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COMPANY REGISTRATION NUMBER: SC229719
PAK Property Limited
Filleted Unaudited Financial Statements
31 March 2024
PAK Property Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
245,230
245,320
Current assets
Debtors
5
1,043
797
Cash at bank and in hand
1,208
4,440
-------
-------
2,251
5,237
Creditors: amounts falling due within one year
6
95,488
101,341
--------
---------
Net current liabilities
93,237
96,104
---------
---------
Total assets less current liabilities
151,993
149,216
Creditors: amounts falling due after more than one year
7
45,941
45,941
Provisions
Taxation including deferred tax
17,151
17,151
---------
---------
Net assets
88,901
86,124
---------
---------
Capital and reserves
Called up share capital
4
4
Revaluation reserve
9
84,350
84,350
Profit and loss account
9
4,547
1,770
--------
--------
Shareholders funds
88,901
86,124
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PAK Property Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mrs L. Sands
Director
Company registration number: SC229719
PAK Property Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 Ralston Mount, Broughty Ferry, Dundee, DD5 1NN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the statement of comprehensive income represents property rental amounts charged during the year.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets, which comprise of investment properties for residential rent, are initially recorded at cost, and then subject to annual revaluation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Depreciation is not charged in the year of purchase.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
244,960
450
245,410
---------
----
---------
Depreciation
At 1 April 2023
90
90
Charge for the year
90
90
---------
----
---------
At 31 March 2024
180
180
---------
----
---------
Carrying amount
At 31 March 2024
244,960
270
245,230
---------
----
---------
At 31 March 2023
244,960
360
245,320
---------
----
---------
The directors consider the value of the company's investment properties at the year end to be accurate and therefore no revaluation is required.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2024
Aggregate cost
150,960
Aggregate depreciation
---------
Carrying value
150,960
---------
At 31 March 2023
Aggregate cost
150,960
Aggregate depreciation
---------
Carrying value
150,960
---------
5. Debtors
2024
2023
£
£
Trade debtors
460
Other debtors
583
797
-------
----
1,043
797
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,307
1,978
Corporation tax
672
359
Other creditors
93,509
99,004
--------
---------
95,488
101,341
--------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
45,941
45,941
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £45,941 (2023: £45,941) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank holds a standard security over the company's Investment Properties.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
17,151
17,151
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Revaluation of tangible assets
17,151
17,151
--------
--------
9. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Revaluation reserve is undistributable.
10. Transactions with directors
The company is under the control of the directors, Mr K Sands and Mrs L Sands.