Pledream Properties Limited
Registered number: 01018459
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,463,481 6,806,157
Investments 4 - 95
6,463,481 6,806,252
Current assets
Debtors 5 117,753 188,047
Cash at bank and in hand 918,248 648,477
1,036,001 836,524
Creditors: amounts falling due within one year 6 (49,795) (450,116)
Net current assets 986,206 386,408
Total assets less current liabilities 7,449,687 7,192,660
Provisions for liabilities (1,369,788) (1,363,689)
Net assets 6,079,899 5,828,971
Capital and reserves
Called up share capital 9,304 9,304
Share premium 44 44
Profit and loss account 8 6,070,551 5,819,623
Shareholders' funds 6,079,899 5,828,971
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Jenkins
Director
Approved by the board on 19 May 2025
Pledream Properties Limited
Notes to the Accounts
for the period from 1 April 2023 to 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, and comprises the net rent and other income from the properties owned by the company.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Investment properties are revalued annually by either professional valuers, or by the directors. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. As required by FRS102, provision is made for deferred tax arising from the revaluation of investment properties, and from claims for rollover relief.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 6,806,082 2,045 6,808,127
Surplus on revaluation 1,170,882 - 1,170,882
Disposals (1,513,500) - (1,513,500)
At 31 August 2024 6,463,464 2,045 6,465,509
Depreciation
At 1 April 2023 - 1,970 1,970
Charge for the period - 58 58
At 31 August 2024 - 2,028 2,028
Net book value
At 31 August 2024 6,463,464 17 6,463,481
At 31 March 2023 6,806,082 75 6,806,157
The company's let properties had been valued in 2017 by Messrs Kemsley LLP. They were revalued by the
directors as at 31st March 2023. The portfolio of freehold ground rents had been valued in 2014 by Messrs
Chestertons. Their valuation was based on the amounts receivable as a result of the exercise by all the
leaseholders of their rights under the Leasehold Reform, Housing & Urban Development Act 1993, as
amended by the Commonhold and Leasehold Reform Act 2002. There have been many disposals and
part-disposals since that date, but the directors have used a similar formula for their valuation as at 31st
August 2024.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 95
Disposals (95)
At 31 August 2024 -
5 Debtors 2024 2023
£ £
Other debtors 117,753 188,047
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,812 2,812
Other creditors 46,983 447,304
49,795 450,116
8 Profit and loss account 2024 2023
£ £
Available for distribution 2,073,697 1,887,391
Investment property revaluation reserve 3,996,854 3,932,232
6,070,551 5,819,623
9 Related party transactions
A loan of £400,000 from the directors was repaid during the period.
10 Controlling party
The company is controlled by R M Jenkins.
11 Other information
Pledream Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
32 Phipps Hatch Lane
Enfield
Middlesex
EN2 0HN
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