Philadelphia Properties Limited - Period Ending 2020-12-31

Philadelphia Properties Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 6

Philadelphia Properties Limited

Company Information

Directors

D Horrocks A E Radcliffe

Company secretary

Alistair Law

Registered office

Esh House Bowburn North Industrial Estate Bowburn Durham DH6 5PF

Accountants

MHA Tait Walker Chartered Accountants 1 Massey Road Thornaby Stockton-on-Tees TS17 6DY

Philadelphia Properties Limited

(Registration number: 03849713)
Statement of Financial Position as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	39,580	44,633
Investment property	5	360,000	360,000
		399,580	404,633
Current assets
Debtors	6	1,154,851	1,123,715
Cash at bank and in hand		68,550	32,649
		1,223,401	1,156,364
Creditors: Amounts falling due within one year	7	(556,018)	(488,577)
Net current assets		667,383	667,787
Net assets		1,066,963	1,072,420
Capital and reserves
Called up share capital		2	2
Profit and loss account		1,066,961	1,072,418
Total equity		1,066,963	1,072,420

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 29 November 2021 and signed on its behalf by:
 

......................................... D Horrocks Director

Philadelphia Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is Esh House, Bowburn North Industrial Estate, Bowburn, Durham, DH6 5PF.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations and shareholder borrowings.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This also considers the effectiveness of available measures to assist in mitigating the impact.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover represents rent receivable from investment properties recognised on a straight-line basis.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Philadelphia Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

2	Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

	Asset class	Depreciation method and rate
	Plant and machinery	10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Philadelphia Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

4	Tangible assets

	Plant and machinery £
Cost or valuation
At 1 January 2020	50,528
At 31 December 2020	50,528
Depreciation
At 1 January 2020	5,895
Charge for the year	5,053
At 31 December 2020	10,948
Carrying amount
At 31 December 2020	39,580
At 31 December 2019	44,633

5	Investment properties

	2020 £
At 1 January	360,000
At 31 December	360,000

The directors consider the carrying value to be an accurate estimate of the fair value at the reporting date.

There has been no valuation of investment property by an independent valuer.

Philadelphia Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

6

Debtors

	2020 £	2019 £
Trade debtors	11,721	27,584
Amounts owed by group undertakings	1,012,549	1,017,159
Prepayments	70,843	20,111
Other debtors	59,738	58,861
	1,154,851	1,123,715

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	1,470	965
Amounts owed to group undertakings	79,494	81,846
Taxation and social security	125	1,986
Accruals and deferred income	79,237	34,183
Other creditors	395,692	369,597
	556,018	488,577

8	Parent and ultimate parent undertaking

The company's immediate parent is Philadelphia Estates Limited, incorporated in England and Wales

The directors do not consider there to be an ultimate controlling party.