Picton Property Income Limited Annual Report 2022

Financial Statements

Strategic Report

Additional Information

Governance

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 2022. Owner Occupied Property £000 Plant and equipment £000 Total £000 At 1 April 2020 – 20 20 Additions 3,830 268 4,098 Depreciation – (7) (7) Revaluation – – – At 31 March 2021 3,830 281 4,111 Additions – 3 3 Depreciation (96) (69) (165) Revaluation 434 – 434 At 31 March 2022 4,168 215 4,383 15. Accounts receivable

2022 £000

2021 £000

4,618 17,367

Tenant debtors (net of provisions for bad debts)

4,326 14,475

Lease incentives Other debtors

865

783

22,850 19,584 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 2022, tenant debtors of £302,000 (2021: £1,874,000) were considered impaired and provided for. 16. Cash and cash equivalents

2022 £000

2021 £000

38,542

Cash at bank and in hand Short-term deposits

23,353

5

5

38,547 23,358 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

2022 £000

2021 £000

4,994 8,399 1,638 357 3,750 19,138

Accruals

4,496 7,596 1,780 596 4,337

Deferred rental income

VAT liability Trade creditors Other creditors

18,805

 Picton Property Income Limited  Annual Report 2022

131

Powered by