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REGISTERED NUMBER: 12107734 (England and Wales)




















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

PROPERTY UK ESTATES LIMITED

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


PROPERTY UK ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: N Teitelbaum





REGISTERED OFFICE: First Floor Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 12107734 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024


The director presents his strategic report of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITIES
The Group's principal activities are trading in residential properties and property investment.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risk for the Group is a reduction in property values; if a property is held in stock for a long period this risk increases. In order to mitigate the risk, the Group is continuously trading stock as mentioned below.

SECTION 172(1) STATEMENT
Consequences of decisions in the long term
The director considers that he has acted in a way to promote the success of the business in the decisions taken in the year ended 29 February 2024. The intention is to nurture the Group's reputation, through the delivery of a plan that reflects responsible behaviour.

Employees
The Group has no employees.

Suppliers, customers and others
The Group deals solely with the purchase and sale of properties. Most of the transactions in the Group are one-off and not recurring business relationships. The Group has never failed to complete on a property where it has exchanged. It has a policy of being clear and transparent in all transactions. The Group use high quality reputable lawyers for all their property transactions.

Community and environment
The Group has minimal direct environment impact due to its nature. When looking for regular suppliers, the director considers the supplier's ethical and environment policies.

Reputation
The Group's intention is to behave responsibly and to ensure that the business operates in a responsible manner, operating within the high standards of business conduct and good governance expected of the business. The Group has a good reputation in this regard and acts in good faith in all of it's operations.

Acting fairly between members
The director is the sole member of the Group.

OUR STRATEGIC PRIORITIES
The Group has two objectives:

- to deliver attractive long-term returns;

- to uphold Property UK Estates' reputation for integrity and reliability.

The Group's primary financial objective is to maximise returns at acceptable levels of risk.

BUSINESS REVIEW
The results for the year and financial position of the Group are as shown in the annexed financial statements.
The Group has concentrated on trading property since it was incorporated. The properties are purchased with the intention of renovating them and then selling them. This ensures that the Group is continuously trading stock and does not hold on to stock for a long period with the result of mitigating risk to the .
Group.
There are a number of companies under common control. To mitigate risk, the purchase of properties is spread over all the companies, which means that the activities of these companies is not consistent year on year. The only Key Financial Performance indicator is the gross profit margin achieved.

GROUP PERFORMANCE
2024 realised a turnover of £43.8m (2023: £53.5m). This represents a decrease of 18% compared to the previous year. The gross profit margin is 6.8% (2023: 10.2%). Profit before tax decreased by 47.5% to £2.43m (2023: £4.63m).


PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

FINANCIAL PERFORMANCE
The Group's shareholders funds now stand at £18.4m (2023: £16.6m). The growth has been driven by high levels of purchases and sales during the year.

FINANCIAL CAPACITY AND LIQUIDITY
The Group is well positioned to take advantage of opportunities as they arise. The Group's financial capacity stood at £495k (2023: £655k) which is cash at bank.

The director considers that there are no non-financial performance measurements relevant to the business.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION REPORTING

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

ON BEHALF OF THE BOARD:





N Teitelbaum - Director


28 February 2025

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 29 FEBRUARY 2024


The director presents his report with the financial statements of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of trading in properties.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTOR
N Teitelbaum held office during the whole of the period from 1 March 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The Group's principal assets are other receivables. The Group's principal liabilities are other creditors.

Credit risk

The Director monitors credit risk closely and considers that its current policies and procedures meet its objectives of managing exposure to credit risk. The Group has no significant concentrations of credit risk.

Currency risk

The Group was not exposed to currency risk during the period.

Liquidity risk

The Group was not exposed to liquidity risk during the period.

Interest rate risk

The Group was not exposed to interest risk during the period.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Teitelbaum - Director


28 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPERTY UK ESTATES LIMITED


Opinion
We have audited the financial statements of PROPERTY UK ESTATES LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPERTY UK ESTATES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPERTY UK ESTATES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following area as most likely to have such an affect, being property legislation.
International Standards on Auditing (UK) (ISAs (UK)) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Standards on Auditing (UK)(ISAs (UK)). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud,
and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPERTY UK ESTATES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

28 February 2025

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 43,753,510 53,508,800

Cost of sales 40,767,013 48,028,709
GROSS PROFIT 2,986,497 5,480,091

Administrative expenses 781,958 995,992
2,204,539 4,484,099

Other operating income 132,246 95,665
OPERATING PROFIT 4 2,336,785 4,579,764

Income from other participating interests 93,863 65,588
2,430,648 4,645,352

Interest payable and similar expenses 5 - 13,105
PROFIT BEFORE TAXATION 2,430,648 4,632,247

Tax on profit 6 568,767 871,559
PROFIT FOR THE FINANCIAL YEAR 1,861,881 3,760,688

