Company registration number 04460574 (England and Wales)
PRESSMILE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
PRESSMILE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PRESSMILE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
7
2,955,000
14,638,000
Current assets
Debtors
8
7,501,452
1,968,341
Cash at bank and in hand
251,292
260,422
7,752,744
2,228,763
Creditors: amounts falling due within one year
9
(2,323,894)
(2,774,067)
Net current assets/(liabilities)
5,428,850
(545,304)
Total assets less current liabilities
8,383,850
14,092,696
Creditors: amounts falling due after more than one year
10
(2,369,837)
(7,087,685)
Net assets
6,014,013
7,005,011
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
6,014,012
7,005,010
Total equity
6,014,013
7,005,011

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.true

The financial statements were approved by the board of directors and authorised for issue on 4 September 2025 and are signed on its behalf by:
M Slane
Director
Company registration number 04460574 (England and Wales)
PRESSMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Pressmile Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winston House, Dollis Park, London, England, N3 1HF.

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.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents, service charges, and lease surrender premiums receivable, all net of VAT.

1.4
Investment property

Investment property is included at fair value as determined by the directors. Revaluation surpluses or deficits are recognised in the income statement. Deferred tax is provided on those gains at the rate expected to apply when the property is sold.

The investment property is stated at fair value based on the valuation performed by the director who is experienced in property investment and has a good knowledge of the location and type of property owned. The valuation reflects observable market prices, if available, condition of the property, and likely income from the asset.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PRESSMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

PRESSMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
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.

3
Valuation of investment properties

Investment properties are stated at fair value based on the valuation performed by the directors who are experienced in property investment and have a good knowledge of the location and types of property owned. The valuation reflects observable market prices, if available, condition of the properties, and likely income from the assets. As a result of the pandemic (Covid-19), significant disruption and uncertainty in the UK property market prevails which inevitably increases the risk of misstatement and the degree of judgement in arriving at values as at 31 March 202 5.

4
Other operating income
2025
2024
Other operating income includes the following fair value adjustments:
£
£
Movement in fair value of investment properties
(838,463)
1,329,255
5
Exceptional items
2025
2024
£
£
Share of profit due to/from joint property participant
(4,044)
374,345
(4,044)
374,345
6
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
PRESSMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
7
Investment property
2025
£
Fair value
At 1 April 2024
14,638,000
Additions
10,463
Disposals
(10,855,000)
Net gains or losses through fair value adjustments
(838,463)
At 31 March 2025
2,955,000

The investment properties were revalued on an open market basis by the directors and internal consultants (qualified accountants) of the company following an external valuation carried out on behalf of the lender. The historical cost of the investment properties is £4,600,464 (2024: £11,039,576).

8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
25,217
37,344
Amounts owed by group undertakings
7,397,047
1,732,634
Other debtors
63,961
145,353
Prepayments and accrued income
15,227
53,010
7,501,452
1,968,341

Included within debtors are rent deposits held in a government regulated tenancy scheme.

9
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
11
300,000
204,334
Trade creditors
80,588
60,958
Amounts owed to group undertakings
1,712,150
1,168,183
Amount due to joint property participant
47,153
1,029,389
Taxation and social security
4,541
27,650
Other creditors
64,457
145,353
Accruals and deferred income
115,005
138,200
2,323,894
2,774,067

I ncluded within credi tors are amounts owed to joint participants who have a 16.75% share of interest in the profit/losses from the properties. Total amounts owed as at the year end was £47,153 (2024: £1,029,389).

PRESSMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
10
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
11
2,369,837
7,087,685
11
Loans and overdrafts
2025
2024
£
£
Bank loans
2,669,837
7,292,019
Payable within one year
300,000
204,334
Payable after one year
2,369,837
7,087,685

The bank loans are secured on the company's investment properties.

12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 loss 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.

Emphasis of matter

We would draw your attention to note in the financial statements which indicates that the investment properties for the year ended 31 March 202 5 have been revalued on an open market basis by the directors and internal consultants of the company on a yield basis. Adjustments to the financial statements would arise if property values were to differ materially from that disclosed in the financial statements. Our opinion is not modified in respect of this matter.

PRESSMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Arvind Shah
Statutory Auditor:
Elliotts Shah
Date of audit report:
4 September 2025
14
Ultimate controlling party

The company is a wholly owned subsidiary of MFC Estates plc, a company registered in England and Wales. MFC Estates plc was under the control of P L Murphy until his demise on January 27th 2025. The new controlling party will be determined when Probate is granted.

15
Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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