Company registration number 01738143 (England and Wales)
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
COMPANY INFORMATION
- 1 -
Director
Mrs S M Rosen
Secretary
Mrs S M Rosen
Company number
01738143
Registered office
One Bell Lane
Lewes
East Sussex
BN7 1JU
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
Nationwide Building Society
New Oxford House
54-56 West Street
Brighton
East Sussex
BN1 2SE
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,851
2,179
Investment property
4
2,698,502
4,589,300
Investments
5
289
259
2,700,642
4,591,738
Current assets
Debtors
6
403,477
234,113
Cash at bank and in hand
26,081
24,899
429,558
259,012
Creditors: amounts falling due within one year
7
(199,290)
(399,084)
Net current assets/(liabilities)
230,268
(140,072)
Total assets less current liabilities
2,930,910
4,451,666
Creditors: amounts falling due after more than one year
8
(932,018)
(1,957,347)
Provisions for liabilities
(144,317)
(162,442)
Net assets
1,854,575
2,331,877
Capital and reserves
Called up share capital
9
50,000
50,000
Revaluation reserve
854,990
1,473,199
Profit and loss reserves
949,585
808,678
Total equity
1,854,575
2,331,877
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 25 March 2025
Mrs S M Rosen
Director
Company registration number 01738143 (England and Wales)
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Permers Professional (Rose Hill) Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Bell Lane, Lewes, East Sussex, BN7 1JU. The place of business address is 88 High Street, Rottingdean, East Sussex, BN2 7HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents amounts receivable in relation to rental income and amounts recharged to tenants.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Revaluation surpluses and deficits
Revaluation surpluses or deficits against book value are transferred to the revaluation reserve, except for those deficits expected to be permanent, which are transferred to the profit and loss account.
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 and 31 March 2024
4,354
Depreciation and impairment
At 1 April 2023
2,175
Depreciation charged in the year
328
At 31 March 2024
2,503
Carrying amount
At 31 March 2024
1,851
At 31 March 2023
2,179
4
Investment property
2024
£
Fair value
At 1 April 2023
4,589,300
Disposals
(2,003,000)
Revaluations
112,202
At 31 March 2024
2,698,502
Investment property comprises cost of £1,838,886 (2023: £2,944,270) and subsequent accumulated revaluations of £747,414 (2023: £1,702,263). The fair value of the investment property has been arrived at by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 8 -
5
Fixed asset investments
2024
2023
£
£
Investments
289
259
Fixed asset investments are stated at cost less provision for permanent diminution in value.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,388
25,360
Corporation tax recoverable
60,853
Other debtors
327,161
207,868
402,402
233,228
Deferred tax asset
1,075
885
403,477
234,113
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
93,430
292,551
Trade creditors
9,518
14,152
Corporation tax
55,024
10,323
Other taxation and social security
16,612
13,451
Other creditors
9,031
32,473
Accruals and deferred income
15,675
36,134
199,290
399,084
PERMERS PROFESSIONAL (ROSE HILL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Creditors: amounts falling due within one year
(Continued)
- 9 -
The aggregate amount of creditors for which security has been given amounted to £89,855 (2023 - £292,551).
The bank borrowings are secured against the investment properties owned by the company.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
932,018
1,957,347
The aggregate amount of creditors for which security has been given amounted to £932,018 (2023 - £1,957,347).
The bank borrowings are secured against the investment properties owned by the company.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mrs S M Rosen - Director Loan
2.25
42,391
215,967
3,115
(81,169)
180,304
42,391
215,967
3,115
(81,169)
180,304
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