REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
Promenade Office Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
Promenade Office Investments Limited |
Promenade Office Investments Limited (Registered number: 03546087) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Promenade Office Investments Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
32 Derby Street |
Ormskirk |
Lancashire |
L39 2BY |
Promenade Office Investments Limited (Registered number: 03546087) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
Promenade Office Investments Limited (Registered number: 03546087) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Promenade Office Investments Limited (Registered number: 03546087) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Promenade Office Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced rents and service charges, excluding valued added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Leasehold properties have been accounted for as Investment Properties in accordance with FRS 102 (Section 1A) and therefore depreciation has not been provided. |
Fair value adjustments to the property valuation go through profit & loss and are shown separately in the non-distributable fair value reserve. |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Deferred tax on unrealised fair value adjustments to Investment Property is transferred from the retained earnings reserve to the non-distributable fair value reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Promenade Office Investments Limited (Registered number: 03546087) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2024 |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Cost or valuation at 31 December 2024 is represented by: |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
Valuation in 2018 | 787,089 | - | 787,089 |
Valuation in 2021 | 273,571 | - | 273,571 |
Valuation in 2023 | (350,000 | ) | - | (350,000 | ) |
Valuation in 2024 | 146,249 | - | 146,249 |
Cost | 1,243,091 | 31,536 | 1,274,627 |
2,100,000 | 31,536 | 2,131,536 |
If leasehold property had not been revalued it would have been included at the following historical cost: |
31.12.24 | 31.12.23 |
£ | £ |
Cost | 1,243,091 | 1,289,340 |
Leasehold property was valued on a fair value basis by chartered surveyors, Hitchcock Wright & Partners on 30 June 2024. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Other debtors |
Promenade Office Investments Limited (Registered number: 03546087) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
NIL | X Ordinary | £1 | - | 6 |
NIL | Y Ordinary | £1 | - | 6 |
A1 Ordinary | £1 | 12 | 12 |
A2 Ordinary | £1 | 12 | 12 |
12 | B1 Ordinary | £1 | 12 | 12 |
12 | B2 Ordinary | £1 | 12 | 12 |
12 | C1 Ordinary | £1 | 12 | 12 |
12 | C2 Ordinary | £1 | 12 | 12 |
12 | C3 Ordinary | £1 | 12 | 12 |
3 | A3 Ordinary | £1 | 3 | - |
3 | B3 Ordinary | £1 | 3 | - |
3 | C4 Ordinary | £1 | 3 | - |
3 | D1 Ordinary | £1 | 3 | - |
96 | 96 |
During the year, X & Y shares were re-designated as either A3, B3, C4 or D1 shares. |
Except as expressly provided otherwise in the Articles of Association, the share capital shall rank pari passu in all respects. |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2024 | 2,817,155 |
Profit for the year |
Transfer fair value movement | (146,249 | ) | 146,249 | - |
Transfer deferred tax | 36,562 | (36,562 | ) | - |
At 31 December 2024 | 2,884,847 |
9. | RELATED PARTY DISCLOSURES |
Included in trade and other debtors is £1,100,00 (2023: £1,100,000) owed from associated companies at the balance sheet date. |
Included in other creditors is £29,385 (2023: £25,000) owed to associated companies at the balance sheet date. |