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Registered number: 03891894









Pinxton Properties Limited









Directors' Report and Financial Statements

For the Year Ended 31 March 2025

 
Pinxton Properties Limited
 
 
Company Information


Directors
A Booth 
G Hayes 




Company secretary
A Booth



Registered number
03891894



Registered office
2 Brooklands Road
Sale

Cheshire

M33 3SS




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Pinxton Properties Limited
 

Contents



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16


 
Pinxton Properties Limited
 
 
 
Directors' Report
For the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal activity

The Company's principal activity is the letting of commercial accomodation.

Directors

The directors who served during the year were:

A Booth 
G Hayes 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
Pinxton Properties Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 March 2025


Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A Booth
Director

Date: 3 July 2025

Page 2

 
Pinxton Properties Limited
 
 
 
Independent Auditors' Report to the Members of Pinxton Properties Limited
 

Opinion


We have audited the financial statements of Pinxton Properties Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
Pinxton Properties Limited
 
 
 
Independent Auditors' Report to the Members of Pinxton Properties Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
Pinxton Properties Limited
 
 
 
Independent Auditors' Report to the Members of Pinxton Properties Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then
design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business
performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was
aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any
actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
 
Audit response to risks identified
 
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 5

 
Pinxton Properties Limited
 
 
 
Independent Auditors' Report to the Members of Pinxton Properties Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Chris Stewardson (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

3 July 2025
Page 6

 
Pinxton Properties Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 March 2025

2025
2024
Note
£
£

  

Turnover
  
487,473
402,426

Gross profit
  
487,473
402,426

Administrative expenses
  
(46,904)
(12,822)

Fair value movements
  
-
400,000

Operating profit
  
440,569
789,604

Interest receivable and similar income
  
2,072
1,610

Profit before tax
  
442,641
791,214

Tax on profit
 4 
(110,524)
(197,758)

Profit for the financial year
  
332,117
593,456

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
Pinxton Properties Limited
Registered number: 03891894

Balance Sheet
As at 31 March 2025

2025
2024
Note
£
£

Fixed assets
  

Investment property
 5 
5,215,000
5,215,000

  
5,215,000
5,215,000

Current assets
  

Debtors: amounts falling due within one year
 6 
558
1,791

Cash at bank and in hand
 7 
103,894
154,188

  
104,452
155,979

Creditors: amounts falling due within one year
 8 
(258,085)
(221,635)

Net current liabilities
  
 
 
(153,633)
 
 
(65,656)

Total assets less current liabilities
  
5,061,367
5,149,344

Provisions for liabilities
  

Deferred tax
 9 
(267,605)
(267,699)

  
 
 
(267,605)
 
 
(267,699)

Net assets
  
4,793,762
4,881,645


Capital and reserves
  

Called up share capital 
  
800,000
800,000

Revaluation reserve
 10 
2,127,986
2,127,986

Profit and loss account
 10 
1,865,776
1,953,659

  
4,793,762
4,881,645


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Booth
Director

Date: 3 July 2025

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
Pinxton Properties Limited
 

Statement of Changes in Equity
For the Year Ended 31 March 2025


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2023
800,000
1,827,986
1,960,203
4,588,189


Comprehensive income for the year

Profit for the year
-
-
593,456
593,456

Surplus on revaluation of other fixed assets
-
300,000
(300,000)
-
Total comprehensive income for the year
-
300,000
293,456
593,456


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(300,000)
(300,000)


Total transactions with owners
-
-
(300,000)
(300,000)



At 1 April 2024
800,000
2,127,986
1,953,659
4,881,645


Comprehensive income for the year

Profit for the year
-
-
332,117
332,117
Total comprehensive income for the year
-
-
332,117
332,117


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(420,000)
(420,000)


Total transactions with owners
-
-
(420,000)
(420,000)


At 31 March 2025
800,000
2,127,986
1,865,776
4,793,762


Page 9

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

1.


General information

Pinxon Properties Limited ('the company') is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is 2 Brooklands Road, Sale, Cheshire M33 3SS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover shown in the profit and loss accounts represents rent receivable during the year, exclusive of VAT. Rental income is recognised in the period to which it relates, taking into account any provision for lease incentives.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 10

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers or 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 11

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash o rother consideration expected to be paid or received.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)





Page 12

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

4.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
110,618
97,758


Total current tax
110,618
97,758

Deferred tax


Origination and reversal of timing differences
(94)
-

Deferred tax on revaluation of property
-
100,000

Total deferred tax
(94)
100,000


Tax on profit
110,524
197,758

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
442,641
791,214


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
110,660
197,804

Effects of:


Adjustments to tax charge in respect of prior periods
(94)
-

Short-term timing difference leading to an increase (decrease) in taxation
(42)
(46)

Total tax charge for the year
110,524
197,758


Factors that may affect future tax charges

There are currently no known factors that will affect future tax charges.

Page 13

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2024
5,215,000



At 31 March 2025
5,215,000

Investment property is held on the balance sheet at its open market value. Of the opening valuation as at 1 April 2024 of £5,215,000 was professionally valued by Jones Lang LaSalle Limited, Chartered Surveyors, and deemed to be an accurate indication.
Of the closing valuation as at 31 March 2025 of £5,215,000, was reviewed by the directors of the company and deemed to be an accurate indication of value as at 31 March 2025.
The historical cost of this property is £2,819,325 (
2024: £2,819,325







6.


Debtors

2025
2024
£
£


Prepayments
558
1,791



7.


Cash

2025
2024
£
£

Cash at bank and in hand
103,894
154,188


Page 14

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

8.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
6,727
9

Corporation tax
110,618
97,758

Other taxation and social security
22,950
19,286

Accruals and deferred income
117,790
104,582

258,085
221,635



9.


Deferred taxation




2025
2024


£

£






At beginning of year
(267,699)
(167,699)


Charged to profit or loss
94
(100,000)



At end of year
(267,605)
(267,699)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Deferred tax on revaluation of property
(267,605)
(267,699)

(267,605)
(267,699)


10.


Reserves

Revaluation reserve

Revaluation reserve is non-distributable reserve in relation to revaluations of investment property net of the associated deferred tax arising.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 15

 
Pinxton Properties Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

11.


Controlling party

The company is a joint venture with each holding a 50% ownership interest in the voting rights of the company.
Due to the equal shareholding and the contractual agreement governing the joint venture, no single party has the power to control the financial and operating policies of the company without the cooperation of the other.
As such, there is no ultimate controlling party as defined by FRS 102 Section 33.

Page 16