| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| BALANCE SHEET |
| 31 MARCH 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Fair value reserve | 13 |
| Retained earnings | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| BALANCE SHEET - continued |
| 31 MARCH 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| Pavillion Properties (East Yorkshire) Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
| SIGNIFICANT JUDGEMENTS AND ESTIMATES |
| No significant judgements have had to be made by the directors in preparing these financial statements. |
| The directors have made key assumptions in the determination of fair value of investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the assets. |
| REVENUE |
| Revenue comprises the value of rental income receivable from the letting of investment property owned by the Company. |
| Rental income is recognised on a time basis and is measured over the duration of each respective tenancy agreement, but, is only recognised to the extent that it is probable that the economic benefits will flow to the company, the amount of revenue can be reliably measured and it is probable that the Company will receive the consideration due under the tenancy agreement. |
| Revenue is measured as the fair value of the consideration received or receivable |
| TANGIBLE FIXED ASSETS |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their estimated residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following bases: |
| Fixtures and fittings - 15% |
| Motor vehicles - 25% |
| Computer equipment - 25% |
| The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing thee proceeds with the carrying amount and are recognised in the Statement of income and retained earnings. |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| INVESTMENT PROPERTY |
| Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The company engage an independent valuer to assist the directors in determining fair value. |
| Investment property whose fair value can be measured reliably is recorded at fair value with any surplus or deficit on revaluation being recognised in the income statement accumulated in a non-distributable reserve. |
| No depreciation is charged on investment property. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| HIRE PURCHASE AND LEASING COMMITMENTS |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2023 |
| Additions |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2023 |
| Transfer to ownership | (27,588 | ) |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Transfer to ownership | (23,105 | ) |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2023 |
| Additions |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| Fair value at 31 March 2024 is represented by: |
| £ |
| Valuation in 2016 | 142,510 |
| Valuation in 2020 | 144,973 |
| Cost | 2,691,423 |
| 2,978,906 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included in other creditors are amounts due to the directors of £101,935 (2023 - £106,717). |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 10) |
| PAVILLION PROPERTIES |
| (EAST YORKSHIRE) LIMITED (REGISTERED NUMBER: 09843512) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Mortgages | 122,662 | 122,662 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Mortgages | 1,902,615 | 1,909,181 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The loans are secured by charges taken over the investment properties. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 43,803 | 43,803 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2023 |
| Balance at 31 March 2024 |
| 13. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 April 2023 |
| and 31 March 2024 |