Picton Property Income Limited Annual Report 2023

Financial Statements/Continued

Notes to the consolidated financial statements/Continued

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 2023. Owner Occupied Property £000 Plant and equipment £000 Total £000 At 1 April 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 Additions – 13 13 Depreciation (104) (61) (165) Revaluation (816) – (816) At 31 March 2023 3,248 167 3,415 15. Accounts receivable

2023 £000

2022 £000

Tenant debtors (net of provisions for bad debts)

2,855 18,726 1,168 22,749

4,618 17,367

Lease incentives Other debtors

865

22,850

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 2023, tenant debtors of £92,000 (2022: £302,000) were considered impaired and provided for. 16. Cash and cash equivalents

2023 £000

2022 £000

20,045

Cash at bank and in hand Short-term deposits

38,542

5

5

20,050

38,547

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

2023 £000

2022 £000

4,712 8,654 1,782 515 3,808 19,471

Accruals

4,994 8,399 1,638

Deferred rental income

VAT liability Trade creditors Other creditors

357

3,750

19,138

Picton Property Income Limited

146

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