PARK_LANE_PROPERTIES_AND_ - Accounts

PARK LANE PROPERTIES & INVESTMENTS LIMITED - Company Information

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Company Registration No. 01045754 (England and Wales)

PARK LANE PROPERTIES AND INVESTMENTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

PARK LANE PROPERTIES AND INVESTMENTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

PARK LANE PROPERTIES AND INVESTMENTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

10,539,282

Investments

100

10,539,382

Current assets

Debtors

3,474,750

3,481,162

Cash at bank and in hand

323,861

221,748

3,798,611

3,702,910

Creditors: amounts falling due within one year

(910,295)

(584,850)

Net current assets

2,888,316

3,118,060

Total assets less current liabilities

13,427,698

13,657,442

Creditors: amounts falling due after more than one year

(2,843,000)

(3,350,000)

10,584,698

10,307,442

Capital and reserves

Called up share capital

16,065

Share premium account

2,347,958

Revaluation reserve

625,825

Profit and loss account

7,594,850

7,317,594

Shareholders' funds

10,584,698

10,307,442

PARK LANE PROPERTIES AND INVESTMENTS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2015

- 2 -

For the financial year ended 31 March 2015 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;

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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 17 December 2015

Mr M Gross

Director

Company Registration No. 01045754

PARK LANE PROPERTIES AND INVESTMENTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for rents net of VAT. All turnover was derived from within the United Kingdom.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Revenue recognition

Property revenue consists of gross rental income on an accruals basis, excluding sales of investment properties. Rental income receivable in the period from lease commencement to the earlier of lease expiry and any tenant option to break is spread evenly over that period. Any incentive for lessees to enter into a lease agreement and any costs associated with entering into the lease are spread over the same period.

Revenue in respect of investment and other income represents investment income, fees and commissions earned on an accruals basis and profits or losses recognised on investments held for the short-term. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate.

1.7

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

1.8

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

1.9

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discount basis.

PARK LANE PROPERTIES AND INVESTMENTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 April 2014 & at 31 March 2015

10,539,282

100

10,539,382

At 31 March 2014

10,539,282

100

10,539,382

Share capital

2015

2014

Allotted, called up and fully paid

16,065 Ordinary shares of £1 each

16,065