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Registration number: 10837475

Profusion Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 December 2024

 

Profusion Property Limited

(Registration number: 10837475)
Balance Sheet as at 29 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,686

2,108

Investment property

5

235,000

235,000

 

236,686

237,108

Current assets

 

Debtors

6

596

1,379

Cash at bank and in hand

 

2,032

4,052

 

2,628

5,431

Creditors: Amounts falling due within one year

7

(40,524)

(46,439)

Net current liabilities

 

(37,896)

(41,008)

Total assets less current liabilities

 

198,790

196,100

Creditors: Amounts falling due after more than one year

7

(177,745)

(177,745)

Provisions for liabilities

(6,107)

(6,107)

Net assets

 

14,938

12,248

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

14,937

12,247

Shareholders' funds

 

14,938

12,248

For the financial year ending 29 December 2024 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 year 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 2024 (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 Year Ended 29 December 2024

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 Year Ended 29 December 2024 (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 Year Ended 29 December 2024 (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 year, was 1 (2023 - 1).

 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 30 December 2023

4,218

4,218

At 29 December 2024

4,218

4,218

Depreciation

At 30 December 2023

2,110

2,110

Charge for the year

422

422

At 29 December 2024

2,532

2,532

Carrying amount

At 29 December 2024

1,686

1,686

At 29 December 2023

2,108

2,108

5

Investment properties

2024
£

At 30 December

235,000

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 Year Ended 29 December 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

265

Prepayments

596

1,114

 

596

1,379

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

2,020

4,935

Other creditors

38,504

41,504

40,524

46,439

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

177,745

177,745

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Profusion Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

177,745

177,745