Company registration number 10961323 (England and Wales)
POOLE TOWNSEND PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
POOLE TOWNSEND PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
POOLE TOWNSEND PROPERTIES LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
888,970
888,970
Current assets
Debtors
4
-
0
10,000
Cash at bank and in hand
28,956
5,319
28,956
15,319
Creditors: amounts falling due within one year
5
(525,645)
(521,542)
Net current liabilities
(496,689)
(506,223)
Total assets less current liabilities
392,281
382,747
Creditors: amounts falling due after more than one year
6
(151,573)
(180,595)
Net assets
240,708
202,152
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
240,508
201,952
Total equity
240,708
202,152

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.

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 24 April 2025 and are signed on its behalf by:
Mr M J Oates
Director
Company registration number 10961323 (England and Wales)
POOLE TOWNSEND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Poole Townsend Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 69-75 Duke Street, Barrow-in-Furness, LA14 1RP.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable for the year.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

1.5
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.

POOLE TOWNSEND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
888,970

The carrying value of the investment properties held by the company has been reviewed by the directors during the year, with reference to the open market value, who consider that the fair value at the balance sheet date is consistent with the amount stated in the accounts.

POOLE TOWNSEND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
10,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
32,870
33,107
Corporation tax
12,721
11,743
Other creditors
480,054
476,692
525,645
521,542
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
151,573
180,595
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
10,000
10,000
100
100
Ordinary B shares of 1p each
10,000
10,000
100
100
20,000
20,000
200
200
8
Related party transactions

Included in other creditors is £463,272 (2023: £24,421) owed to the directors. These amounts are unsecured and interest free, and are repayable on demand.

 

At the balance sheet date Poole Townsend Properties Limited (PTP) owed Poole Townsend Estates Limited (PTE) owed £10,000 (2023: £10,000 debtor) and this was included in other creditors. The loan is informal, interest free and repayable on demand.

 

Also, included within other creditors is £Nil (2023: £448,851) owed to Poole Townsend Financial Services (PTFS); formerly known as Poole Townsend Solicitors. The loan is informal, interest fee and repayable on demand.

 

During the period one property was rented to PTFS. The rent charged was £49,500 (2023: £49,500) and all was paid during the period. In addition two properties were rented to PTE. The rent charged was £30,500 (2023: £30,500) and all was paid during the period.

 

The directors have a material interest in both PTFS and PTE.

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