REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED (REGISTERED NUMBER: 04315382) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED (REGISTERED NUMBER: 04315382) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
Provisions for liabilities | 8 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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 were approved by the director and authorised for issue on |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED (REGISTERED NUMBER: 04315382) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | Statutory information |
J.M. Paine & S.W. Paine Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04315382. The registered office and business address is Inglewood 15 Greenclose Lane, Wimborne, Dorset, BH21 2AL. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income receivable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Fair value reserve. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED (REGISTERED NUMBER: 04315382) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 August 2023 |
and 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
The investment property was valued at Open Market value in the year ended 31 July 2024 by the director. |
The investment property was valued at Open Market value in the year ended 31 July 2024 by the director. |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Tax |
Directors' current accounts | 32,190 | 32,577 |
Accruals and deferred income |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Other loans more 5yrs non-inst | 39,564 | 42,411 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
7. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
All monies due to or to become due to Paratus Amc Limited are secured by way of a fixed charge over the property 21A Station Road, Wimborne, Dorset, BH21 1RG, dated 10 May 2018. |
8. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 13,998 | 10,639 |
J.M. PAINE & S.W. PAINE PROPERTIES |
LIMITED (REGISTERED NUMBER: 04315382) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
8. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Charge to Income statement during year |
Balance at 31 July 2024 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | Reserves |
Fair |
value |
reserve |
£ |
At 1 August 2023 |
Taxation | (3,359 | ) |
At 31 July 2024 |
As required by FRS102 revaluation gains on investment property have been recognised through the statement of comprehensive income. As these are not realised profits available for distribution, these gains are included within a fair value reserve. |
11. | Ultimate controlling party |
Mr J Paine and Mrs T Paine jointly own the entire share capital and therefore control the company. |