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Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
12814568
Price Property Investments Limited
Unaudited filleted financial statements
30 June 2024
Price Property Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Price Property Investments Limited
Directors and other information
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Directors |
Darren Price |
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Shirley Price |
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Company number |
12814568 |
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Registered office |
47 Neath Gardens |
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Morden |
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Surrey |
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SM4 6JN |
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Accountants |
Dickson Middleton |
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20 Barnton Street |
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Stirling |
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FK8 1NA |
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Price Property Investments Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Price Property Investments Limited
Period ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Price Property Investments Limited for the period ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Price Property Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Price Property Investments Limited and state those matters that we have agreed to state to the board of directors of Price Property Investments Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Price Property Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Price Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Price Property Investments Limited. You consider that Price Property Investments Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Price Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK8 1NA
13 March 2025
Price Property Investments Limited
Statement of financial position
30 June 2024
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30/06/24 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
313,089 |
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313,089 |
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_______ |
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_______ |
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313,089 |
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313,089 |
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Current assets |
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Debtors |
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5 |
1,163 |
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992 |
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Cash at bank and in hand |
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9,077 |
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3,772 |
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_______ |
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_______ |
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10,240 |
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4,764 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
251,875) |
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(
258,789) |
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_______ |
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_______ |
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Net current liabilities |
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(
241,635) |
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(
254,025) |
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_______ |
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_______ |
Total assets less current liabilities |
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71,454 |
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59,064 |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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(
56,907) |
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(
55,795) |
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_______ |
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_______ |
Net assets |
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14,547 |
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3,269 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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14,447 |
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3,169 |
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_______ |
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_______ |
Shareholders funds |
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14,547 |
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3,269 |
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_______ |
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_______ |
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For the period ending 30 June 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 period in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 March 2025
, and are signed on behalf of the board by:
Darren Price
Director
Company registration number:
12814568
Price Property Investments Limited
Notes to the financial statements
Period ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 47 Neath Gardens, Morden, Surrey, SM4 6JN.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for rentals.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
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.
Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
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Freehold property |
Total |
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£ |
£ |
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Cost |
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At 1 September 2023 and 30 June 2024 |
313,089 |
313,089 |
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_______ |
_______ |
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Depreciation |
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At 1 September 2023 and 30 June 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 30 June 2024 |
313,089 |
313,089 |
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_______ |
_______ |
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At |
313,089 |
313,089 |
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_______ |
_______ |
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Investment property
Included within freehold property are investment properties with a fair value of £313,089. Investment properties comprises a portfolio of residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 August 2023 by the directors. The valuation was made on an open market value basis.
5.
Debtors
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30/06/24 |
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£ |
£ |
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Other debtors |
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1,163 |
992 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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30/06/24 |
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£ |
£ |
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Bank loans |
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3,954 |
3,664 |
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Amounts owed to related entities |
|
118,765 |
111,201 |
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Corporation tax |
|
2,646 |
604 |
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Other creditors |
|
126,510 |
143,320 |
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|
_______ |
_______ |
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251,875 |
258,789 |
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_______ |
_______ |
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7.
Creditors: amounts falling due after more than one year
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30/06/24 |
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£ |
£ |
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Bank loans |
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56,907 |
55,795 |
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_______ |
_______ |
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Bank loans represent a mortgage that is secured over investment property.