Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3122022-12-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The principal activity of the company is that of property rental.2truetruefalse 13772922 2022-12-01 2024-03-31 13772922 2021-12-01 2022-11-30 13772922 2024-03-31 13772922 2022-11-30 13772922 c:Director1 2022-12-01 2024-03-31 13772922 d:FreeholdInvestmentProperty 2022-12-01 2024-03-31 13772922 d:FreeholdInvestmentProperty 2024-03-31 13772922 d:CurrentFinancialInstruments 2024-03-31 13772922 d:CurrentFinancialInstruments 2022-11-30 13772922 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13772922 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 13772922 d:ShareCapital 2024-03-31 13772922 d:ShareCapital 2022-11-30 13772922 d:SharePremium 2024-03-31 13772922 d:SharePremium 2022-11-30 13772922 d:RetainedEarningsAccumulatedLosses 2024-03-31 13772922 d:RetainedEarningsAccumulatedLosses 2022-11-30 13772922 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13772922 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 13772922 c:OrdinaryShareClass1 2022-12-01 2024-03-31 13772922 c:OrdinaryShareClass1 2024-03-31 13772922 c:OrdinaryShareClass1 2022-11-30 13772922 c:FRS102 2022-12-01 2024-03-31 13772922 c:AuditExempt-NoAccountantsReport 2022-12-01 2024-03-31 13772922 c:FullAccounts 2022-12-01 2024-03-31 13772922 c:PrivateLimitedCompanyLtd 2022-12-01 2024-03-31 13772922 2 2022-12-01 2024-03-31 13772922 e:PoundSterling 2022-12-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13772922














PBS SPV 1 LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 DECEMBER 2022 TO 31 MARCH 2024

 
PBS SPV 1 LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6


 
PBS SPV 1 LIMITED
REGISTERED NUMBER:13772922

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
30 November
2024
2022
Note
£
£

Fixed assets
  

Investment property
 4 
3,350,000
-

  
3,350,000
-

Current assets
  

Debtors: amounts falling due within one year
 5 
168,729
1

Cash at bank and in hand
 6 
2,657,631
-

  
2,826,360
1

Creditors: amounts falling due within one year
 7 
(75,768)
-

Net current assets
  
 
 
2,750,592
 
 
1

Total assets less current liabilities
  
6,100,592
1

Provisions for liabilities
  

Deferred tax
 8 
(147)
-

  
 
 
(147)
 
 
-

Net assets
  
6,100,445
1


Capital and reserves
  

Called up share capital 
 9 
590
1

Share premium account
  
5,889,411
-

Profit and loss account
  
210,444
-

  
6,100,445
1


1

 
PBS SPV 1 LIMITED
REGISTERED NUMBER:13772922
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 period 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 profit and loss account 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 by: 




R M Price
Director

Date: 25 February 2025

The notes on pages 3 to 6 form part of these financial statements.

2

 
PBS SPV 1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

PBS SPV1 Limited is a private company, limited by shares, domiciled in England and Wales, registration number 13772922. The registered office is Unit 4 Mariner Business Centre, 1 Kings Way, Croydon, Surrey, United Kingdom, CR0 4GE.
The principal activity of the company is that of property rental.

2.Accounting policies

 
2.1

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:

 
2.2

Revenue

Revenue comprises of rental income received from investment properties during the period, exclusive of Value Added Tax and trade discounts. 

 
2.3

Interest income

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

 
2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 corporation 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3

 
PBS SPV 1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

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.

 
2.8

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.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).


4.


Investment property





Investment property

£



Valuation


Additions at cost
5,890,000


Disposals
(2,540,000)



At 31 March 2024
3,350,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




4

 
PBS SPV 1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Debtors

31 March
30 November
2024
2022
£
£


Trade debtors
7,500
-

Amounts owed by group undertakings
-
1

Other debtors
159,900
-

Prepayments and accrued income
1,329
-

168,729
1



6.


Cash and cash equivalents

31 March
30 November
2024
2022
£
£

Cash at bank and in hand
2,657,631
-



7.


Creditors: Amounts falling due within one year

31 March
30 November
2024
2022
£
£

Corporation tax
73,268
-

Accruals and deferred income
2,500
-

75,768
-


At 31 March 2024, the contingent liability, for which the company is jointly and severally liable, in respect of the intercompany cross guarantees amounts to £1,004,741. This cross guarantee was satisfied on 6 September 2024.

There are cross guarantees between the following companies, of which R M Price is a director:

Price Building Services Limited, Price Building Solutions Limited and Price Group Limited.

5

 
PBS SPV 1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Deferred taxation






2024


£






Charged to profit or loss
(147)



At end of year
(147)

The deferred taxation balance is made up as follows:

31 March
30 November
2024
2022
£
£


Accelerated capital allowances
(147)
-

(147)
-


9.


Share capital

31 March
30 November
2024
2022
£
£
Allotted, called up and fully paid



590 (2022 - 1) Oridnary shares of £1.00 each
590
1


On 12 July 2023, 589 ordinary shares were issued at an aggregate subscription price of £5,890,000 and an aggregate nominal value of £589. 


10.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.

 
6