Company Registration No. 07219377 (England and Wales)
PUBPROP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
PUBPROP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PUBPROP LIMITED
COMPANY INFORMATION
Director
DR Bowler
Company number
07219377
Registered office
12 Pattern Road
London
SW18 3RH
Accountants
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Bankers
National Westminster Bank plc
41 High Street
Beckenham
Kent
BR3 1DA
PUBPROP LIMITED
BALANCE SHEET
AS AT 29 APRIL 2023
29 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,353
4,256
Investment properties
4
10,618,088
9,806,661
10,620,441
9,810,917
Current assets
Debtors
5
269,372
437,373
Cash at bank and in hand
124,294
150,785
393,666
588,158
Creditors: amounts falling due within one year
6
(291,945)
(291,183)
Net current assets
101,721
296,975
Total assets less current liabilities
10,722,162
10,107,892
Creditors: amounts falling due after more than one year
7
(7,248,163)
(6,597,841)
Provisions for liabilities
8
(721,000)
(709,643)
Net assets
2,752,999
2,800,408
Capital and reserves
Called up share capital
100
100
Share premium account
21
21
Profit and loss reserves
9
2,752,878
2,800,287
Total equity
2,752,999
2,800,408
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PUBPROP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 APRIL 2023
29 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 April 2024
DR Bowler
Director
Company Registration No. 07219377
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2023
- 3 -
1
Accounting policies
Company information
Pubprop Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Pattern Road, London, SW18 3RH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent provided in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33.3% Reducing balance
Fixtures, fittings and equipment
15% Straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
3
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 April 2022
17,004
Additions
494
Disposals
(12,261)
At 29 April 2023
5,237
Depreciation and impairment
At 30 April 2022
12,748
Depreciation charged in the year
949
Eliminated in respect of disposals
(10,813)
At 29 April 2023
2,884
Carrying amount
At 29 April 2023
2,353
At 29 April 2022
4,256
4
Investment property
2023
£
Fair value
At 30 April 2022
9,806,661
Additions
712,498
Revaluations
98,929
At 29 April 2023
10,618,088
Investment property comprises of eight properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director DR Bowler, who wholly owns the company. The valuation was made on a fair value basis by reference to market evidence of transaction prices for similar properties.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
70,010
70,010
Other debtors
172,065
338,221
Prepayments and accrued income
27,297
29,142
269,372
437,373
6
Creditors: amounts falling due within one year
2023
2022
£
£
Secured bank loan (see note below)
17,812
17,617
Trade creditors
8,928
41,991
Corporation tax
86,874
81,525
Other taxation and social security
113,632
111,760
Other creditors
64,699
38,290
291,945
291,183
The secured bank loans and other creditors are secured by fixed charges over the properties of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,168
10,667
Other creditors
7,244,995
6,587,174
7,248,163
6,597,841
The long-term loans and other creditors are secured by fixed charges over the properties of the company.
Creditors which fall due between two and five years are as follows:
2023
2022
£
£
Payable by instalments
24,441
41,771
Payable other than by instalments
7,223,722
6,556,070
7,248,163
6,597,841
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2023
- 7 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Tax losses
(59,710)
(28,585)
Investment property revalution
780,710
738,228
721,000
709,643
2023
Movements in the year:
£
Liability at 30 April 2022
709,643
Charge to profit or loss
11,357
Liability at 29 April 2023
721,000
9
Non-distributable profits reserve
The company has £2,755,635 (2022: £2,656,706) of non distributable retained earnings and -£2,758 (2022: £143,581) of distributable retained earnings.
10
Directors' transactions
At the year end the director owed £154,035 to the company (2022: £311,342)
During the year, interest of £5,311 (2022: £5,836) was charged on a loan based upon HMRC's official rate of interest.