Primetime Estates Ltd - Accounts to registrar (filleted) - small 18.2
Primetime Estates Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
PRIMETIME ESTATES LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
PRIMETIME ESTATES LTD (REGISTERED NUMBER: 06004046) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
PRIMETIME ESTATES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
PRIMETIME ESTATES LTD (REGISTERED NUMBER: 06004046) |
BALANCE SHEET |
30 NOVEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PRIMETIME ESTATES LTD (REGISTERED NUMBER: 06004046) |
BALANCE SHEET - continued |
30 NOVEMBER 2017 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director on |
PRIMETIME ESTATES LTD (REGISTERED NUMBER: 06004046) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
1. | STATUTORY INFORMATION |
Primetime Estates Ltd is a |
company's registered number and registered office address can be found on the Company |
Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified to include |
investment properties measured at fair value through profit or loss. |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 November 2017 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance |
with UK GAAP, the date of transition to FRS 102 Section 1A is 1 December 2015. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make |
judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are |
not readily apparent from other sources. The estimates and associated assumptions are based on |
historical experience and other factors that are considered to be relevant. The estimates and |
underlying assumptions are reviewed on an ongoing basis. |
Turnover |
Turnover is recognised at the fair value of the consideration receivable in respect of services provided |
in the normal course of business. The turnover of the company is represented by rents and charges |
receivable in respect of the company's investment portfolio. Rental income is accounted for on an |
accruals basis. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially |
recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value |
are recognised in profit or loss. |
Going concern |
The financial statements have been prepared in accordance with the accounting principles appropriate |
to a going concern notwithstanding the deficiency in net current assets at the balance sheet date. The |
director considers this to be appropriate having regard to the continued provision of financial support |
by the company's director and associates. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2016 - NIL). |
PRIMETIME ESTATES LTD (REGISTERED NUMBER: 06004046) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2016 |
and 30 November 2017 |
NET BOOK VALUE |
At 30 November 2017 |
At 30 November 2016 |
The director is of the opinion that the value of investment property reflects its fair value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
The bank loan is secured by a legal charge over the company's investment property. |
10. | RELATED PARTY DISCLOSURES |
Included in other creditors is an amount of £90,000 (2016: £90,000) due to Offerart Ltd, a company in |
which the director of this company is also a director. |
PRIMETIME ESTATES LTD (REGISTERED NUMBER: 06004046) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
11. | FIRST YEAR ADOPTION |
These are the first financial statements that comply with FRS 102. The company transitioned to FRS |
102 on 1 December 2015. |
The following were changes in accounting policies arising from the transition to FRS 102: |
Investment properties: |
Previously, the company's investment properties were shown at market value, with aggregate surplus |
or deficit being recorded in the revaluation reserve. Under FRS 102, these properties are shown at fair |
value, with changes in fair value being recorded in the profit and loss account. |
Deferred tax on unrealised investment property gains and losses: |
Previously, no deferred tax was recognised on the timing differences between the accounting and tax |
treatment of the revaluation of the company's investment property. Under FRS 102, deferred tax is |
recognised on the difference between the cost for tax purposes and the fair value of the company's |
investment properties, with movements recorded in the profit and loss account. |