Company registration number 09965859 (England and Wales)
PONTING RESIDENTIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PONTING RESIDENTIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PONTING RESIDENTIAL LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
84,375
101,250
Tangible assets
4
2,986
1,415
Investments
5
15,000
15,000
102,361
117,665
Current assets
Debtors
7
95,881
94,573
Cash at bank and in hand
83,450
29,418
179,331
123,991
Creditors: amounts falling due within one year
8
(99,180)
(116,229)
Net current assets
80,151
7,762
Net assets
182,512
125,427
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
182,502
125,417
Total equity
182,512
125,427
PONTING RESIDENTIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
For the financial year ended 31 July 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 directors acknowledge their 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.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
Mr P Ponting
Director
Company registration number 09965859 (England and Wales)
PONTING RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Ponting Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ye Ancient House, 20 High Street, Woodstock, Oxon, OX20 1TF.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Property portfolio
8 years straight line
PONTING RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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 and fittings
25% straight line
Computers
25% straight line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Cash and cash equivalents
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.
PONTING RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
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.
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
Taxation
The tax expense represents the tax currently payable.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Total
£
Cost
At 1 August 2023 and 31 July 2024
135,000
Amortisation and impairment
At 1 August 2023
33,750
Amortisation charged for the year
16,875
At 31 July 2024
50,625
Carrying amount
At 31 July 2024
84,375
At 31 July 2023
101,250
PONTING RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Tangible fixed assets
Total
£
Cost
At 1 August 2023
4,583
Additions
2,241
At 31 July 2024
6,824
Depreciation and impairment
At 1 August 2023
3,168
Depreciation charged in the year
670
At 31 July 2024
3,838
Carrying amount
At 31 July 2024
2,986
At 31 July 2023
1,415
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
15,000
15,000
6
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pontings Residential Sales Limited
Penrose House, 67 Hightown Road, Banbury, Oxfordshire, United Kingdom, OX16 9BE
Ordinary A, B, C and D
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,487
19,701
Amounts owed by group undertakings
73,824
73,824
Other debtors
6,570
1,048
95,881
94,573
PONTING RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,293
32,206
Taxation and social security
48,225
26,291
Other creditors
17,662
57,732
99,180
116,229
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
144,000
160,000
10
Related party transactions
The company has taken advantage of the exemption under FRS 102 section 33 "Related Party Disclosures' paragraph 33.1A not to disclose transactions with fellow wholly owned subsidiary undertakings of P.S. Ponting Developments Ltd's group of companies.
At the balance sheet date, the amount of £4,122 (2023: £29,867 creditor) was owed to the company by P.S Ponting Limited, a company of which Mr P Ponting is a director. This amount is included in other debtors.
At the balance sheet date, the amount of £73,824 (2023: £73,824) was owed to the company by P.S. Ponting Developments Ltd, a company of which Mr P Ponting is a director. This amount is included within other debtors.
11
Parent company
The immediate and ultimate parent undertaking is P.S. Ponting Developments Ltd. The registered office of P.S. Ponting Developments Ltd is Ye Ancient House, 20 High Street, Woodstock, OX20 1TF.
The ultimate controlling party is Mr P Ponting by virtue of the majority shareholding in P.S. Ponting Developments Ltd.
12
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Jul 2023
£
£
£
Creditors due within one year
Other creditors
(92,946)
3,008
(89,938)
PONTING RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Prior period adjustment
As previously reported
Adjustment
As restated at 31 Jul 2023
£
£
£
(Continued)
- 8 -
Capital and reserves
Profit and loss reserves
122,409
3,008
125,417
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 July 2023
£
£
£
Profit for the financial period
55,429
-
55,429
Reconciliation of changes in equity
1 August
31 July
2022
2023
£
£
Adjustments to prior year
Adjustment to prior year dividends
-
3,008
Equity as previously reported
104,296
122,419
Equity as adjusted
104,296
125,427
Analysis of the effect upon equity
Profit and loss reserves
-
3,008
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
55,429
Profit as adjusted
55,429
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