P2 Investments Limited Filleted accounts for Companies House (small and micro)

P2 INVESTMENTS LIMITED - Company Information

1 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 875,000 75,000 950,000 950,000 875,000 xbrli:pure xbrli:shares iso4217:GBP 09210134 2022-04-01 2023-03-31 09210134 2023-03-31 09210134 2022-03-31 09210134 2021-04-01 2022-03-31 09210134 2022-03-31 09210134 bus:Director1 2022-04-01 2023-03-31 09210134 core:WithinOneYear 2023-03-31 09210134 core:WithinOneYear 2022-03-31 09210134 core:AfterOneYear 2023-03-31 09210134 core:AfterOneYear 2022-03-31 09210134 core:ShareCapital 2023-03-31 09210134 core:ShareCapital 2022-03-31 09210134 core:RetainedEarningsAccumulatedLosses 2023-03-31 09210134 core:RetainedEarningsAccumulatedLosses 2022-03-31 09210134 core:LandBuildings 2023-03-31 09210134 core:LandBuildings 2022-03-31 09210134 core:LandBuildings 2022-03-31 09210134 core:LandBuildings 2022-04-01 2023-03-31 09210134 bus:Director1 2022-03-31 09210134 bus:Director1 2023-03-31 09210134 bus:Director1 2021-03-31 09210134 bus:Director1 2022-03-31 09210134 bus:Director1 2021-04-01 2022-03-31 09210134 bus:SmallEntities 2022-04-01 2023-03-31 09210134 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09210134 bus:FullAccounts 2022-04-01 2023-03-31 09210134 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09210134 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: 09210134

P2 Investments Limited

Filleted Unaudited Financial Statements

31 March 2023

P2 Investments Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		950,000	875,000

Current assets

Debtors	6	1,259	1,259
Cash at bank and in hand		10,102	4,084
		--------	-------
		11,361	5,343

Creditors: amounts falling due within one year	7	327,379		322,269
		---------		---------
Net current liabilities			316,018	316,926
			---------	---------
Total assets less current liabilities			633,982	558,074

Creditors: amounts falling due after more than one year	8		493,383	493,383

Provisions

Taxation including deferred tax	14,250	9,126
	---------	---------
Net assets	126,349	55,565
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	126,249	55,465
	---------	--------
Shareholders funds	126,349	55,565
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

P2 Investments Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 4 August 2023 , and are signed on behalf of the board by:

Mr P Arora
Director

Company registration number: 09210134

P2 Investments Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 April 2022	875,000
Revaluations	75,000
	---------
At 31 March 2023	950,000
	---------
Depreciation
At 1 April 2022 and 31 March 2023	–
	---------
Carrying amount
At 31 March 2023	950,000
	---------
At 31 March 2022	875,000
	---------

Included within the above is investment property as follows:

	£
At 1 April 2022	875,000
Fair value adjustments	75,000
	---------
At 31 March 2023	950,000
	---------

The property was revalued by the director at the year end and is considered by him to be reflective of the true and fair value at the balance sheet date.

6. Debtors

	2023	2022
	£	£
Other debtors	1,259	1,259
	-------	-------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	17,662	17,662
Corporation tax	214	1,604
Social security and other taxes	994	339
Other creditors	308,509	302,664
	---------	---------
	327,379	322,269
	---------	---------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	493,383	493,383
	---------	---------

9. Secured debt:

Included within other creditors are liabilities of £511,045 (2022: £511,045) which have been secured on the assets of the company.

10. Non-distributable reserves

Included within profit and loss account is non-distributable reserves for the sum of £99,656 (2022: £38,906)

11. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr P Arora	( 98,135)	10,293	( 87,842)
	--------	--------	--------

	2022
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr P Arora	( 116,731)	18,597	(98,134)
	---------	--------	--------

12. Related party transactions

The company was under the control of the director. At the balance sheet date other creditors include an interest free loan of £216,500 (2022 - £201,500) from P2 Systems Limited in which Mr Pankaj Arora is the director and 100% shareholder together with his wife Mrs Deepti Arora. The loan was taken to finance the purchase of the investment property. This loan is unsecured, interest free and repayable on demand. It will certainly become repayable at the sale of the investment property