Ploughplan Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01548568 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2024

FOR

PLOUGHPLAN PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J A L Howes

Mr A L Howes

Ms J Howes

Mrs K Howes

SECRETARY:

Mr J A L Howes

REGISTERED OFFICE:

Unit 2.02 High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

REGISTERED NUMBER:

01548568 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Unit 2.02 High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

FIXED ASSETS

Tangible assets

4

1,366

377

Investments

5

1,003,151

Investment property

6

7,980,000

7,655,000

8,984,517

8,658,528

CURRENT ASSETS

Debtors

7

902,171

867,459

Cash at bank

230,908

42,568

1,133,079

910,027

CREDITORS

Amounts falling due within one year

8

471,877

292,328

NET CURRENT ASSETS

661,202

617,699

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,645,719

9,276,227

CREDITORS

Amounts falling due after more than one
year

9

(3,515,757

)

(3,516,000

)

PROVISIONS FOR LIABILITIES

(1,225,355

)

(1,144,105

)

NET ASSETS

4,904,607

4,616,122

CAPITAL AND RESERVES

Called up share capital

10

100

Revaluation reserve

3,676,067

3,432,317

Retained earnings

1,228,440

1,183,705

SHAREHOLDERS' FUNDS

4,904,607

4,616,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr J A L Howes - Director

1.	STATUTORY INFORMATION

Ploughplan Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, net of discounts.Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS

The LLP 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 recognized 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 recognized 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.

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 and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment 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.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

FIXED ASSET INVESTMENT

Fixed asset investment is stated at cost less provision for any permanent diminution in value.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

CREDITORS

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

PROVISIONS

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

Cost

At 30 September 2023

11,067

-

11,067

Additions

-

1,138

At 29 September 2024

11,067

1,138

12,205

Depreciation

At 30 September 2023

10,690

-

10,690

Charge for year

56

93

149

At 29 September 2024

10,746

93

10,839

Net book value

At 29 September 2024

321

1,045

1,366

At 29 September 2023

377

-

377

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2024

2023

£

Int bearing loans & borrowings

1,003,151

6.	INVESTMENT PROPERTY

Total

£

Fair value

At 30 September 2023

7,655,000

Revaluations

325,000

At 29 September 2024

7,980,000

Net book value

At 29 September 2024

7,980,000

At 29 September 2023

7,655,000

Fair value at 29 September 2024 is represented by:

£

Valuation in 2022

4,576,422

Valuation in 2024

325,000

Cost

3,078,578

7,980,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

902,171

867,459

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

-

117,814

Trade creditors

20,460

-

Amounts owed to group undertakings

295,735

19,835

Taxation and social security

99,119

99,562

Other creditors

56,563

55,117

471,877

292,328

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

3,365,757

3,366,000

Amounts owed to associates

150,000

3,515,757

3,516,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,365,757

3,366,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary Share

£1

100

11.	CONTROLLING PARTY

The company was under the control of Mr. J.A Howes, a director and other members of his close family throughout the year.