Paradebase Limited - Period Ending 2018-03-30

Company registration number: 03001451

Paradebase Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 March 2018

Paradebase Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Paradebase Limited

(Registration number: 03001451)
Balance Sheet as at 30 March 2018

	Note	2018  £	2017  £
Fixed assets
Tangible assets	4	903	1,206
Investment property	5	845,000	845,000
		845,903	846,206
Current assets
Debtors	6	1,957	15,459
Cash at bank and in hand		22,531	29,196
		24,488	44,655
Creditors: Amounts falling due within one year	7	(305,120)	(329,467)
Net current liabilities		(280,632)	(284,812)
Total assets less current liabilities		565,271	561,394
Provisions for liabilities
Deferred tax liabilities		(8,384)	(11,175)
Net assets		556,887	550,219
Capital and reserves
Called up share capital		25,000	25,000
Fair value reserve		208,720	205,999
Profit and loss reserve		323,167	319,220
Total equity		556,887	550,219

Page 1

Paradebase Limited

(Registration number: 03001451)
Balance Sheet as at 30 March 2018

For the financial year ending 30 March 2018 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 21 December 2018 .
 

Mr P Jones Director

Page 2

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2018

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:
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX

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.

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 2018

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 (2017 - 2).

The company is run and administered by the officers of the company for whom no formal contracts of service are in place

Page 4

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 31 March 2017	18,728	18,728
At 30 March 2018	18,728	18,728
Depreciation
At 31 March 2017	17,522	17,522
Charge for the year	303	303
At 30 March 2018	17,825	17,825
Carrying amount
At 30 March 2018	903	903
At 30 March 2017	1,206	1,206

5	Investment properties

	2018  £
At 31 March 2017	845,000
At 30 March 2018	845,000

The investment properties class of fixed assets were adjusted on 30 March 2018 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 (2017 - £845,000) and a carrying amount of historical cost of £628,068 (2017 - £628,068). The depreciation on this historical cost is nil (2017 - nil).

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

6

Debtors

	2018  £	2017  £
Other debtors	1,957	15,459
Total current trade and other debtors	1,957	15,459

Page 5

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2018

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Corporation tax	3,903	8,403
Other creditors	301,217	321,064
	305,120	329,467

Within creditors are loans from companies which are controlled by family members of the director. Interest is charged at a commercial rate. At the balance sheet date the amounts due to the companies was £211,310 (2017 - £287,038).

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 (2017 - £15,500).

Within creditors 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 to the company was £60,000 (2017 - £nil).

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 £nil (2017 - £15,000).
 

8	Reserves reconciliation

	Fair value reserve £
At 31 March 2017	205,999
Movement in year :
Transfer of deferred tax on fair value adjustments	2,721
At 30 March 2018	208,720

Page 6

Paradebase Limited

Notes to the Financial Statements
for the Year Ended 30 March 2018

	Fair value reserve £
At 31 March 2016	203,485
Movement in year :
Transfer of deferred tax on fair value adjustments	2,514
At 30 March 2017	205,999

9	Related party transactions

Other transactions with directors

During the year the director maintained an interest free loan, which is repayable on demand. At the balance sheet date the amount due to the director was £1,066 (2017 - £12,542).

Page 7