Peter Mays (Investments) Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 00210053 (England and Wales)
Peter Mays (Investments) Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
7
4,165,000
4,165,000
Current assets
Debtors
8
2,195
130
Cash at bank and in hand
223,712
223,652
225,907
223,782
Creditors: amounts falling due within one year
9
(62,576)
(68,143)
Net current assets
163,331
155,639
Total assets less current liabilities
4,328,331
4,320,639
Creditors: amounts falling due after more than one year
10
(211,500)
(211,500)
Provisions for liabilities
10
(946,687)
(946,687)
Net assets
3,170,144
3,162,452
Capital and reserves
Called up share capital
12
3,500
3,500
Revaluation reserve
3,099,321
3,099,321
Capital redemption reserve
3,426
3,426
Profit and loss reserves
63,897
56,205
Total equity
3,170,144
3,162,452

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Peter Mays (Investments) Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
A.M. Heaps
Director
Company Registration No. 00210053
Peter Mays (Investments) Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information

Peter Mays (Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on 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 rents receivable during the year.
1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

The cumulative surplus on revaluation whilst recognised in profit or loss, is not distributable. The Company transfers such revaluation surplus to a separate revaluation reserve within retained earnings together with the associated deferred tax annually.

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and balances held at call with banks.

1.5
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

1.6
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.

Peter Mays (Investments) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.7
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.

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.

Valuation of investment properties

The Company uses the valuation performed by independent valuers as the fair value of its investment properties. The investment properties were valued on an open market basis by reference to market evidence of transaction prices for similar properties. The investment properties owned by the company were valued as at 25 December 2016. One of the properties was re-valued in January 2020. The Directors do not consider the valuation to have materially changed from these dates.

Peter Mays (Investments) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 5).

4
Interest payable and similar expenses
2024
2023
£
£
Interest payable includes the following:
Dividends paid on preference shares classified as financial liabilities
21,090
21,090
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
39,977
42,090
Deferred tax
Increase in deferred tax provision in the year
-
0
227,205
Total tax charge
39,977
269,295
6
Dividends
2024
2023
£
£
Interim paid
96,250
140,000
7
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
4,165,000

The freehold properties were valued by professional external valuers, White & Sons, on an open market basis at 25 December 2016 and are included at their valuation amount. One of the properties was re-valued in January 2020 by White & Sons, on an open market basis.

In the opinion of the directors, the market value of land and buildings is not materially different from the figures at which they are stated in the financial statements.

Historical cost of the land and buildings is £126,241 (2023 - £126,241).

Peter Mays (Investments) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,106
53
Prepayments and accrued income
89
77
2,195
130
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,530
16,633
Corporation tax
39,977
42,090
Other creditors
3,231
3,670
Accruals and deferred income
5,838
5,750
62,576
68,143
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Preference shares classed as a financial liability
211,500
211,500
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
211,500
211,500

11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluation gain on investment properties
946,687
946,687
There were no deferred tax movements in the year.
Peter Mays (Investments) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
11
Deferred taxation
(Continued)
Page 7
12
Called up share capital
2024
2023
£
£
Ordinary share capital
Authorised
3,500 Ordinary shares of £1 each
3,500
3,500
Issued and fully paid
3,500 Ordinary shares of £1 each
3,500
3,500
Preference share capital
Authorised
1,500 6% cumulative preference shares of £1 each
1,500
1,500
210,000 10% cumulative second preference shares of £1 each
210,000
210,000
211,500
211,500
Issued and fully paid
6% cumulative preference shares of £1 each
1,500
1,500
10% cumulative second preference shares of £1 each
210,000
210,000
211,500
211,500

The 6% cumulative preference shares confer a priority right to a 6% dividend but no right to further participation in profits. On winding up, they rank in priority in respect of dividends and capital but do not confer further rights to participation in assets.

The 10% cumulative second preference shares confer similar rights and rank before ordinary shares but after the first preference shares.

All three classes enjoy equal voting rights.

Peter Mays (Investments) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
13
Related party transactions

During the year A. M. Heaps, a director of the company, received dividends of £17,875 (2023 - £26,000) on her holding of ordinary shares, £40 (2023 - £40) on her holding of 6% preference shares, and £6,295 (2023 - £6,295) on her holding of 10% preference shares.

During the year S. E. Crowther, a director of the company, received dividends of £8,030 (2023 - £11,680) on her holding of ordinary shares, £2 (2023 - £2) on her holding of 6% preference shares, and £2,200 (2023 - £2,200) on her holding of 10% preference shares.

During the year D. J. Montgomery, a director of the company, received £10 (2023 - £5) on his holding of 10% preference shares.

During the year E. E. Dean, a director of the company, received dividends of £2,063 (2023 - £3,000) on her holding of ordinary shares.

During the year G. K. Ingram, a director of the company, received dividends of £5,500 (2023 - £8,000) on her holding of ordinary shares.

2024-12-31 2024-01-01 false false false 12 March 2025 CCH Software CCH Accounts Production 2025.100 No description of principal activity A.M. Heaps S. E. Crowther E. E. Dean G. K. Ingram D. J. Montgomery M. J. Bryne 00210053 00210053 2024-01-01 2024-12-31 00210053 2024-12-31 00210053 2023-12-31 00210053 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 00210053 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00210053 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 00210053 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00210053 core:ShareCapital 2024-12-31 00210053 core:ShareCapital 2023-12-31 00210053 core:RevaluationReserve 2024-12-31 00210053 core:RevaluationReserve 2023-12-31 00210053 core:CapitalRedemptionReserve 2024-12-31 00210053 core:CapitalRedemptionReserve 2023-12-31 00210053 core:RetainedEarningsAccumulatedLosses 2024-12-31 00210053 core:RetainedEarningsAccumulatedLosses 2023-12-31 00210053 core:ShareCapitalOrdinaryShareClass1 2024-12-31 00210053 core:ShareCapitalOrdinaryShareClass1 2023-12-31 00210053 bus:Director1 2024-01-01 2024-12-31 00210053 2023-01-01 2023-12-31 00210053 core:UKTax 2024-01-01 2024-12-31 00210053 core:UKTax 2023-01-01 2023-12-31 00210053 2023-12-31 00210053 core:CurrentFinancialInstruments 2024-12-31 00210053 core:CurrentFinancialInstruments 2023-12-31 00210053 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00210053 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00210053 bus:FRS102 2024-01-01 2024-12-31 00210053 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 00210053 bus:Director2 2024-01-01 2024-12-31 00210053 bus:Director3 2024-01-01 2024-12-31 00210053 bus:Director4 2024-01-01 2024-12-31 00210053 bus:Director5 2024-01-01 2024-12-31 00210053 bus:CompanySecretary1 2024-01-01 2024-12-31 00210053 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP