Registration number:
Provincial Town Properties Ltd.
for the Year Ended 30 September 2024
Provincial Town Properties Ltd.
Contents
Company Information |
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Abridged Statement of Financial Position |
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Notes to the Unaudited Abridged Financial Statements |
Provincial Town Properties Ltd.
Company Information
Directors |
Mr FC Duckworth Mrs SL Jones-Souabni |
Registered office |
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Accountants |
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Provincial Town Properties Ltd.
(Registration number: 00573628)
Abridged Statement of Financial Position as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
40 |
40 |
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Revaluation reserve |
3,177,741 |
4,847,636 |
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Retained earnings |
2,053,766 |
673,761 |
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Shareholders' funds |
5,231,547 |
5,521,437 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.
Provincial Town Properties Ltd.
(Registration number: 00573628)
Abridged Statement of Financial Position as at 30 September 2024
Approved and authorised by the
.........................................
Mr FC Duckworth
Director
Provincial Town Properties Ltd.
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Provincial Town Properties Ltd.
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Residential parks |
2% on cost |
Plant and machinery |
25% on reducing balance |
Motor vehicles |
20% on cost |
Computer equipment |
33.33% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Provincial Town Properties Ltd.
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
Receivables
Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Provincial Town Properties Ltd.
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
Intangible assets |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Disposals |
( |
At 30 September 2024 |
- |
Amortisation |
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At 1 October 2023 |
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Amortisation eliminated on disposals |
( |
At 30 September 2024 |
- |
Carrying amount |
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At 30 September 2024 |
- |
Provincial Town Properties Ltd.
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Revaluations |
( |
- |
- |
( |
Additions |
- |
- |
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Disposals |
( |
- |
( |
( |
At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 September 2024 |
- |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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£3,325,000 (2023 - £5,345,000).
Provincial Town Properties Ltd.
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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40 |
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40 |