Plough Properties Limited Filleted accounts for Companies House (small and micro)

PLOUGH PROPERTIES LIMITED - Company Information

3 false false false false false false false false false true false false false false true true true No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,695,000 305,000 2,000,000 2,000,000 1,695,000 62,500 62,500 62,500 xbrli:pure xbrli:shares iso4217:GBP 00755832 2022-01-01 2022-12-31 00755832 2022-12-31 00755832 2021-12-31 00755832 2021-01-01 2021-12-31 00755832 2021-12-31 00755832 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 00755832 bus:Director1 2022-01-01 2022-12-31 00755832 core:WithinOneYear 2022-12-31 00755832 core:WithinOneYear 2021-12-31 00755832 core:ShareCapital 2022-12-31 00755832 core:ShareCapital 2021-12-31 00755832 core:SharePremium 2022-12-31 00755832 core:SharePremium 2021-12-31 00755832 core:RevaluationReserve 2022-12-31 00755832 core:RevaluationReserve 2021-12-31 00755832 core:RetainedEarningsAccumulatedLosses 2022-12-31 00755832 core:RetainedEarningsAccumulatedLosses 2021-12-31 00755832 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 00755832 core:Non-currentFinancialInstruments 2022-12-31 00755832 core:Non-currentFinancialInstruments 2021-12-31 00755832 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00755832 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 00755832 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 00755832 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 00755832 bus:SmallEntities 2022-01-01 2022-12-31 00755832 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 00755832 bus:FullAccounts 2022-01-01 2022-12-31 00755832 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 00755832 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 00755832 bus:OrdinaryShareClass1 2022-12-31 00755832 bus:OrdinaryShareClass1 2021-12-31

COMPANY REGISTRATION NUMBER: 00755832

Plough Properties Limited

Filleted Unaudited Financial Statements

31 December 2022

Plough Properties Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5	2,000,000	1,695,000
Investments	6	62,500	62,500
		-------------	-------------
		2,062,500	1,757,500

Current assets

Debtors	7	32,869	33,626
Cash at bank and in hand		108,818	123,395
		----------	----------
		141,687	157,021

Creditors: amounts falling due within one year	8	77,519		85,549
		----------		----------
Net current assets			64,168	71,472
			-------------	-------------
Total assets less current liabilities			2,126,668	1,828,972
			-------------	-------------
Net assets			2,126,668	1,828,972
			-------------	-------------

Capital and reserves

Called up share capital	10	64,287	64,287
Share premium account	11	235,736	235,736
Revaluation reserve	11	1,002,476	697,476
Profit and loss account	11	824,169	831,473
		-------------	-------------
Shareholders funds		2,126,668	1,828,972
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Plough Properties Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 3 May 2023 , and are signed on behalf of the board by:

N Bouch
Director

Company registration number: 00755832

Plough Properties Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover represents amounts receivable for rent and other services net of VAT and discounts.

Income tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. Employees

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tangible assets

	Freehold property
	£
Valuation
At 1 January 2022	1,695,000
Revaluations	305,000
	-------------
At 31 December 2022	2,000,000
	-------------
Depreciation
At 1 January 2022 and 31 December 2022	–
	-------------
Carrying amount
At 31 December 2022	2,000,000
	-------------
At 31 December 2021	1,695,000
	-------------

Investment properties are valued at their open market value by the directors. The historic cost of the investment properties is £997,524 (2021: £997,524).

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2022 and 31 December 2022	62,500
	---------
Impairment
At 1 January 2022 and 31 December 2022	–
	---------

Carrying amount
At 31 December 2022	62,500
	---------
At 31 December 2021	62,500
	---------

£62,500 relates to an unlisted investment in Platinum One Hotels Limited. This has been valued by the directors.

7. Debtors

	2022	2021
	£	£
Trade debtors	32,640	31,880
Other debtors	229	1,746
	---------	---------
	32,869	33,626
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	34,217	37,518
Corporation tax	32,819	33,544
Social security and other taxes	7,983	11,987
Other creditors	2,500	2,500
	---------	---------
	77,519	85,549
	---------	---------

9. Deferred tax

There is no deferred tax liability in respect of the revaluation of investment property due to indexation relief.

10. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	64,287	64,287	64,287	64,287
	---------	---------	---------	---------

11. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

12. Related party transactions

One of the directors has an interest in Platinum One Hotels Limited, a company in which their partner is a director and a shareholder. Plough Properties Limited has made an investment of £125,000 in Platinum One Hotels Limited. During the year, dividends amounting to £147,218 (2021: £141,560) were paid. The directors each received dividends of £49,073 (2021: £47,187).