REGISTERED NUMBER: 12170279 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2024

for

Petts Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R S Petts

Miss S L Petts

REGISTERED OFFICE:

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

REGISTERED NUMBER:

12170279 (England and Wales)

ACCOUNTANTS:

Thompsons Accountancy Services Limited

Chartered Accountants

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

FIXED ASSETS

Investment property

5

240,000

250,000

CURRENT ASSETS

Cash at bank

131

67

CREDITORS

Amounts falling due within one year

6

64,094

62,981

NET CURRENT LIABILITIES

(63,963

)

(62,914

)

TOTAL ASSETS LESS CURRENT LIABILITIES

176,037

187,086

CREDITORS

Amounts falling due after more than one year

7

(151,979

)

(151,975

)

PROVISIONS FOR LIABILITIES

(5,867

)

(7,767

)

NET ASSETS

18,191

27,344

CAPITAL AND RESERVES

Allotted, called up and fully

paid share capital

200

200

Retained earnings

17,991

27,144

18,191

27,344

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:

Miss S L Petts - Director

1.	STATUTORY INFORMATION

Petts Properties 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2023

250,000

Revaluations

(10,000

)

At 31 August 2024

240,000

NET BOOK VALUE

At 31 August 2024

240,000

At 31 August 2023

250,000

The investment property has been measured at its fair value by the directors on 12 February 2024.

Fair value at 31 August 2024 is represented by:

£

Valuation in 2024

240,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Directors' current accounts

63,808

62,966

Accrued expenses

286

15

64,094

62,981

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

£

£

Mortgages

151,979

151,975