Preston Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07927300 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Preston Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J D Preston

REGISTERED OFFICE:

Black Bull House

353-355 Station Road

Bamber Bridge

Preston

Lancashire

PR5 6EE

REGISTERED NUMBER:

07927300 (England and Wales)

ACCOUNTANTS:

Robin Oatridge & Co Limited

Chartered Certified Accountants

Black Bull House

353-355 Station Road

Bamber Bridge

Preston

Lancashire

PR5 6EE

FIXED ASSETS

Tangible assets

4

230,926

236,772

CURRENT ASSETS

Debtors

5

-

1,633

Cash at bank

9,189

5,859

9,189

7,492

CREDITORS

Amounts falling due within one year

6

30,666

33,872

NET CURRENT LIABILITIES

(21,477

)

(26,380

)

TOTAL ASSETS LESS CURRENT LIABILITIES

209,449

210,392

CREDITORS

Amounts falling due after more than one year

7

179,216

188,203

NET ASSETS

30,233

22,189

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

30,133

22,089

SHAREHOLDERS' FUNDS

30,233

22,189

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 6th December 2023 and were signed by:

Mr J D Preston - Director

1.	STATUTORY INFORMATION

Preston 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.

Tangible fixed assets

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

Land and buildings

-

Straight line over 50 years

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

At the balance sheet date, the company's current liabilities exceeded its current assets. The company has received assurance from the director that companies under his control will continue to give financial support to the company for the twelve months from the date of signing these financial accounts.

On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in the preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise.

The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1st April 2022

and 31st March 2023

292,310

DEPRECIATION

At 1st April 2022

55,538

Charge for year

5,846

At 31st March 2023

61,384

NET BOOK VALUE

At 31st March 2023

230,926

At 31st March 2022

236,772

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

1,633

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

23,285

23,285

Taxation and social security

3,315

2,321

Other creditors

4,066

8,266

30,666

33,872

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

153,716

167,703

Other creditors

25,500

20,500

179,216

188,203

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

66,533

77,270

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loan

-

179,138

The bank loan is secured by a charge over the freehold and leasehold property owned by the company.

There is a bank loan of £10,292 on which no security has been provided (2022 - £13,541)

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J D Preston.