation of investment property by an independent valuer.

 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 December 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

265

350

Prepayments

1,114

549

 

1,379

899

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

4,935

3,147

Other creditors

41,504

49,504

46,439

52,651

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

177,745

176,655

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 December 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

177,745

176,655