PPQ Properties Limited Company Accounts

PPQ PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06331773

PPQ Properties Limited

Filleted Unaudited Financial Statements

31 August 2017

PPQ Properties Limited

Financial Statements

Year ended 31 August 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

PPQ Properties Limited

Statement of Financial Position

31 August 2017

	2017		2016
			(restated)
Note	£	£	£

Fixed assets

Investments	4		858,459	1,021,050

Current assets

Cash at bank and in hand	1,579,602		1,367,627

Creditors: amounts falling due within one year	5	25,848		13,898
		------------		------------
Net current assets			1,553,754	1,353,729
			------------	------------
Total assets less current liabilities			2,412,213	2,374,779
			------------	------------
Net assets			2,412,213	2,374,779
			------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	2,412,211	2,374,777
	------------	------------
Shareholder funds	2,412,213	2,374,779
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 .

PPQ Properties Limited

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 29 May 2018 , and are signed on behalf of the board by:

B Gerrard

Director

Company registration number: 06331773

PPQ Properties Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, 47-57 Marylebone Lane, London, W1U 2NT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in participating interests	Loans to participating interests	Other investments other than loans	Other loans	Total
	£	£	£	£	£
Cost
At 1 September 2016 as restated	50	1,021,000	–	–	1,021,050
Additions	–	–	100	314,000	314,100
Other movements	–	( 476,691)	–	–	( 476,691)
	----	------------	----	---------	------------
At 31 August 2017	50	544,309	100	314,000	858,459
	----	------------	----	---------	------------
Impairment
At 1 September 2016 as restated and 31 August 2017	–	–	–	–	–
	----	------------	----	---------	------------

Carrying amount
At 31 August 2017	50	544,309	100	314,000	858,459
	----	------------	----	---------	------------
At 31 August 2016	50	1,021,000	–	–	1,021,050
	----	------------	----	---------	------------

5. Creditors: amounts falling due within one year

	2017	2016
		(restated)
	£	£
Corporation tax	11,549	3,603
Other creditors	14,299	10,295
	--------	--------
	25,848	13,898
	--------	--------

6. Prior year adjustment

The prior year adjustment corrects the presentation of the investment and corresponding loan to participating interests.

7. Directors' advances, credits and guarantees

At the year-end the company owed the directors £8,855 (2016: £6,095).

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.