Pispwich Limited - Period Ending 2023-03-31

Pispwich Limited

Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Investment property	4	360,500	360,500
Current assets
Debtors	5	3,569	-
Cash at bank and in hand		31,933	17,554
		35,502	17,554
Creditors: Amounts falling due within one year	6	(24,696)	(27,425)
Net current assets/(liabilities)		10,806	(9,871)
Total assets less current liabilities		371,306	350,629
Provisions for liabilities		(55,115)	(55,115)
Net assets		316,191	295,514
Capital and reserves
Called up share capital		27,602	27,602
Retained earnings		288,589	267,912
Shareholders' funds		316,191	295,514

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Pispwich Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 5 December 2023 and signed on its behalf by:
 

.........................................

Dr JM Hobson

Director

Company registration number: 01414170

Pispwich Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1st Floor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of property investment in residential garages.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date amounting to £316,191.

Having made enquiries the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's activities. Turnover is shown net of sales, rebates and discounts.

The company recognises revenue evenly over the period of the leases.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Pispwich Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

4	Investment properties

	2023 £
Fair value
At 1 April 2022 and 31 March 2023	360,500

The investment properties are included at fair value as estimated by the directors at 31 March 2023 at an amount of £360,500.
 

Pispwich Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

	2023 £	2022 £
Other debtors	3,569	-
	3,569	-

6

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Trade creditors	8,815	20,891
Taxation and social security	11,026	1,929
Other creditors	4,855	4,605
	24,696	27,425

7	Transactions with directors

At 31 March 2023 an amount of £3,569 (2022: £Nil) was due from the directors. During the year there were
advances of £3,569. No interest has been charged (2022: £Nil) and no set terms are in place.

8	PROFIT AND LOSS ACCOUNT

The profit and loss account includes an amount of £264,873 (2022: £264,873) which is non-distributable.