Company Registration No. 01045754 (England and Wales)
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr M Gross
Mrs L Gross
Secretary
C Gervis
Company number
01045754
Registered office
c/o Lopian Gross Barnett & Co.
6th Floor Cardinal House
20 St. Mary's Parsonage
Manchester
Accountants
Lopian Gross Barnett & Co
6th Floor Cardinal House
20 St Mary's Parsonage
Manchester
M3 2LG
Bankers
NatWest Bank plc
PO Box 305
Spring Gardens
Manchester
M60 2DB
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,925,337
9,925,130
Investments
4
100
100
9,925,437
9,925,230
Current assets
Debtors
5
3,342,836
3,399,463
Cash at bank and in hand
644,981
494,476
3,987,817
3,893,939
Creditors: amounts falling due within one year
6
(929,081)
(935,355)
Net current assets
3,058,736
2,958,584
Total assets less current liabilities
12,984,173
12,883,814
Creditors: amounts falling due after more than one year
7
(1,305,523)
(1,538,507)
Provisions for liabilities
7,400
9,000
Net assets
11,686,050
11,354,307
Capital and reserves
Called up share capital
8
16,065
16,065
Share premium account
2,347,958
2,347,958
Other reserves
625,825
625,825
Profit and loss reserves
8,696,202
8,364,459
Total equity
11,686,050
11,354,307
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2018 and are signed on its behalf by:
Mr M Gross
Director
Company Registration No. 01045754
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2016
16,065
2,347,958
625,825
8,106,023
11,095,871
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
-
-
294,548
294,548
Dividends
-
-
-
(36,112)
(36,112)
Balance at 31 March 2017
16,065
2,347,958
625,825
8,364,459
11,354,307
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
-
-
339,266
339,266
Dividends
-
-
-
(7,523)
(7,523)
Balance at 31 March 2018
16,065
2,347,958
625,825
8,696,202
11,686,050
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
Park Lane Properties and Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Cardinal House, 20 St. Mary's Parsonage, Manchester.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Computer equipment
33% straight line
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 7 -
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
9,925,130
-
9,925,130
Additions
-
311
311
At 31 March 2018
9,925,130
311
9,925,441
Depreciation and impairment
At 1 April 2017
-
-
-
Depreciation charged in the year
-
104
104
At 31 March 2018
-
104
104
Carrying amount
At 31 March 2018
9,925,130
207
9,925,337
At 31 March 2017
9,925,130
-
9,925,130
4
Fixed asset investments
2018
2017
£
£
Investments
100
100
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2017 & 31 March 2018
100
Carrying amount
At 31 March 2018
100
At 31 March 2017
100
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
3,342,836
3,399,463
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
200,000
170,000
Amounts due to group undertakings
100
100
Corporation tax
77,957
72,226
Other taxation and social security
43,094
29,633
Other creditors
607,930
663,396
929,081
935,355
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
1,305,523
1,538,507
The bank loans and overdrafts are secured by way of fixed charges over the properties owned by the company.
PARK LANE PROPERTIES AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
16,065 Ordinary shares of £1 each
16,065
16,065
16,065
16,065
9
Related party transactions
Included within debtors is an amount of £2,949,500 (2017 : £3,009,500) due from Threadex Developments Limited, a company in which Mr and Mrs Gross have a material interest. No interest has been charged on this amount during the year. A management charge amounting to £50,000 (2017 : £50,000) has been charged by Threadex Developments Limited in respect of services provided during the year.
Included within debtors is an amount of £360,000 (2017 : £360,000) due from Threadmet Properties Limited, a company where Mr Gross is a director. No interest has been charged on this amount during the year.
10
Directors' transactions
Dividends totalling £5,000 (2017 - £24,000) were paid in the year in respect of shares held by the company's directors.
At the year end a balance of £450,000 was due to Mr & Mrs Gross. No interest has been charged on this amount during the year.
11
Controlling party
The company was controlled throughout the current and previous year by its directors by virtue of the fact that they held in excess of 50% of the company's ordinary share capital.
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