Registered number
11686359
Pitman Properties Limited
Filleted Accounts
31 October 2024
Pitman Properties Limited
Registered number: 11686359
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 300,000 300,000
Creditors: amounts falling due within one year 4 (2,899) (2,797)
Net current liabilities (2,899) (2,797)
Total assets less current liabilities 297,101 297,203
Creditors: amounts falling due after more than one year 5 (32,842) (43,259)
Provisions for liabilities (38,846) (38,846)
Net assets 225,413 215,098
Capital and reserves
Called up share capital 10 10
Profit and loss account 225,403 215,088
Shareholder's funds 225,413 215,098
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John Samson
Director
Approved by the board on 5 March 2025
Pitman Properties Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Investment Property 2024 2023
£ £
Valuation
B/fwd 300,000 300,000
Additions - -
Revaluation - -
Disposals - -
300,000 300,000
Investment property was valued at its open market value on 31 October 2019 by J Samson, the director of the company who is not a qualified valuer. There has been no change in the property value at 31.10.2024.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,419 2,317
Other creditors 480 480
2,899 2,797
5 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 32,842 43,259
6 Other information
Pitman Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 Greenway
London
N20 8EJ
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