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.

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.

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

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.

Pioneer Properties (A & S) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.

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 at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, notwithstanding that the company had net current liabilities of £46,908 at 31 December 2024.true

The directors consider this basis to be appropriate as the company's current liabilities at that date include aggregate amounts due to them of £57,197 and, whilst these amounts are repayable on demand, they have no intention of asking for repayment whilst such funds are required by the company to meet its liabilities as they fall due. They have agreed that they will make further funds available to the company should they be required.

Turnover represents income arising from the four principal activities of the company: proceeds from the sale of development properties; rental income from investment properties; commission from properties let and managed as agent; and maintenance work done.

Turnover from the sale of development properties is recognised on the date that unconditional contracts for sale are exchanged. Turnover from the other three activities is recognised on an accruals basis as the company becomes entitled to receipt of such income.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

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.

An amount equivalent to the movement in the valuation, net of provision for deferred taxation, is transferred to a separate investment property revaluation reserve, except to the extent that it represents a permanent diminution in value below cost. A transfer is made from this reserve to retained reserves to reflect previously unrealised gains which become realised upon disposal of investment properties.

The tax expense represents the sum of the tax currently payable and deferred 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 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company makes contributions to the personal pension plan of one of its directors. Such contributions are charged to the profit and loss account when they are incurred.

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

Investment property comprises four freehold and two long-leasehold (2023: four freehold and two long-leasehold) residential properties which are let under assured shorthold tenancies. The properties are included in the balance sheet at the directors' estimate of their open market values at 31 December 2024, based on their knowledge of the housing market and after taking informal independent advice,

The aggregate balance sheet valuation of investment properties exceeds their aggregate indexed cost by approximately £141,982. Provision has been made in these financial statements for the deferred taxation that would be payable if the properties were sold at its values.

The aggregate historic cost of the investment properties at 31 December 2024 was £897,557 (2023: £897,557).

Other creditors represent amounts due to the directors of the company.

Bank loans and overdrafts

Bank loans and overdrafts include a loan in respect of which £670 (2023: £2,331) is due for repayment by instalments which fall due more than five years from the balance sheet date.

Secured debts

Other borrowings comprise interest only mortgage loans all with terms of 25 years from the date of inception and all with more than five years remaining before maturity. They are secured by charges against the company's investment properties. In addition the directors have given joint and several guarantees to the lenders to the value of the mortgage loans.

The transfer (to)/from the investment property revaluation reserve represents the unrealised movement in the valuation of the investment properties in the year net of provision for deferred taxation.