Pan Property Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11478148 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st July 2022

for

PAN PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Dr A H Hawley

REGISTERED OFFICE:

75 Horseshoe Crescent

Shoeburyness Garrison

Southend-on-Sea

Essex

SS3 9WL

REGISTERED NUMBER:

11478148 (England and Wales)

FIXED ASSETS

Investment property

4

425,000

329,688

CURRENT ASSETS

Cash at bank and in hand

7,591

600

CREDITORS

Amounts falling due within one year

5

385,308

339,992

NET CURRENT LIABILITIES

(377,717

)

(339,392

)

TOTAL ASSETS LESS CURRENT LIABILITIES

47,283

(9,704

)

PROVISIONS FOR LIABILITIES

10,019

-

NET ASSETS/(LIABILITIES)

37,264

(9,704

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

37,261

(9,707

)

37,264

(9,704

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27th July 2023 and were signed by:

Dr A H Hawley - Director

1.	STATUTORY INFORMATION

Pan Property 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.

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

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover wholly consists of rental income from the investment properties held which are accounted for on an accruals

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.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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 . 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. 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 land and 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st August 2021

329,688

Additions

42,583

Revaluations

52,729

At 31st July 2022

425,000

NET BOOK VALUE

At 31st July 2022

425,000

At 31st July 2021

329,688

Investment properties were valued on an open market basis on 31st July 2022 by the company directors.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

385,308

339,992

6.	RELATED PARTY DISCLOSURES

As at the balance sheet date there were directors' current account balances totalling £119,049 (2021:

£110,957).

As at the balance sheet date there were shareholder loans totalling £265,779 (2021: £228,554).

7.	DISTRIBUTABLE RESERVES

Retained earnings as disclosed on the face of the balance sheet also include revaluation gains and deferred tax provision on these gains. These are not distributable reserves. The actual distributable reserves as at the balance sheet date were negative £5,449 (2021: negative £9,707).