Governance
Financial Statements
Additional Information
Strategic Report
14. Property, plant and equipment Property, plant and equipment principally comprises the fair value of owner-occupied property. The fair value of these premises is based on the appraised value at 31 March 2024. Owner Occupied Property £000 Plant and equipment £000 Total £000 At 1 April 2022 4,168 215 4,383 Additions – 13 13 Depreciation (104) (61) (165) Revaluation (816) – (816) At 31 March 2023 3,248 167 3,415 Additions – 4 4 Depreciation (80) (63) (143) Revaluation 223 – 223 At 31 March 2024 3,391 108 3,499 15. Accounts receivable
2024 £000
2023 £000
5,279 19,252 2,070
Tenant debtors (net of provisions for bad debts)
2,855 18,726 1,168
Lease incentives Other debtors
26,601 22,749 The estimated fair values of receivables are the discounted amount of the estimated future cash flows expected to be received and the approximate value of their carrying amounts. Amounts are considered impaired using the lifetime expected credit loss method. Movement in the balance considered to be impaired has been included in the Consolidated Statement of Comprehensive Income. As at 31 March 2024, tenant debtors of £193,000 (2023: £92,000) were considered impaired and provided for. 16. Cash and cash equivalents
2024 £000
2023 £000
19,747
Cash at bank and in hand Short-term deposits
20,045
26
5
19,773 20,050 Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and one month depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates. The carrying amounts of these assets approximate to their fair value. 17. Accounts payable and accruals
2024 £000
2023 £000
4,839 7,963 1,899 631 5,290
Accruals
4,712 8,654 1,782 3,808 19,471 515
Deferred rental income
VAT liability Trade creditors Other creditors
20,622
Picton Property Income Limited / Annual Report 2024
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