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,861,881

3,760,688

Profit attributable to:
Owners of the parent 1,861,881 3,760,688

Total comprehensive income attributable to:
Owners of the parent 1,861,881 3,760,688

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

CONSOLIDATED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - -
Investments 9
Interest in joint venture
Share of gross assets 742,882 461,765
Share of gross liabilities (512,445 ) (325,241 )
230,437 136,524
Other investments - 50
Investment property 10 167,652 167,652
398,089 304,226

CURRENT ASSETS
Stocks 11 21,340,425 19,570,214
Debtors 12 13,232,758 1,226,851
Cash at bank 494,636 655,043
35,067,819 21,452,108
CREDITORS
Amounts falling due within one year 13 17,047,238 5,199,545
NET CURRENT ASSETS 18,020,581 16,252,563
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,418,670

16,556,789

CAPITAL AND RESERVES
Called up share capital 15 100 100
Profit and loss account 16 18,418,570 16,556,689
SHAREHOLDERS' FUNDS 18,418,670 16,556,789

The financial statements were approved by the director and authorised for issue on 28 February 2025 and were signed by:





N Teitelbaum - Director


PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

COMPANY BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - -
Investments 9 350 350
Investment property 10 - -
350 350

CURRENT ASSETS
Debtors 12 18,184,562 16,448,762
Cash at bank 45,666 713
18,230,228 16,449,475
CREDITORS
Amounts falling due within one year 13 74,863 22,483
NET CURRENT ASSETS 18,155,365 16,426,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,155,715

16,427,342

CAPITAL AND RESERVES
Called up share capital 15 100 100
Profit and loss account 16 18,155,615 16,427,242
SHAREHOLDERS' FUNDS 18,155,715 16,427,342

Company's profit for the financial year 1,728,373 3,709,713

The financial statements were approved by the director and authorised for issue on 28 February 2025 and were signed by:





N Teitelbaum - Director


PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 March 2022 100 12,796,001 12,796,101

Changes in equity
Total comprehensive income - 3,760,688 3,760,688
Balance at 28 February 2023 100 16,556,689 16,556,789

Changes in equity
Total comprehensive income - 1,861,881 1,861,881
Balance at 29 February 2024 100 18,418,570 18,418,670

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 March 2022 100 12,717,529 12,717,629

Changes in equity
Total comprehensive income - 3,709,713 3,709,713
Balance at 28 February 2023 100 16,427,242 16,427,342

Changes in equity
Total comprehensive income - 1,728,373 1,728,373
Balance at 29 February 2024 100 18,155,615 18,155,715

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 842,533 1,630,619
Interest paid - (13,105 )
Tax paid (1,002,940 ) (1,336,895 )
Net cash from operating activities (160,407 ) 280,619

Cash flows from investing activities
Purchase of investment property - (167,652 )
Net cash from investing activities - (167,652 )

Cash flows from financing activities
Amount withdrawn by directors - 100
Net cash from financing activities - 100

(Decrease)/increase in cash and cash equivalents (160,407 ) 113,067
Cash and cash equivalents at beginning
of year

2

655,043

541,976

Cash and cash equivalents at end of
year

2

494,636

655,043

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,430,648 4,632,247
Depreciation charges - 227
Finance costs - 13,105
Finance income (93,863 ) (65,588 )
2,336,785 4,579,991
Increase in stocks (1,770,211 ) (7,015,753 )
Increase in trade and other debtors (12,005,907 ) (89,518 )
Increase in trade and other creditors 12,281,866 4,155,899
Cash generated from operations 842,533 1,630,619

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 494,636 655,043
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 655,043 541,976


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank 655,043 (160,407 ) 494,636
655,043 (160,407 ) 494,636
Total 655,043 (160,407 ) 494,636

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

PROPERTY UK ESTATES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemption in preparing these Financial Statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

- the requirements of Section 7 Statement of Cash Flows.

Turnover
The whole of the turnover is attributable to the principal activity of the Group, being the trading in residential properties in the United Kingdom. Turnover comprises net proceeds from sales of residential properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock represents residential properties bought with the intention of selling them. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and amounts due from group undertakings and trade and other creditors and amounts due to group undertakings.

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 payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. If the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset is measured, initially, at the present value of the future cash flows discounted at a market
rate of interest for a similar debt instrument and subsequently at amortised costs.

Acquisitions and disposals
Acquisitions and disposals of the properties are considered to take place at the date of legal completion, and are included in the Financial Statements accordingly, as this is deemed to be the point where the majority of risks and rewards of ownership vest.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 29 February 2024 nor for the year ended 28 February 2023.

The average number of employees during the year was NIL (2023 - NIL).

