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REGISTERED NUMBER: 11759091 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PADA HANLON PORTFOLIO B LIMITED

PADA HANLON PORTFOLIO B LIMITED (REGISTERED NUMBER: 11759091)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PADA HANLON PORTFOLIO B LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P A Hanlon
D A Hanlon





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 11759091 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

PADA HANLON PORTFOLIO B LIMITED (REGISTERED NUMBER: 11759091)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,305,500 2,305,500

CURRENT ASSETS
Cash at bank 8,805 26,407

CREDITORS
Amounts falling due within one year 5 161,935 726,455
NET CURRENT LIABILITIES (153,130 ) (700,048 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,152,370

1,605,452

CREDITORS
Amounts falling due after more than one
year

6

1,813,762

1,270,650
NET ASSETS 338,608 334,802

CAPITAL AND RESERVES
Called up share capital 1,002 1,002
Retained earnings 8 337,606 333,800
338,608 334,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:




P A Hanlon - Director



D A Hanlon - Director


PADA HANLON PORTFOLIO B LIMITED (REGISTERED NUMBER: 11759091)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

PADA Hanlon Portfolio B 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover
Represents rental income received.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,305,500
NET BOOK VALUE
At 31 March 2024 2,305,500
At 31 March 2023 2,305,500

PADA HANLON PORTFOLIO B LIMITED (REGISTERED NUMBER: 11759091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 320,500
Cost 1,985,000
2,305,500

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 942 1,466
Other creditors 160,993 724,989
161,935 726,455

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 1,813,762 1,270,650

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Interbay Funding Ltd 1,813,762 1,270,650

Interbay Funding Limited, contains fixed charge and negative pledge over the following company assets:-

The freehold property known as 18 church road, st leonards-on-sea, TN37 6EF registered under title number ESX129246;.
The freehold property known as 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number HT13724;.
The leasehold property known as flat 1, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300293;.
The leasehold property known as flat 2, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300716;.
The leasehold property known as flat 3, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300292;.
The leasehold property known as flat 4, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300338;.
The leasehold property known as flat 5, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX301484;.
The leasehold property known as flat 6, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300717;.
The leasehold property known as flat 7, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300340;.
The leasehold property known as flat 8, 353 london road, st. Leonards-on-sea, TN37 6PA registered under title number ESX300718;.
The freehold property known as 37 kings road, st leonards-on-sea, TN37 6DX registered under title number HT26651;.
The leasehold property known as first floor flat, 37 kings road, st leonards on sea, TN37 6DX registered under title number ESX298961; and.
The leasehold property known as second floor flat, 37 kings road, st leonards on sea, TN37 6DX registered under title number ESX298960.

PADA HANLON PORTFOLIO B LIMITED (REGISTERED NUMBER: 11759091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. RESERVES
Retained
earnings
£   

At 1 April 2023 333,800
Profit for the year 3,806
At 31 March 2024 337,606

The split between non-distributable and distributable reserves are as follows:-

31.3.2431.3.23
£   £   

Distributable reserves41,41413,300
Non-distributable reserves320,500320,500

Total361,914333,800


9. RELATED PARTY DISCLOSURES

At the period end, the company owed the directors £158,995 (2023: £723,086). This loan is interest free and repayable on demand.