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REGISTERED NUMBER: 02809667 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2024

for

P M Slade And Son (Developments) Limited

P M Slade And Son (Developments) Limited (Registered number: 02809667)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


P M Slade And Son (Developments) Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: C J Slade
Mrs L E Slade



SECRETARY: Mrs L E Slade



REGISTERED OFFICE: A C Mole & Sons, Chartered Accountants
Stafford House
Blackbrook Park Avenue
TAUNTON
Somerset
TA1 2PX



REGISTERED NUMBER: 02809667 (England and Wales)



ACCOUNTANTS: A C Mole LLP
Chartered Accountants
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX



SOLICITORS: Clarke Willmott
Blackbrook Gate
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PG

P M Slade And Son (Developments) Limited (Registered number: 02809667)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 252 336
Investment property 5 1,000,000 1,000,000
1,000,252 1,000,336

CURRENT ASSETS
Debtors 6 3,757 3,757
Cash at bank 32,253 34,724
36,010 38,481
CREDITORS
Amounts falling due within one year 7 37,474 38,946
NET CURRENT LIABILITIES (1,464 ) (465 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

998,788

999,871

PROVISIONS FOR LIABILITIES 70,548 70,548
NET ASSETS 928,240 929,323

CAPITAL AND RESERVES
Called up share capital 44,502 44,502
Fair value reserve 585,022 585,022
Retained earnings 298,716 299,799
SHAREHOLDERS' FUNDS 928,240 929,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





C J Slade - Director


P M Slade And Son (Developments) Limited (Registered number: 02809667)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

P M Slade And Son (Developments) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at fair value of rents receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Office equipment - 20% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. In accordance with FRS 102, investment property is not depreciated.

Financial instruments
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

P M Slade And Son (Developments) Limited (Registered number: 02809667)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 2,950 1,017 3,967
DEPRECIATION
At 1 July 2023 2,628 1,003 3,631
Charge for year 81 3 84
At 30 June 2024 2,709 1,006 3,715
NET BOOK VALUE
At 30 June 2024 241 11 252
At 30 June 2023 322 14 336

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 1,000,000
NET BOOK VALUE
At 30 June 2024 1,000,000
At 30 June 2023 1,000,000

Investment properties are shown at fair value. All properties have been valued at open market value by Mr C Slade, a director. The directors consider that the validations provided are a reliable basis for these investment properties at the balance sheet date.

The historic cost equivalent value of the freehold properties at the balance sheet date amounted to £343,042 (2023 - £343,042).

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2018 370,800
Valuation in 2015 286,158
Cost 343,042
1,000,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 3,757 3,757

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 19,530 18,516
Other creditors 17,944 20,430
37,474 38,946

P M Slade And Son (Developments) Limited (Registered number: 02809667)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. SECURED DEBTS

Natwest Bank Plc has a legal mortgage dated 1 January 1994 over the assets of the company.

9. OTHER FINANCIAL COMMITMENTS

The company has cross guarantees with its parent company, P M Slade & Son Limited, to its bankers. There were no amounts due at 30 June 2024 or 30 June 2023.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
C J Slade and Mrs L E Slade
Balance outstanding at start of year (930 ) 10,695
Amounts advanced 58,263 54,966
Amounts repaid (58,771 ) (66,591 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,438 ) (930 )

Interest has been charged at the official rate of 2.25% on the overdrawn balance. The highest overdrawn balance in the year was £44,038 (2023 - £54,897).