PNH Property Letchworth Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07797969

PNH Property Letchworth Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

PNH Property Letchworth Limited

Statement of Financial Position

31 December 2024

	2024		2023
			(restated)
Note	£	£	£	£

Fixed assets

Tangible assets	5		4,675,681		4,676,114

Current assets

Debtors	6	3,573,780	3,745,788
Cash at bank and in hand		56,318	42,274
		------------	------------
		3,630,098	3,788,062

Creditors: amounts falling due within one year	7	276,243		336,571
		------------		------------
Net current assets			3,353,855		3,451,491
			------------		------------
Total assets less current liabilities			8,029,536		8,127,605

Creditors: amounts falling due after more than one year	8		5,698,315		5,877,390

Provisions	36,046	36,046
	------------	------------
Net assets	2,295,175	2,214,169
	------------	------------

Capital and reserves

Called up share capital	100	100
Investment property revaluation reserve	305,075	305,075
Profit and loss account	1,990,000	1,908,994
	------------	------------
Shareholders funds	2,295,175	2,214,169
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

PNH Property Letchworth Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:

Mr N S Grainger

Director

Company registration number: 07797969

PNH Property Letchworth Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Richmond House, Walkern Road, Stevenage, Herts, SG1 3QP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.

Revenue recognition

Rental income is recognised on a straight-line basis over the year in which the rental relates.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Equipment	-	25% straight line

Investment property

Investment properties are shown at fair value. The gain or loss arising from the annual revaluation is recognised through profit and loss, with any unrealised gains at the balance sheet date being subsequently transferred to a separate non-distributable revaluation reserve.

4. Employee numbers

The average number of persons employed by the company during the year amounted to nil (2023: nil).

5. Tangible assets

	Freehold investment property	Computer Equipment	Total
	£	£	£
Cost
At 1 January 2024 (as restated) and 31 December 2024	4,675,000	1,732	4,676,732
	------------	-------	------------
Depreciation
At 1 January 2024	–	618	618
Charge for the year	–	433	433
	------------	-------	------------
At 31 December 2024	–	1,051	1,051
	------------	-------	------------
Carrying amount
At 31 December 2024	4,675,000	681	4,675,681
	------------	-------	------------
At 31 December 2023	4,675,000	1,114	4,676,114
	------------	-------	------------

Investment property has been valued at open market value as at the balance sheet date based on the directors' best estimates. The historical cost of freehold investment properties is £4,333,880 (2023: £4,333,880).

6. Debtors

	2024	2023
		(restated)
	£	£
Amounts owed by related undertakings	3,325,172	3,480,000
Other debtors	248,608	265,788
	------------	------------
	3,573,780	3,745,788
	------------	------------

7. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans	50,000	50,000
Trade creditors	79	209
Social security and other taxes	28,252	88,850
Other creditors	197,912	197,512
	---------	---------
	276,243	336,571
	---------	---------

The bank loans above are secured by way of a fixed and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
		(restated)
	£	£
Bank loans	2,730,000	2,780,000
Other creditors	2,968,315	3,097,390
	------------	------------
	5,698,315	5,877,390
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £2,530,000 (2023: £2,580,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans above are secured by way of a fixed and floating charge over the assets of the company .

9. Prior period errors

The revaluation of the investment property in the previous year of £341,120 was posted directly to reserves rather being shown in the profit and loss account. This has been corrected as a prior year adjustment resulting in an increase in the reported profit before tax of £341,120. A provision for deferred tax on this revaluation of £85,279 was also posted directly to reserves and was overstated by £49,234. This has also been corrected as a prior year adjustment resulting in an increase in the reported tax charge of £36,045. Further adjustments have been made in the previous year to correct the movements between the investment property revaluation reserve and the profit and loss account reserves. The net impact on reserves of these adjustments is an increase in the investment property revaluation reserve of £49,234.

10. Related party transactions

At the balance sheet date the company owed £ 195,000 (2023: £ 195,000 ) to the directors. The balance can be found within creditors due within one year. No interest is being charged on this loan. Included within debtors is an amount of £ 3,325,172 (2023: £ 3,480,000 ) due from a connected undertaking. Interest is charged on the loan.