REGISTERED NUMBER: |
01 Property Investment Ltd |
Unaudited Financial Statements |
for the Year Ended 30 June 2018 |
REGISTERED NUMBER: |
01 Property Investment Ltd |
Unaudited Financial Statements |
for the Year Ended 30 June 2018 |
01 Property Investment Ltd (Registered number: 06291865) |
Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
01 Property Investment Ltd |
Company Information |
for the Year Ended 30 June 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
69 Tupwood Lane |
Caterham |
Surrey |
CR3 6DD |
01 Property Investment Ltd (Registered number: 06291865) |
Abridged Balance Sheet |
30 June 2018 |
30.6.18 | 30.6.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
01 Property Investment Ltd (Registered number: 06291865) |
Abridged Balance Sheet - continued |
30 June 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
01 Property Investment Ltd (Registered number: 06291865) |
Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
1. | STATUTORY INFORMATION |
01 Property Investment Ltd is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable and associated charges made to tenants, excluding value added tax. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
01 Property Investment Ltd (Registered number: 06291865) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
2. | ACCOUNTING POLICIES - continued |
Investment properties |
Investment properties are not depreciated and are shown at market value at the year end date with the revalued |
amount being credited to the revenue reserves. All the companies properties are investment properties. Deferred |
tax has been calculated on the increase in property values with the charge being debited to revenue reserves and a |
deferred tax liability being shown on the balance sheet under provisions for liabilities. |
3. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
At 30 June 2018 |
AMORTISATION |
Amortisation for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 July 2017 |
Additions |
Disposals | ( |
) |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
01 Property Investment Ltd (Registered number: 06291865) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 June 2018 is represented by: |
Totals |
£ |
Valuation in 2012 | 570,896 |
Valuation in 2013 | 250,143 |
Valuation in 2014 | 545,559 |
Valuation in 2015 | 2,190,699 |
Valuation in 2016 | 398,499 |
Valuation in 2017 | 43,947 |
Valuation in 2018 | (153,535 | ) |
Cost | 5,867,826 |
9,714,034 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
30.6.18 | 30.6.17 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,356,030 | 1,858,085 |
6. | RELATED PARTY DISCLOSURES |
M Lower, a director of the company was owed £476,776 (2017:£21,024) at the year end. R Lucraft, a director of |
the company was owed £Nil (2017:£389,674) at the year end. |
7. | RETAINED EARNINGS |
Under FRS 102 a revaluation reserve is no longer separately identifiable. The unrealised gains on revalued |
investment properties net of deferred tax amounts to £3,205,146 (2017:£3,329,511) and is included in retained |
earnings. |