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Registered number: 12162375
Purseglove Property Limited
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12162375
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 4,000
Tangible Assets 5 79,725 75,800
79,725 79,800
CURRENT ASSETS
Debtors 6 75,433 51,877
Cash at bank and in hand 4,121 18,827
79,554 70,704
Creditors: Amounts Falling Due Within One Year 7 (73,168 ) (44,176 )
NET CURRENT ASSETS (LIABILITIES) 6,386 26,528
TOTAL ASSETS LESS CURRENT LIABILITIES 86,111 106,328
Creditors: Amounts Falling Due After More Than One Year 8 (65,777 ) (75,099 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,148 ) (17,251 )
NET ASSETS 5,186 13,978
CAPITAL AND RESERVES
Called up share capital 10 230 230
Profit and Loss Account 4,956 13,748
SHAREHOLDERS' FUNDS 5,186 13,978
Page 1
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms G Hutchinson
Director
25 June 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Purseglove Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12162375 . The registered office is The Old Police Station, 95 Victoria Road, Kirkby In Ashfield, Nottinghamshire, NG17 8AQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 7)
5 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 20,000
As at 30 September 2024 20,000
Amortisation
As at 1 October 2023 16,000
Provided during the period 4,000
As at 30 September 2024 20,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 4,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 2,283 64,890 8,992 36,270 112,435
Additions - - - 22,981 22,981
As at 30 September 2024 2,283 64,890 8,992 59,251 135,416
Depreciation
As at 1 October 2023 1,015 23,360 4,076 8,184 36,635
Provided during the period 254 8,306 948 9,548 19,056
As at 30 September 2024 1,269 31,666 5,024 17,732 55,691
Net Book Value
As at 30 September 2024 1,014 33,224 3,968 41,519 79,725
As at 1 October 2023 1,268 41,530 4,916 28,086 75,800
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles - 41,530
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,081 30,636
Other debtors 49,352 21,241
75,433 51,877
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,323 5,323
Trade creditors 19,205 14,407
Bank loans and overdrafts 6,000 6,000
Other creditors 17,425 4,046
Taxation and social security 25,215 14,400
73,168 44,176
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 34,610 39,932
Bank loans 31,167 35,167
65,777 75,099
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,323 5,323
Later than one year and not later than five years 34,610 39,932
39,933 45,255
39,933 45,255
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 230 230
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