1 1 Presbarn Property Limited 13509417 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Investment Property Digita Accounts Production Advanced 6.30.9574.0 true 13509417 2023-08-01 2024-07-31 13509417 2024-07-31 13509417 core:CurrentFinancialInstruments 2024-07-31 13509417 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 13509417 core:Non-currentFinancialInstruments 2024-07-31 13509417 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 13509417 bus:SmallEntities 2023-08-01 2024-07-31 13509417 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 13509417 bus:FilletedAccounts 2023-08-01 2024-07-31 13509417 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 13509417 bus:RegisteredOffice 2023-08-01 2024-07-31 13509417 bus:Director1 2023-08-01 2024-07-31 13509417 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13509417 bus:Agent1 2023-08-01 2024-07-31 13509417 countries:EnglandWales 2023-08-01 2024-07-31 13509417 2023-07-31 13509417 2022-08-01 2023-07-31 13509417 2023-07-31 13509417 core:CurrentFinancialInstruments 2023-07-31 13509417 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 13509417 core:Non-currentFinancialInstruments 2023-07-31 13509417 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 13509417

Presbarn Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Presbarn Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Presbarn Property Limited

Company Information

Director

Mrs H J Barnes

Registered office

280 Tag Lane
Ingol
Preston
PR2 3UY

Accountants

Rotherham Taylor Limited 21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Presbarn Property Limited

(Registration number: 13509417)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

445,000

490,000

Current assets

 

Cash at bank and in hand

 

1,391

606

Creditors: Amounts falling due within one year

5

(131,872)

(128,548)

Net current liabilities

 

(130,481)

(127,942)

Total assets less current liabilities

 

314,519

362,058

Creditors: Amounts falling due after more than one year

5

(287,971)

(295,384)

Provisions for liabilities

(4,064)

(12,614)

Net assets

 

22,484

54,060

Capital and reserves

 

Called up share capital

1

1

Retained earnings

22,483

54,059

Shareholders' funds

 

22,484

54,060

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 April 2025
 

.........................................
Mrs H J Barnes
Director

   
     
 

Presbarn Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
280 Tag Lane
Ingol
Preston
PR2 3UY

2

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 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 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Presbarn Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Creditors

Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 

Presbarn Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 August 2023

490,000

Fair value adjustments

(45,000)

At 31 July 2024

445,000

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

129,847

127,600

Taxation and social security

 

1,143

-

Accruals and deferred income

 

882

882

Other creditors

 

-

66

 

131,872

128,548

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

287,971

295,384

 

Presbarn Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

287,971

295,384

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,531

5,231

Director's current account

123,316

122,369

129,847

127,600

Loans and borrowings are secured by a legal mortgage over the property owned by the company.

The Director's current account is non-interest bearing and has no formal repayment terms.