Company registration number 07586955 (England and Wales)
PULLEYN PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
PULLEYN PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PULLEYN PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment properties
4
27,433,271
26,929,763
Current assets
Trade and other receivables
5
1,728,488
1,691,013
Cash and cash equivalents
87,317
271,334
1,815,805
1,962,347
Current liabilities
6
(2,325,043)
(691,147)
Net current (liabilities)/assets
(509,238)
1,271,200
Total assets less current liabilities
26,924,033
28,200,963
Non-current liabilities
7
(162,528)
(447,168)
Provisions for liabilities
8
(172,237)
(509,438)
Net assets
26,589,268
27,244,357
Equity
Called up share capital
17,840,200
17,840,200
Investment property reserve
4,648,999
5,592,824
Retained earnings
4,100,069
3,811,333
Total equity
26,589,268
27,244,357
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 16 June 2025 and are signed on its behalf by:
T Wakefield
P Jukes
Director
Director
Company Registration No. 07586955
PULLEYN PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Investment property reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2023
200
5,592,824
3,699,531
9,292,555
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
111,802
111,802
Issue of share capital
17,840,000
-
-
17,840,000
Balance at 31 December 2023
17,840,200
5,592,824
3,811,333
27,244,357
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(655,089)
(655,089)
Transfer
-
(943,825)
943,825
-
Balance at 31 December 2024
17,840,200
4,648,999
4,100,069
26,589,268
The investment property reserve includes all current and prior years' revaluation gains and losses on investment properties net of deferred taxation. This reserve is non-distributable.
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Pulleyn Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Church Lane, 3 Mile Cross, Reading, Berkshire, RG7 1HB.
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
Going concern
These financial statements are prepared on a going concern basis. During the period the company remained profitable and as at 31 December 202true4 the company had net assets of £25,531,505. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Revenue
Turnover represents rents receivable.
1.4
Investment properties
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
No depreciation is charged on freehold property because the directors consider that the economic life and residual value is such that depreciation is not significant. The residual value of the property is regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account. The surplus or deficit on revaluation is recognised in profit or loss
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The key area of judgement is the valuation of investment property. The Directors rely on their experience of the market and therefore exercise a significant amount of judgement when valuing the investment properties annually and use their extensive knowledge of the property market to do so.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The key area of estimation uncertainty is the valuation of investment property in periods in which an external valuation expert has not been used. The Directors rely on their experience of the market when valuing the investment properties annually and use their extensive knowledge of the property market and trends in this area to do so, which can lead to a degree of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
4
Investment property
2024
£
Fair value
At 1 January 2024
26,929,763
Additions
1,583,508
Revaluations
(1,080,000)
At 31 December 2024
27,433,271
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Investment property
(Continued)
- 5 -
The directors of the company revalued the investment properties at open market value during the current period end, based on an independent third party valuation prepared by a RICS qualified surveryor. The historical cost of the property, and subsequent additions at cost, amount to £22,612,035 (2023: £21,029,745).
Any gain or loss arising from a change in fair value is recognised in the Profit and Loss Account.
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
27,955
38,070
Amounts owed by group undertakings
1,291,804
1,301,479
Other receivables
408,729
351,464
1,728,488
1,691,013
6
Current liabilities
2024
2023
£
£
Bank loans
250,000
250,000
Trade payables
717,274
340,200
Amounts owed to group undertakings
1,007,468
67,045
Other payables
350,301
33,902
2,325,043
691,147
The bank loan stated above is secured via a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
162,528
447,168
The bank loan stated above is secured via a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
172,237
509,438
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Provisions for liabilities
(Continued)
- 6 -
The deferred tax charge relates to unrealised gains on the revaluation of investment properties.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Simon Essex FCA
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
16 June 2025
10
Parent company
Pulleyn Properties Limited is a wholly owned subsidiary of Cube Cold Europe Bido Limited and the results are included in the consolidated financial statements of Cube Cold Europe TopCo Limited, which are available from 6 Chesterfield Gardens, London, W1J 5BQ.