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Registered Number: 10859139
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2024

for

PROFUSION PROPERTIES LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 4,501    5,445 
Investment property 4 695,000    695,000 
699,501    700,445 
Current assets      
Debtors 1,658    4,034 
Cash at bank and in hand 115,063    140,286 
116,721    144,320 
Creditors: amount falling due within one year (297,249)   (313,412)
Net current assets (180,528)   (169,092)
 
Total assets less current liabilities 518,973    531,353 
Creditors: amount falling due after more than one year (536,445)   (554,746)
Provisions for liabilities (4,928)   (4,928)
Net assets (22,400)   (28,321)
 

Capital and reserves
     
Called up share capital 5 1    1 
Revaluation Reserves 6 37,564    37,563 
Profit and loss account (59,965)   (65,885)
Shareholders' funds (22,400)   (28,321)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The director of the company has elected not to include the Income Statement within the financial statements. 
The financial statements were approved by the director on 28 March 2025 and were signed by:


-------------------------------
G Dhami
Director
1
General Information
Profusion Properties Ltd is a company limited by shares and is incorporated in England and Wales. The address of the registered office is 10 Newquay Close, Walsall, United Kindgom, WS5 3EP. The nature of the company's operations and its principal activity was that of property investment.
1.

Accounting policies

Significant accounting policies
The company's financial statements have been prepared in compliance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention and on a going concern basis. The financial statements comprise the unaudited financial statements of the company up to 31 March each year, and are stated in pound sterling, the company's functional and presentational currency.

The principal accounting policies applied in the preparation of these financial statements are set out below, these policies have been applied consistently to all the years presented, unless otherwise stated.

Going concern basis
The Director has formed a judgement, at the time of approving the financial statements, that there is an expectation that the Company, with the support of its shareholders, has adequate resources to continue in operational existence for the foreseeable future being at least twelve months from the date of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements as set out in the going concern section of the Directors' Report.
Turnover
Turnover comprises rental income receivable during the period.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Reducing Balance
Investment properties
Investment properties for which fair value can be measured reliably are measured at fair value annually with any change recognised in the profit and loss account. Unrealised gains or losses (net of related deferred tax) are transferred from retained earnings to a separate revaluation reserve. 
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 April 2023 8,177    8,177 
Additions 181    181 
Disposals  
At 31 March 2024 8,358    8,358 
Depreciation
At 01 April 2023 2,732    2,732 
Charge for year 1,125    1,125 
On disposals  
At 31 March 2024 3,857    3,857 
Net book values
Closing balance as at 31 March 2024 4,501    4,501 
Opening balance as at 01 April 2023 5,445    5,445 


4.

Investment property

Cost Other investments other than loans   Total
  £   £
At 01 April 2023 695,000    695,000 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2024 695,000    695,000 
Other investments comprise of the investment properties held by the company. Investment properties were revalued as at the balance sheet date on an open market basis. The director has used recent sale prices of the same class of investment within the same location as a proxy for the valuation of each investment property.

5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Ordinary share of £1.00 each  
 

2