Paradebase Limited - Period Ending 2017-03-30

Company registration number: 03001451

Paradebase Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 March 2017

Paradebase Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Paradebase Limited

(Registration number: 03001451)
Balance Sheet as at 30 March 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	4	1,206	1,608
Investment property	5	845,000	845,000
		846,206	846,608
Current assets
Debtors	6	15,459	21,019
Cash at bank and in hand		29,196	25,819
		44,655	46,838
Creditors: Amounts falling due within one year	7	(329,467)	(365,080)
Net current liabilities		(284,812)	(318,242)
Total assets less current liabilities		561,394	528,366
Provisions for liabilities
Deferred tax liabilities		(11,175)	(13,770)
Net assets		550,219	514,596
Capital and reserves
Called up share capital		25,000	25,000
Fair value reserve		205,999	203,485
Profit and loss reserve		319,220	286,111
Total equity		550,219	514,596

Page 1

Paradebase Limited

(Registration number: 03001451)
Balance Sheet as at 30 March 2017

For the financial year ending 30 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 15 March 2018 .
 

Mr P Jones Director

Page 2

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2017

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:
Lupins Business Centre
1 - 3 Greenhill
Weymouth
Dorset
DT4 7SP

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.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. Property revaluations have been recognised as fair value movements and deferred tax has been recognised in these as shown in note 9.

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 presented in Sterling (£).

Turnover recognition

Turnover represents amounts chargeable in respect of the hire of beach chalets to customers and rental income received on the accruals basis.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current 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.

Page 3

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2017

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

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

Depreciation of tangible assets

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
Furniture, fittings and equipment	25% reducing balance basis

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2016 - 2).

Page 4

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 31 March 2016	18,728	18,728
At 30 March 2017	18,728	18,728
Depreciation
At 31 March 2016	17,120	17,120
Charge for the year	402	402
At 30 March 2017	17,522	17,522
Carrying amount
At 30 March 2017	1,206	1,206
At 30 March 2016	1,608	1,608

5	Investment properties

	2017  £
At 31 March 2016	845,000

The investment properties class of fixed assets were adjusted on 30 March 2017 to fair value by Mr P Jones who is internal to the company. The basis of the valuation was open market values.

The class of asset has a current value of £845,000 (2016 - £845,000) and a carrying amount of historical cost of £628,068 (2016 - £628,068). The depreciation on this historical cost is nil (2016 - nil).

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

6

Debtors

	2017  £	2016  £
Other debtors	15,459	21,019
Total current trade and other debtors	15,459	21,019

Page 5

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2017

7

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Corporation tax	8,403	10,550
Other creditors	321,064	354,530
	329,467	365,080

8	Related party transactions

Other transactions with directors

During the year the director maintained an interest free current account with the company which is repayable on demand. At the balance sheet date the amount due to the director was £12,542 (2016 - £22,542).

Summary of transactions with other related parties

Within creditors is a loan from a company which is controlled by family members of the director, and is repayable on demand. Interest is charged at a commercial rate. At the balance sheet date the amount due to the company was £73,762 (2016 - £80,306).

Within creditors is a loan from a company which is controlled by family members of the director. Interest is charged at a commercial rate. At the balance sheet date the amount due to the company was £131,209 (2016 - £142,862).

Within creditors is a loan from a company which is controlled by family members of the director. Interest is charged at a commercial rate. At the balance sheet date the amount due to the company was £82,067 (2016 - £89,345).

Within creditors is a loan from a company controlled by the trustees of a settlement, settled by the director,which is interest free and repayable on demand. At the balance sheet date the amount due to the company was £15,500 (2016 - £16,500).

Within debtors is a loan to a company in which the director is a member of the key management personnel, which is interest free and repayable on demand. At the balance sheet date the amount due from the company was £15,000 (2016 - £15,000).

Page 6

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2017

9	Transition to FRS 102

This is the first set of financial statements that have been prepared in accordance with FRS102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.FRS102 Section 1A requires investment properties to be measured at fair value with changes in fair value being presented in the profit and loss. Deferred tax is also recognised on investment property value movements. At the date of transition the revaluation reserve relating to the investment property have been reclassified as a fair value reserve and deferred tax recognised. The impact, including any tax implications from the transition, is as follows :

Balance Sheet at 31 March 2015
 

	As originally reported £	Re- classification £	Re- measurement £	As restated £
Fixed assets
Tangible assets	2,144	-	-	2,144
Investment property	845,000	-	-	845,000
	847,144	-	-	847,144
Current assets
Debtors	47,538	-	-	47,538
Cash at bank and in hand	29,051	-	-	29,051
	76,589	-	-	76,589
Creditors: Amounts falling due within one year	(72,623)	-	-	(72,623)
Net current assets	3,966	-	-	3,966
Total assets less current liabilities	851,110	-	-	851,110
Creditors: Amounts falling due after more than one year	(336,406)	-	-	(336,406)
Provisions for liabilities	(429)	-	(15,006)	(15,435)
Net assets/(liabilities)	514,275	-	(15,006)	499,269
Capital and reserves
Called up share capital	(25,000)	-	-	(25,000)
Revaluation reserve	(216,933)	216,933	-	-
Profit and loss account	(272,342)	-	-	(272,342)
Fair value reserve account	-	(216,933)	15,006	(201,927)
Total equity	(514,275)	-	15,006	(499,269)

Page 7

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2017

Balance Sheet at 30 March 2016
 

	As originally reported £	Re- classification £	Re- measurement £	As restated £
Fixed assets
Tangible assets	1,608	-	-	1,608
Investment property	845,000	-	-	845,000
	846,608	-	-	846,608
Current assets
Debtors	21,019	-	-	21,019
Cash at bank and in hand	25,819	-	-	25,819
	46,838	-	-	46,838
Creditors: Amounts falling due within one year	(52,567)	-	-	(52,567)
Net current liabilities	(5,729)	-	-	(5,729)
Total assets less current liabilities	840,879	-	-	840,879
Creditors: Amounts falling due after more than one year	(312,513)	-	-	(312,513)
Provisions for liabilities	(322)	-	(13,448)	(13,770)
Net assets/(liabilities)	528,044	-	(13,448)	514,596
Capital and reserves
Called up share capital	(25,000)	-	-	(25,000)
Revaluation reserve	(216,933)	216,933	-	-
Profit and loss account	(286,111)	-	-	(286,111)
Fair value reserve account	-	(216,933)	13,448	(203,485)
Total equity	(528,044)	-	13,448	(514,596)

Page 8