Company registration number 03268169 (England and Wales)
PURCHASE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
PURCHASE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PURCHASE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,128
3,322
Investment property
4
9,161,465
11,667,000
9,164,593
11,670,322
Current assets
Stocks
3,469,082
625,000
Debtors
5
85,032
98,682
Cash at bank and in hand
133,630
274,390
3,687,744
998,072
Creditors: amounts falling due within one year
6
(1,731,763)
(1,718,685)
Net current assets/(liabilities)
1,955,981
(720,613)
Total assets less current liabilities
11,120,574
10,949,709
Creditors: amounts falling due after more than one year
7
(2,825,000)
(2,000,000)
Provisions for liabilities
8
(521,285)
(671,380)
Net assets
7,774,289
8,278,329
Capital and reserves
Called up share capital
9
3,676,712
3,676,712
Share premium account
625,299
625,299
Non-distributable profits reserve
10
2,062,477
2,691,923
Distributable profit and loss reserves
1,409,801
1,284,395
Total equity
7,774,289
8,278,329
PURCHASE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
D Purchase
G Purchase
Director
Director
Company registration number 03268169 (England and Wales)
PURCHASE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Purchase Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Black Fox Advisers Limited, Fletchers Business Centre, Grendon Road, Polesworth, B78 1NS.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable from rental of properties and sales of completed developments.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer Equipment
33% straight line
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.
1.4
Investment property
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
PURCHASE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
PURCHASE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.12
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
3
3
3
Tangible fixed assets
Computer Equipment
£
Cost
At 1 April 2024
23,395
Additions
1,936
At 31 March 2025
25,331
Depreciation and impairment
At 1 April 2024
20,073
Depreciation charged in the year
2,130
At 31 March 2025
22,203
Carrying amount
At 31 March 2025
3,128
At 31 March 2024
3,322
4
Investment property
2025
£
Fair value
At 1 April 2024
11,667,000
Additions
1,656,285
Transfers
(3,015,462)
Disposals
(447,048)
Revaluations
(699,310)
At 31 March 2025
9,161,465
PURCHASE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Investment property
(Continued)
- 6 -
Investment property comprises residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 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.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
6,547,376
8,304,528
Accumulated depreciation
-
-
Carrying amount
6,547,376
8,304,528
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
26,660
29,046
Other debtors
57,607
53,982
Prepayments and accrued income
765
15,654
85,032
98,682
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
18,070
33,571
Amounts owed to group undertakings
48,000
48,000
Corporation tax
44,591
24,791
Other taxation and social security
511
403
Other creditors
1,587,189
1,582,133
Accruals and deferred income
33,402
29,787
1,731,763
1,718,685
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,825,000
2,000,000
PURCHASE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The bank loans bear interest at 2.25% above Bank of England base rate and is repayable in full in September 2028. The loans are secured by fixed and floating charges over the assets of the company.
8
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
521,285
671,380
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
107
107
1.07
1.07
B Ordinary shares of 1p each
107
107
1.07
1.07
C Ordinary shares of 1p each
20
20
0.20
0.20
D Ordinary shares of 1p each
20
20
0.20
0.20
Preferred Ordinary shares of £1 each
3,676,710
3,676,710
3,676,710.00
3,676,710.00
3,676,964
3,676,964
3,676,712.54
3,676,712.00
10
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
2,691,923
2,000,519
Non distributable profits in the year
(629,446)
691,404
At the end of the year
2,062,477
2,691,923
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2025
2024
Amounts due to related parties
£
£
Key management personnel
1,533,794
1,532,790
The amounts due to key management personnel were repayable on demand and interest free.
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