PJN Properties Limited - Accounts to registrar (filleted) - small 18.2

PJN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

A L Neill BA (Hons)

S L Neill

S C Mariner

SECRETARY:

M C Jones

REGISTERED OFFICE:

11 Richmond Park Road

East Sheen

London

SW14 8JU

REGISTERED NUMBER:

05523941 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

4

20,440

29,062

Investment property

5

14,485,780

8,249,576

14,506,220

8,278,638

CURRENT ASSETS

Stocks

6

148,352

185,926

Debtors

7

354,150

197,187

Cash at bank

917,741

48,499

1,420,243

431,612

CREDITORS

Amounts falling due within one year

8

418,357

320,097

NET CURRENT ASSETS

1,001,886

111,515

TOTAL ASSETS LESS CURRENT LIABILITIES

15,508,106

8,390,153

CREDITORS

Amounts falling due after more than one year

9

(1,987,748

)

-

PROVISIONS FOR LIABILITIES

(1,157,733

)

(207,733

)

NET ASSETS

12,362,625

8,182,420

CAPITAL AND RESERVES

Called up share capital

101

101

Fair value reserve

11

7,273,267

3,223,267

Retained earnings

5,089,257

4,959,052

SHAREHOLDERS' FUNDS

12,362,625

8,182,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2022 and were signed on its behalf by:

A L Neill BA (Hons) - Director

S L Neill - Director

1.	STATUTORY INFORMATION

PJN 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investment property

Investment properties are revalued annually by the directors. Surpluses or deficits on individual properties are transfered to the investment revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged to the profit and loss account. Depreciation is not provided in respect of freehold investment properties or of leasehold investment properties where the unexpired term of the lease is more than 20 years.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st April 2021

251,138

311

251,449

Disposals

-

(311

)

(311

)

At 31st March 2022

251,138

-

251,138

DEPRECIATION

At 1st April 2021

222,076

311

222,387

Charge for year

8,622

-

8,622

Eliminated on disposal

-

(311

)

(311

)

At 31st March 2022

230,698

-

230,698

NET BOOK VALUE

At 31st March 2022

20,440

-

20,440

At 31st March 2021

29,062

-

29,062

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

8,249,576

Additions

1,236,204

Revaluations

5,000,000

At 31st March 2022

14,485,780

NET BOOK VALUE

At 31st March 2022

14,485,780

At 31st March 2021

8,249,576

Fair value at 31st March 2022 is represented by:

£

Valuation in 2011

2,229,002

Valuation in 2017

293,887

Valuation in 2018

200,000

Valuation in 2021

708,111

Valuation in 2022

5,000,000

Cost

6,054,780

14,485,780

If investment properties had not been revalued they would have been included at the following historical cost:

31/3/22

31/3/21

£

£

Cost

6,052,580

4,818,576

Investment properties were valued on a fair value basis on 31st March 2022 by the Directors .

6.

STOCKS

31/3/22

31/3/21

£

£

Freehold reversions for resale

148,352

185,926

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Trade debtors

156,596

175,083

Doubtful debt provision

(29,667

)

(24,062

)

Amounts owed by group undertakings

-

46,166

VAT

186,169

-

Prepayments and accrued income

41,052

-

354,150

197,187

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Bank loans and overdrafts

15,000

-

Trade creditors

138,831

31,884

Amounts owed to group undertakings

19,153

-

Corporation tax

31,767

35,133

VAT

-

2,810

Accruals and deferred income

213,606

250,270

418,357

320,097

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/22

31/3/21

£

£

Bank loans

1,487,748

-

Amounts owed to group undertakings

500,000

-

1,987,748

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/22

31/3/21

£

£

Bank loans

1,502,748

-

The bank loan facility is secured by:

a) a fixed charge dated 17 March 2022 over three of the company's investment properties;

b) a joint and several personal guarantee of £150,000 from Ms A L Neill & Ms S L Neill;

c) a cross guarantee from the parent company, Gratedean Limited, of £1,500,000 and;

d) a postponement of an inter-company loan of £500,000 from Gratedean Limited.

11.

RESERVES

Fair

value

reserve

£

At 1st April 2021

3,223,267

Fair value adjustment

4,050,000

At 31st March 2022

7,273,267

12.	CAPITAL COMMITMENTS

The company has entered in to a contract for the redevelopment of one of its investment properties.

In the current financial year the company spent approximately £1.236M on development costs to one of its investment properties.

The best estimate of the remaining commitment under the construction contract is £742,000.

Funding has been secured from both bankers and the parent company for this project.

13.	ULTIMATE CONTROLLING PARTY

The Directors consider the controlling party to be the Trustees of the P J Neill Children's Settlement Trust, the majority shareholder of Gratedean Limited.

The Trustees of this are Messrs. S C Mariner and P I Gurney.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PJN Properties Limited for the year ended 31st March 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PJN Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PJN Properties Limited and state those matters that we have agreed to state to the Board of Directors of PJN Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PJN Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PJN Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PJN Properties Limited. You consider that PJN Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PJN Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

3rd August 2022