ACCOUNTS - Final Accounts

Registered number: 3704971

PRESSCREDIT LIMITED

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2024


PRESSCREDIT LIMITED Registered number:3704971

Statement of financial position

As at 30 June 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		102		102
Investment property	5		3,650,000		3,650,000
			3,650,102		3,650,102
Current assets
Debtors		114,468		2
Cash at bank and in hand		155,468		152,204
		269,936		152,206
Creditors: amounts falling due within one year		(1,547,859)		(1,520,994)
Net current liabilities			(1,277,923)		(1,368,788)
Total assets less current liabilities			2,372,179		2,281,314
Creditors: amounts falling due after more than one year			(2,146,194)		(2,189,564)

Net assets			225,985		91,750

Capital and reserves
Called up share capital	2	2
Profit and loss account	225,983	91,748
	225,985	91,750

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PRESSCREDIT LIMITED Registered number:3704971

Statement of financial position (continued)

As at 30 June 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J M Miller

Director

Date: 18 November 2025

The notes on pages 3 to 5 form part of these financial statements.

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PRESSCREDIT LIMITED

Notes to the financial statements

For the Year Ended 30 June 2024

1.	General information

Presscredit Limited is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The principal activity of the company is that of property investment.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
This is a change in accounting policy. Previously the company's policy was to carry investment property at the lower of cost and recoverable amount. This change in policy has had no impact on the company's net assets or profit in the current or preceding period.

2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.4

Revenue

Revenue represents gross rental income from the letting of property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Rent reviews are only recognised as income once the review has been settled, agreed and concluded.

2.5

Reserves

The company's reserves are as follows:
Called up share capital represents the nominal value of the shares issued
Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.

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PRESSCREDIT LIMITED

Notes to the financial statements

For the Year Ended 30 June 2024

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 July 2023	102
	At 30 June 2024	102

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PRESSCREDIT LIMITED

Notes to the financial statements

For the Year Ended 30 June 2024

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 July 2023	3,650,000
	At 30 June 2024	3,650,000

The 2024 valuations were made by the board of directors, based where applicable on discussions with valuation professionals and on valuation reports on certain of the company's property prepared for lending purposes, on an open market value for existing use basis.

6.	Related party transactions
	The company has taken advantage of paragraph 33.1A of FRS102 and has not disclosed transactions that have taken place with other group entities.

7.	Ultimate parent undertaking and controlling party

The company's parent company is Gladehurst Properties Limited, Sutherland House, 70-78 West Hendon Broadway, London, NW9 7BT, which is incorporated in Great Britain and registered in England and Wales. Gladehurst Properties Limited is the parent of a small group, so group financial statements are not prepared. Copies of the accounts of Gladehurst Properties Limited are available from Companies House.
The ultimate controlling party is David Tannen.

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