Pavilion Property Management Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06646060 (England and Wales)

PAVILION PROPERTY MANAGEMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D E Martin

REGISTERED OFFICE:

3rd Floor

207 Regent Street

London

W1B 3HH

REGISTERED NUMBER:

06646060 (England and Wales)

ACCOUNTANTS:

SJF Accounting & Tax Ltd t/a SJF Accountants

Chartered Certified Accountants

Rothsay House

5 South Street

East Hoathly

East Sussex

BN8 6DS

FIXED ASSETS

Tangible assets

4

792

1,583

Investment property

5

7,191,871

7,948,371

7,192,663

7,949,954

CURRENT ASSETS

Debtors

6

17,959

5,602

Cash at bank

30,196

36,306

48,155

41,908

CREDITORS

Amounts falling due within one year

7

1,967,589

1,997,876

NET CURRENT LIABILITIES

(1,919,434

)

(1,955,968

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,273,229

5,993,986

CREDITORS

Amounts falling due after more than one year

8

(3,905,722

)

(3,906,777

)

PROVISIONS FOR LIABILITIES

10

(150

)

(118,180

)

NET ASSETS

1,367,357

1,969,029

CAPITAL AND RESERVES

Called up share capital

1,100

1,100

Share premium

1,429,675

1,429,675

Fair value reserve

11

(134,500

)

503,820

Retained earnings

71,082

34,434

SHAREHOLDERS' FUNDS

1,367,357

1,969,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 12 July 2023 and were signed by:

D E Martin - Director

1.	STATUTORY INFORMATION

Pavilion Property Management Ltd 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 (£).

Monetary amounts in these financial statements are rounded to the nearest £.

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.

Turnover

Revenue, which represents rents receivable on investment properties, is measured at fair value of the consideration received or receivable, excluding any rebates or discounts.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be easily measured. Revenue is recognised in the period in which the services are provided in accordance with the rental agreement.

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 etc

-

33% on cost

Investment property

Investment properties are carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any change in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term bank deposits with an original maturity of three months or less.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

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 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

2,374

DEPRECIATION

At 1 April 2022

791

Charge for year

791

At 31 March 2023

1,582

NET BOOK VALUE

At 31 March 2023

792

At 31 March 2022

1,583

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

7,948,371

Fair Value adjustment

(756,500

)

At 31 March 2023

7,191,871

NET BOOK VALUE

At 31 March 2023

7,191,871

At 31 March 2022

7,948,371

The investment properties were valued on an open market basis on 31st March 2023 by Kendrick Property Services, Hometrack and Osborne Heath.

If the investment properties had not be revalued they would have been shown at the original cost of £7,326,371. Investment properties are shown at fair value at the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

13,252

3,328

Other debtors

4,707

2,274

17,959

5,602

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

2,400

9,681

Trade creditors

3,312

534

Taxation and social security

15,394

22,724

Other creditors

1,946,483

1,964,937

1,967,589

1,997,876

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

31,622

33,209

Other creditors

3,874,100

3,873,568

3,905,722

3,906,777

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

3,874,100

3,873,568

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Other loans

3,874,100

3,873,568

The loans are secured on the properties to which they relate.

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

150

-

Deferred tax

-

118,180

150

118,180

Deferred

tax

£

Balance at 1 April 2022

118,180

Credit to Income Statement during year

(118,030

)

Balance at 31 March 2023

150

11.

RESERVES

Fair

value

reserve

£

At 1 April 2022

503,820

Fair Value reserve

(638,320

)

At 31 March 2023

(134,500

)

The fair value reserve is not distributable.

12.	RELATED PARTY DISCLOSURES

The director has provided a loan of £ 1,884,253 (2022 £1,957,760) to the company. The loan is interest free and repayable on demand.

During the year Pavilion Property Management Ltd entered into a loan with a company in which Mr D Martin is a director and sole shareholder. The loan balance at 31st March 2023 was £49,600 and is included within Other Creditors. The loan is repayable on demand and is interest free.