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Registration number: 04650913

P S J Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

P S J Properties Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

P S J Properties Ltd

(Registration number: 04650913)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

8,225,039

7,629,517

Current assets

 

Debtors

6

48,773

103,972

Cash at bank and in hand

 

5,275,163

5,090,877

 

5,323,936

5,194,849

Creditors: Amounts falling due within one year

7

(597,809)

(807,025)

Net current assets

 

4,726,127

4,387,824

Total assets less current liabilities

 

12,951,166

12,017,341

Provisions for liabilities

(47,391)

(24,826)

Net assets

 

12,903,775

11,992,515

Capital and reserves

 

Called up share capital

349

349

Profit and loss account

12,903,426

11,992,166

Shareholders' funds

 

12,903,775

11,992,515

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

 

P S J Properties Ltd

(Registration number: 04650913)
Statement of Financial Position as at 31 December 2024 (continued)


M P Jessopp
Director


P S Jessopp
Company secretary and director

 

P S J Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of property leasing and development.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 'The Financial Reporting Standard'.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

 

P S J Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

Vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

P S J Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 7).

4

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

2024
£

2023
£

Current tax for the period

291,641

272,042

Total deferred tax expense

22,565

(4,513)

 

314,206.00

267,529.00

 

P S J Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

7,498,854

271,984

147,146

7,917,984

Additions

536,619

9,100

136,887

682,606

Disposals

-

-

(62,562)

(62,562)

At 31 December 2024

8,035,473

281,084

221,471

8,538,028

Depreciation

At 1 January 2024

-

226,476

61,991

288,467

Charge for the year

-

5,461

46,807

52,268

Eliminated on disposal

-

-

(27,746)

(27,746)

At 31 December 2024

-

231,937

81,052

312,989

Carrying amount

At 31 December 2024

8,035,473

49,147

140,419

8,225,039

At 31 December 2023

7,498,854

45,508

85,155

7,629,517

Included within the net book value of land and buildings above is £8,035,473 (2023 - £7,498,854) in respect of freehold land and buildings.
 

6

Debtors

2024
£

2023
£

Trade debtors

2,115

8,725

Other debtors

41,478

89,536

Prepayments

5,180

5,711

48,773

103,972

 

P S J Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

370,000

Trade creditors

 

8,729

656

Taxation and social security

 

339,433

315,986

Accruals and deferred income

 

249,647

120,383

 

597,809

807,025

8

Related party transactions

Other transactions with directors

The following is a summary of the directors' transactions with the company:

P S Jessopp: Dividends received from the company £Nil (2023: £Nil)

M P Jessopp: Dividends received from the company £Nil (2023: £Nil)

Riders of Bridgwater Ltd: Rent paid to the company £15,750 (2023: £15,000)

Balance owed from the company at 31 December 2024 £Nil (2023: £Nil)

Balance owed to the company at 31 December 2024 £Nil (2023: £370,000)

The amounts owed to Riders of Bridgwater Ltd are interest free and repayable on demand. Riders of Bridgwater Ltd is an associated company, controlled by P S Jessopp. Rent is charged at arms length.

Also during the year the company sold services to Riders of Bridgwater Ltd for the sum of £1,549 (2023: £1,511) which is charges at arms length. The company was under the ultimate control of Mr P S Jessopp who is a director and majority shareholder.