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Registered number: 05011252
PRESSCREDIT (CARDIFF) LIMITED
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 June 2024
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PRESSCREDIT (CARDIFF) LIMITED
Registered number:05011252
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Statement of financial position
As at 30 June 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
The notes on pages 3 to 6 form part of these financial statements.
Page 1
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PRESSCREDIT (CARDIFF) LIMITED
Registered number:05011252
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Statement of financial position (continued)
As at 30 June 2024
Page 2
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PRESSCREDIT (CARDIFF) LIMITED
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Notes to the financial statements
For the Year Ended 30 June 2024
Presscredit (Cardiff) 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
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Basis of preparation of financial statements
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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 (see note 3).
The following principal accounting policies have been applied:
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 impacy on the company's net assets or profit in the current or preceding period.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Page 3
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PRESSCREDIT (CARDIFF) LIMITED
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Notes to the financial statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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.
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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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing these financial statements the directors have made judgements to determine whether there are indicators of impairment of the company's investment property. Factors taken into consideration include 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.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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Interest payable and similar expenses
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Page 4
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PRESSCREDIT (CARDIFF) LIMITED
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Notes to the financial statements
For the Year Ended 30 June 2024
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The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
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Total tax charge for the year
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Freehold investment property
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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 properties prepared for lending purposes, on an open market value for existing use basis.
Page 5
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PRESSCREDIT (CARDIFF) LIMITED
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Notes to the financial statements
For the Year Ended 30 June 2024
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are interest free and repayable on demand.
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Ultimate parent undertaking and controlling party
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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.
Page 6
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