| Pratt Sornburg Limited |
| Registered number: |
15393296 |
| Balance Sheet |
| as at 30 April 2025 |
|
| Notes |
|
|
2025 |
|
| £ |
|
| Fixed assets |
| Tangible assets |
3 |
|
|
600,000 |
| Investments |
4 |
|
|
579,139 |
|
|
|
|
1,179,139 |
|
|
| Current assets |
| Cash at bank and in hand |
|
|
10,713 |
|
| Creditors: amounts falling due within one year |
5 |
|
(446,355) |
|
| Net current liabilities |
|
|
|
(435,642) |
|
|
| Total assets less current liabilities |
|
|
|
743,497 |
|
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(538,414) |
|
| Provisions for liabilities |
|
|
|
(49,881) |
|
|
| Net assets |
|
|
|
155,202 |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
9 |
|
|
1,000 |
| Fair value reserve |
8 |
|
|
149,643 |
| Profit and loss account |
|
|
|
4,559 |
|
| Shareholders' funds |
|
|
|
155,202 |
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| R J Pratt |
| Director |
| Approved by the board on 31 December 2025 |
|
| Pratt Sornburg Limited |
| Notes to the Accounts |
| for the period from 6 January 2024 to 30 April 2025 |
|
|
| 1 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).
The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents earned from the rental of investment properties and the rendering of services. Turnover from rental income is recognised in the period to which the right to receive the rent under the tenancy agreement relates. 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. |
|
|
Investment Property |
|
Investment properties are properties held to earn rentals and / or for capital appreciation and are initially recognised at cost. Investment Properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit and loss in the period in which they arise.
The investment properties fair value of £600,000 and fair value movement of £Nil included in the profit for the period were determined by the directors.
Deferred taxation is provided on these gains. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. |
|
|
Group accounts |
|
The company, and its subsidiary comprise a small group. The company has taken advantage of the exemption provided by S399(2A) Companies Act 2006 and FRS 102 paragraph 9.3(e) not to prepare group accounts. These financial statements refer only to the company activities. |
|
|
Investments |
|
Investments in subsidiaries and Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Where a significant asset is transferred from a subsidiary undertaking to the parent company, the parent's value of the investment in subsidiary is adjusted to reflect the change in ownership of that asset. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), 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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Employee benefits |
|
When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
|
|
Going concern |
|
The major part of the companies working capital are provided by loans from the directors who have indicated that this support will continue for the foreseeable future. The directors continue to adopt the going concern basis in preparing the financial statements which assumes the company will continue in operation for the foreseeable future. The company's indebtedness to its directors was £342,000. |
|
|
| 2 |
Employees |
2025 |
|
| Number |
|
|
|
Average number of persons employed by the company |
3 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment Properties |
| £ |
|
Cost |
|
Additions |
400,478 |
|
Surplus on revaluation |
199,522 |
|
At 30 April 2025 |
600,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 April 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2025 |
600,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2025 |
|
| £ |
|
|
Historical cost |
400,478 |
|
Cumulative depreciation based on historical cost |
- |
|
|
|
|
|
|
400,478 |
|
|
The Investment Properties were revalued by the directors at the period end in accordance with the accounting policy. |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
Additions |
979,615 |
|
- |
|
979,615 |
|
Revaluation |
(400,478) |
|
2 |
|
(400,476) |
|
|
At 30 April 2025 |
579,137 |
|
2 |
|
579,139 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 30 April 2025 |
356,615 |
|
- |
|
|
|
|
|
|
|
|
The revaluation reflects the value of the properties previously owned by the subsidiary that have been transferred to the parent company at their carrying values. There is no movement in profit and loss as this is a transfer between group companies.
Where there is a transfer of an asset between companies in the group the value of the investment in subsidiary is adjusted to reflect the change in ownership of that asset.
The investment in other investments has been revalued in the period by the directors. Changes in fair value are included in the profit and loss account. |
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
| £ |
|
|
|
Loan |
64,635 |
|
Trade creditors |
930 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
2,612 |
|
Taxation and social security costs |
4,887 |
|
Other creditors |
373,291 |
|
|
|
|
|
|
446,355 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
| £ |
|
|
|
Loan |
538,414 |
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2025 |
|
| £ |
|
|
Creditors include: |
|
|
Secured loan |
603,049 |
|
|
|
|
|
|
|
|
|
The loan is secured upon property owned by two of the directors. |
|
|
| 8 |
Fair value reserve (Non distributable) |
2025 |
|
| £ |
|
|
|
Gain on revaluation of Investment properties net of deferred taxation |
149,643 |
|
|
At 30 April 2025 |
149,643 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Share Capital |
Nominal |
Number |
|
2025 |
|
| value |
|
2025 |
£ |
|
|
|
Allotted, called up and fully paid |
|
Ordinary shares |
£1 each |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
During the period various amounts were lent by the directors to the company. Interest of 5 % above the bank base rate, with a minimum of 6 % has been incurred on these amounts. As at the end of the period £342,000 in loans was due along with accrued interest of £23,237 is included in creditors.
During the period, the company purchased 100 % of the issued share capital in Paragon Plating Ltd, its subsidiary undertaking, for £956,615.
During the period investment properties were transferred from the subsidiary undertaking to the company at a carrying values of £400,478.
At the period end the company owed its subsidiary undertaking £2,612, included within creditors.
During the period income was received from its subsidiary undertaking, to the value of £24,000.
During the period management charges were received from its subsidiary undertaking, to the value of £30,000. |
|
|
| 11 |
Other information |
|
|
Pratt Sornburg Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit J, |
|
Daux Road |
|
Billingshurst |
|
West Sussex |
|
RH14 9SJ |