REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PADA HANLON PORTFOLIO B LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
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 |
Profit for the year |
At 31 March 2024 |
The split between non-distributable and distributable reserves are as follows:- |
31.3.24 | 31.3.23 |
£ | £ |
Distributable reserves | 41,414 | 13,300 |
Non-distributable reserves | 320,500 | 320,500 |
Total | 361,914 | 333,800 |
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. |