| PSN Property Investments Limited |
| Registered number: |
11054288 |
| Balance Sheet |
| as at 31 August 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
860,320 |
|
|
860,376 |
|
| Current assets |
| Debtors |
4 |
|
864 |
|
|
704 |
| Cash at bank and in hand |
|
|
2,163 |
|
|
977 |
|
|
|
3,027 |
|
|
1,681 |
|
| Creditors: amounts falling due within one year |
5 |
|
(257,844) |
|
|
(254,657) |
|
| Net current liabilities |
|
|
|
(254,817) |
|
|
(252,976) |
|
| Total assets less current liabilities |
|
|
|
605,503 |
|
|
607,400 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(512,637) |
|
|
(519,637) |
|
| Provisions for liabilities (Notes 7) |
|
|
(21,446) |
|
|
(21,446) |
|
|
| Net assets |
|
|
|
71,420 |
|
|
66,317 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Fair value reserve |
7 |
|
|
64,339 |
|
|
64,339 |
| Profit and loss account |
|
|
|
6,981 |
|
|
1,878 |
|
| Shareholders' funds |
|
|
|
71,420 |
|
|
66,317 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Piyush Patel |
| Director |
| Approved by the board on 23 May 2024 |
|
| PSN Property Investments Limited |
| Notes to the Accounts |
| for the year ended 31 August 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
15% reducing balance |
|
|
|
Investment property |
|
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
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. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 September 2022 |
860,000 |
|
720 |
|
860,720 |
|
At 31 August 2023 |
860,000 |
|
720 |
|
860,720 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2022 |
- |
|
344 |
|
344 |
|
Charge for the year |
- |
|
56 |
|
56 |
|
At 31 August 2023 |
- |
|
400 |
|
400 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2023 |
860,000 |
|
320 |
|
860,320 |
|
At 31 August 2022 |
860,000 |
|
376 |
|
860,376 |
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
Corporation tax recoverable |
|
|
|
|
486 |
|
486 |
|
Other debtors |
378 |
|
218 |
|
|
|
|
|
|
864 |
|
704 |
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
Taxation and social security costs |
1,210 |
|
- |
|
Directors loan account |
254,892 |
|
253,793 |
|
Other creditors |
1,742 |
|
864 |
|
|
|
|
|
|
257,844 |
|
254,657 |
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
Bank loans |
512,637 |
|
519,637 |
|
|
|
|
|
|
|
|
|
| 7 |
Fair value reserve |
2023 |
|
2022 |
|
The provision for liability of £21,446 relates to deferred corporation tax in relation to the fair value revaluation of investment property. |
| £ |
£ |
|
At 1 September 2022 |
64,339 |
|
- |
|
Gain on revaluation of land and buildings |
- |
|
85,785 |
|
Deferred taxation arising on the revaluation of land and buildings |
- |
|
(21,446) |
|
|
At 31 August 2023 |
64,339 |
|
64,339 |
|
|
|
|
|
|
|
|
|
| 8 |
Other information |
|
PSN Property Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
44 Shetland Crescent |
|
Rochford |
|
Essex |
|
SS4 3FJ |
