Registered number
05757405
P2L Properties Limited
Filleted Accounts
28 March 2024
P2L Properties Limited
Registered number: 05757405
Balance Sheet
as at 28 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 573,600 573,600
Creditors: amounts falling due within one year 4 (50,291) (46,083)
Net current liabilities (50,291) (46,083)
Total assets less current liabilities 523,309 527,517
Creditors: amounts falling due after more than one year 5 (542,400) (542,400)
Net liabilities (19,091) (14,883)
Capital and reserves
Called up share capital 2 2
Profit and loss account (19,093) (14,885)
Shareholders' funds (19,091) (14,883)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Robinson
Director
Approved by the board on 20 March 2025
P2L Properties Limited
Notes to the Accounts
for the period from 30 March 2023 to 28 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of rents received from 3rd party tenants.
Investment properties
Investment properties are measured at cost and is departure from the accounting standard. No depreciation is provided, as in the directors opinion to do so, would not show a true and fair view in light of the current property climate
Investment properties not depreciated
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed 0 0
3 Tangible fixed assets
Investment properties
£
Cost
At 30 March 2023 573,600
At 28 March 2024 573,600
Depreciation
At 28 March 2024 -
Net book value
At 28 March 2024 573,600
At 29 March 2023 573,600
4 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors (includes directors loans) 50,291 46,083
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - secured 542,400 542,400
6 Other information
P2L Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Valley House
Kingsway south
Team Valley
Gateshead
NE11 0JW
P2L Properties Limited 05757405 false 2023-03-30 2024-03-28 2024-03-28 VT Final Accounts April 2024 G Robinson No description of principal activity 05757405 2022-04-01 2023-03-29 05757405 core:WithinOneYear 2023-03-29 05757405 core:AfterOneYear 2023-03-29 05757405 core:ShareCapital 2023-03-29 05757405 core:RetainedEarningsAccumulatedLosses 2023-03-29 05757405 2023-03-30 2024-03-28 05757405 bus:PrivateLimitedCompanyLtd 2023-03-30 2024-03-28 05757405 bus:AuditExemptWithAccountantsReport 2023-03-30 2024-03-28 05757405 bus:Director40 2023-03-30 2024-03-28 05757405 1 2023-03-30 2024-03-28 05757405 2 2023-03-30 2024-03-28 05757405 countries:England 2023-03-30 2024-03-28 05757405 bus:FRS102 2023-03-30 2024-03-28 05757405 bus:FilletedAccounts 2023-03-30 2024-03-28 05757405 2024-03-28 05757405 core:WithinOneYear 2024-03-28 05757405 core:AfterOneYear 2024-03-28 05757405 core:ShareCapital 2024-03-28 05757405 core:RetainedEarningsAccumulatedLosses 2024-03-28 05757405 core:LandBuildings 2024-03-28 05757405 2023-03-29 05757405 core:LandBuildings 2023-03-29 iso4217:GBP xbrli:pure