Pride Properties Manchester Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11217473 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

PRIDE PROPERTIES MANCHESTER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs L K Austin

REGISTERED OFFICE:

National House

80-82 Wellington Road North

Stockport

Cheshire

SK4 1HW

REGISTERED NUMBER:

11217473 (England and Wales)

ACCOUNTANTS:

KJG

100 Barbirolli Square

Manchester

M2 3BD

FIXED ASSETS

Tangible assets

4

14,274

22,756

Investment property

5

1,090,000

1,167,397

1,104,274

1,190,153

CURRENT ASSETS

Debtors

6

50,000

50,000

Cash at bank

18,795

11,243

68,795

61,243

CREDITORS

Amounts falling due within one year

7

(1,272,121

)

(1,174,261

)

NET CURRENT LIABILITIES

(1,203,326

)

(1,113,018

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(99,052

)

77,135

CREDITORS

Amounts falling due after more than one year

8

(21,666

)

(31,667

)

NET (LIABILITIES)/ASSETS

(120,718

)

45,468

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(120,818

)

45,368

SHAREHOLDERS' FUNDS

(120,718

)

45,468

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 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 18th December 2023 and were signed by:

Mrs L K Austin - Director

1.	STATUTORY INFORMATION

Pride Properties Manchester Limited is a private company, limited by shares, registered in England and Wales, registration number 11217473. The address of the registered office and principal place of business is National House, 80-82 Wellington Road North, Stockport, Cheshire, United Kingdom, SK4 1HW.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover principally consists of income from the rental of commercial property. Turnover is recognised on a straight line basis.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

- Fixtures and Fittings - 25% Straight Line

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of a tangible fixed asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the tangible fixed asset, the Company estimates the recoverable amount of the cash-generating unit to which the tangible fixed asset belongs.

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

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st April 2022

and 31st March 2023

41,127

DEPRECIATION

At 1st April 2022

18,371

Charge for year

8,482

At 31st March 2023

26,853

NET BOOK VALUE

At 31st March 2023

14,274

At 31st March 2022

22,756

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2022

1,167,397

Revaluations

(77,397

)

At 31st March 2023

1,090,000

NET BOOK VALUE

At 31st March 2023

1,090,000

At 31st March 2022

1,167,397

Fair value at 31st March 2023 is represented by:

£

Valuation in 2020

16,000

Valuation in 2023

(77,397

)

Cost

1,151,397

1,090,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

1,151,397

1,151,397

The investment property was valued on an open market basis on 31st March 2023 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by participating interests

50,000

50,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Amounts owed to participating interests

1,182,711

1,160,401

Other creditors

79,410

3,860

1,272,121

1,174,261

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

21,666

31,667

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1.00

100

100

10.	RELATED PARTY DISCLOSURES

Pride Planning Limited

Both Pride Planning Limited and Pride Properties Manchester Limited share the same directors. At the year end Pride Properties Manchester Limited was owed £50,000 (2022 - £50,000) by this related party.

Pride Funeral Care Limited

Both Pride Planning Limited and Pride Funeral Care Limited share the same directors. At the year end Pride Properties Manchester Limited owed £nil (2022 - £nil) to this related party.

The Pride Planning Limited Discretionary Trust

At the year end, the company owed £1,182,711 (2022 - £1,160,401) to The Pride Planning Limited Discretionary Trust. The custodian of The Pride Planning Discretionary Trust is Pride Planning Limited, who's sole director (L K Austin) is also the sole director of Pride Properties Manchester Limited.