Company registration number 01183165 (England and Wales)
Professional & Executive Financial Services Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 October 2024
PAGES FOR FILING WITH REGISTRAR
Professional & Executive Financial Services Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Professional & Executive Financial Services Limited
Statement Of Financial Position
as at 31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
450,000
450,000
Investments
5
49,707
53,259
499,707
503,259
Current assets
Debtors
12,815
11,419
Cash at bank and in hand
107,215
140,544
120,030
151,963
Creditors: amounts falling due within one year
(2,991)
(2,992)
Net current assets
117,039
148,971
Total assets less current liabilities
616,746
652,230
Provisions for liabilities
(48,173)
(48,173)
Net assets
568,573
604,057
Capital and reserves
Called up share capital
80,000
80,000
Share premium account
7,986
7,986
Profit and loss reserves
480,587
516,071
Total equity
568,573
604,057

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

Professional & Executive Financial Services Limited
Statement Of Financial Position (continued)
as at 31 October 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
R D Lumley
Director
Company Registration No. 01183165
Professional & Executive Financial Services Limited
Notes to the financial statements
for the year ended 31 October 2024
- 3 -
1
Accounting policies
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 investment properties at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the fair value of the rent receivable in the normal course of business. Turnover is recognised on an accrual basis.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straightline basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment properties

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.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Professional & Executive Financial Services Limited
Notes to the financial statements (continued)
for the year ended 31 October 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2023 and 31 October 2024
2,350
Depreciation and impairment
At 1 November 2023 and 31 October 2024
2,350
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
4
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
450,000

Investment property comprises 22 John William Street and 2 Church Street. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
49,707
53,259
Professional & Executive Financial Services Limited
Notes to the financial statements (continued)
for the year ended 31 October 2024
5
Fixed asset investments
(continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2023
53,259
Valuation changes
(3,552)
At 31 October 2024
49,707
Carrying amount
At 31 October 2024
49,707
At 31 October 2023
53,259
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
48,173
48,173
7
Company information

Professional & Executive Financial Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.

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