Company Registration No. 07219377 (England and Wales)
PUBPROP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PUBPROP LIMITED
COMPANY INFORMATION
Director
DR Bowler
Company number
07219377
Registered office
12 Pattern Road
London
SW18 3RH
Accountants
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Bankers
National Westminster Bank plc
41 High Street
Beckenham
Kent
BR3 1DA
PUBPROP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PUBPROP LIMITED
BALANCE SHEET
AS AT
29 APRIL 2024
29 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,836
2,353
Investment properties
4
10,818,741
10,618,088
10,820,577
10,620,441
Current assets
Debtors
5
208,516
269,372
Cash at bank and in hand
94,504
124,294
303,020
393,666
Creditors: amounts falling due within one year
6
(2,506,037)
(291,945)
Net current (liabilities)/assets
(2,203,017)
101,721
Total assets less current liabilities
8,617,560
10,722,162
Creditors: amounts falling due after more than one year
7
(4,852,095)
(7,248,163)
Provisions for liabilities
8
(687,000)
(721,000)
Net assets
3,078,465
2,752,999
Capital and reserves
Called up share capital
100
100
Share premium account
21
21
Profit and loss reserves
9
3,078,344
2,752,878
Total equity
3,078,465
2,752,999
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PUBPROP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 APRIL 2024
29 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 March 2025
DR Bowler
Director
Company Registration No. 07219377
PUBPROP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 APRIL 2024
29 April 2024
- 3 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
2
Accounting policies
Company information
Pubprop Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Pattern Road, London, SW18 3RH.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent provided in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33.3% Reducing balance
Fixtures, fittings and equipment
15% Straight line
2.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
2
Accounting policies
(Continued)
- 4 -
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 April 2023
5,237
Additions
665
Disposals
(833)
At 29 April 2024
5,069
Depreciation and impairment
At 30 April 2023
2,884
Depreciation charged in the year
808
Eliminated in respect of disposals
(459)
At 29 April 2024
3,233
Carrying amount
At 29 April 2024
1,836
At 29 April 2023
2,353
4
Investment property
2024
£
Fair value
At 30 April 2023
10,618,088
Additions
350,518
Revaluations
(149,865)
At 29 April 2024
10,818,741
Investment property comprises of eight properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director DR Bowler, who wholly owns the company. The valuation was made on a fair value basis by reference to market evidence of transaction prices for similar properties.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
50,061
70,010
Other debtors
143,141
172,065
Prepayments and accrued income
15,314
27,297
208,516
269,372
6
Creditors: amounts falling due within one year
2024
2023
£
£
Secured bank loan (see note below)
2,313,502
17,812
Trade creditors
1,873
8,928
Corporation tax
38,439
86,874
Other taxation and social security
115,073
113,632
Other creditors
37,150
64,699
2,506,037
291,945
The secured bank loans and other creditors are secured by fixed charges over the properties of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,168
Other creditors
4,852,095
7,244,995
4,852,095
7,248,163
The long-term loans and other creditors are secured by fixed charges over the properties of the company.
Creditors which fall due between two and five years are as follows:
2024
2023
£
£
Payable by instalments
11,196
24,441
Payable other than by instalments
4,840,899
7,223,722
4,852,095
7,248,163
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 7 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Tax losses
(47,273)
(59,710)
Investment property revalution
734,273
780,710
687,000
721,000
2024
Movements in the year:
£
Liability at 30 April 2023
721,000
Credit to profit or loss
(34,000)
Liability at 29 April 2024
687,000
9
Non-distributable profits reserve
The company has £2,754,751 (2023: £2,870,616) of non distributable retained earnings and £323,593 (2023: £-117,738) of distributable retained earnings.
10
Directors' transactions
At the year end the director owed £133,141 to the company (2023: £154,035)
During the year, interest of £2,514 (2023: £5,311) was charged on a loan based upon HMRC's official rate of interest.