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024 2023
£    £   
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets - 227
Auditors' remuneration 21,000 15,600
Formation costs - 468
Non-audit fees: accountancy services 62,159 52,724
Non-audit fees: taxation services 3,600 3,600

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest - 13,105

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 568,767 871,559
Tax on profit 568,767 871,559

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,430,648 4,632,247
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

607,662

880,127

Effects of:
Income not taxable for tax purposes (23,466 ) (12,462 )
Depreciation in excess of capital allowances - 43
Utilisation of tax losses (3,628 ) -
Change in tax rate in year (11,801 ) -
Subsidiary losses - 3,851
Total tax charge 568,767 871,559

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. TANGIBLE FIXED ASSETS

Group
Computer
equipment
£   
COST
At 1 March 2023
and 29 February 2024 682
DEPRECIATION
At 1 March 2023
and 29 February 2024 682
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 March 2023 50 136,524 136,574
Additions - 93,863 93,863
Reclassification/transfer (50 ) 50 -
At 29 February 2024 - 230,437 230,437
NET BOOK VALUE
At 29 February 2024 - 230,437 230,437
At 28 February 2023 50 136,524 136,574

Interest in joint venture

Joint ventures

Heart Housing Ltd

The above named company is a joint venture as there are 2 investors, with every business decision being unanimous.

Company
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 350
NET BOOK VALUE
At 29 February 2024 350
At 28 February 2023 350

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Rosesky Properties Ltd
Registered office: First Floor Winston House, 349 Regents Park Road, London N3 1DH, United Kingdom
Nature of business: Trading in residential properties
%
Class of shares: holding
Ordinary 100.00

Home and Countries UK
Registered office: First Floor Winston House, 349 Regents Park Road, London N3 1DH, United Kingdom
Nature of business: Trading in residential properties
%
Class of shares: holding
Ordinary 100.00

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. FIXED ASSET INVESTMENTS - continued

Crestsky Ltd
Registered office: 34 Hillcrest Avenue, London, United Kingdom, NW11 0EN
Nature of business: Trading in residential properties
%
Class of shares: holding
Ordinary 100.00


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 167,652
NET BOOK VALUE
At 29 February 2024 167,652
At 28 February 2023 167,652

11. STOCKS

Group
2024 2023
£    £   
Properties for resale 21,340,425 19,570,214

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts owed by group undertakings - - 18,183,700 16,447,900
Other debtors 13,061,973 1,025,270 862 862
Prepayments and accrued income 170,785 201,581 - -
13,232,758 1,226,851 18,184,562 16,448,762

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 18,634 70,606 4,600 4,600
Amounts owed to group undertakings - - - 200
Tax 443,767 877,940 - -
Other creditors 16,506,759 4,181,729 62,883 12,883
Accruals and deferred income 78,078 69,270 7,380 4,800
17,047,238 5,199,545 74,863 22,483

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


14. FINANCIAL INSTRUMENTS

GROUP
2024 2023
£    £   

Financial assets measured at amortised cost 13,061,973 1,025,270

Financial liabilities measured at amortised cost 16,525,393 4,252,335

Financial assets measured at amortised cost are comprised of other debtors.

Financial liabilities measured at amortised cost are comprised of trade creditors of £18,634 (2023: £70,606) and other creditors of £16,506,759 (2023: £4,181,729).
COMPANY
2024 2023
£    £   

Financial assets measured at amortised cost 18,184,562 16,448,762

Financial liabilities measured at amortised cost 67,483 17,683

Financial assets measured at amortised cost are comprised of amounts owed by group undertakings of £18,183,700 (2023: £16,447,900) and other debtors of £862 (£862).

Financial liabilities measured at amortised cost are comprised of trade creditors of £4,600 (2023: £4,600) and amounts owed to group undertakings and other creditors of £62,883 (2023: £13,083).

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

16. RESERVES

Group
Profit
and loss
account
£   

At 1 March 2023 16,556,689
Profit for the year 1,861,881
At 29 February 2024 18,418,570

PROPERTY UK ESTATES LIMITED (REGISTERED NUMBER: 12107734)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


16. RESERVES - continued

Company
Profit
and loss
account
£   

At 1 March 2023 16,427,242
Profit for the year 1,728,373
At 29 February 2024 18,155,615


17. RELATED PARTY DISCLOSURES

Included within group other debtors is £11,604,038 (2023: £460,658) due from companies under common control.

Included within group other creditors is £13,922,485 (2023: £4,162,701) due to companies under common control.

The intra-group balances of £23,470,016 (2023: £21,571,745) have been eliminated on consolidation.

18. FINANCIAL COMMITMENTS

Financial commitments at the year end of £3,208,500 (2023: £1,454,999) related to properties that were exchanged prior to the 29 February 2024 but not completed until post year end. The properties were financed with cash at bank.

19. ULTIMATE CONTROLLING PARTY

Mr N Teitelbaum has ultimate control over the Group by virtue of his majority shareholding.