P.R.N. Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04997883 (England and Wales)

P.R.N. Properties Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P S Rowbotham

REGISTERED OFFICE:

Owthorne Manor

2 Hubert Street

Withernsea

East Yorkshire

HU19 2AT

REGISTERED NUMBER:

04997883 (England and Wales)

ACCOUNTANTS:

Southgates

Chartered Certified Accountants

Owthorne Manor

2 Hubert Street

Withernsea

East Yorkshire

HU19 2AT

FIXED ASSETS

Tangible assets

4

412,019

284,349

CURRENT ASSETS

Debtors

5

17,506

17,344

Cash at bank

9,140

96,666

26,646

114,010

CREDITORS

Amounts falling due within one year

6

390,391

352,517

NET CURRENT LIABILITIES

(363,745

)

(238,507

)

TOTAL ASSETS LESS CURRENT LIABILITIES

48,274

45,842

PROVISIONS FOR LIABILITIES

21

35

NET ASSETS

48,253

45,807

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

7

39,102

39,102

Retained earnings

7

9,149

6,703

SHAREHOLDERS' FUNDS

48,253

45,807

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 21 May 2019 and were signed by:

Mr P S Rowbotham - Director

1.	STATUTORY INFORMATION

P.R.N. Properties Limited is a private company, limited by shares , registered in England and Wales. The

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Fixtures and fittings

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 January 2018

284,000

1,175

285,175

Additions

127,757

-

127,757

At 31 December 2018

411,757

1,175

412,932

DEPRECIATION

At 1 January 2018

-

826

826

Charge for year

-

87

87

At 31 December 2018

-

913

913

NET BOOK VALUE

At 31 December 2018

411,757

262

412,019

At 31 December 2017

284,000

349

284,349

Cost or valuation at 31 December 2018 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2015

9,267

-

9,267

Valuation in 2016

14,835

-

14,835

Valuation in 2017

15,000

-

15,000

Cost

372,655

1,175

373,830

411,757

1,175

412,932

If Freehold property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

372,655

244,898

Value of land in freehold land and buildings

411,757

284,000

Freehold property was valued on an open market basis on 31 December 2018 by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,670

1,120

Other debtors

15,604

15,604

Prepayments

232

620

17,506

17,344

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

232

75

Tax

583

(6

)

S A Pharmacy Limited loan

388,129

348,832

Directors' current accounts

569

2,793

Accruals

878

823

390,391

352,517

7.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2018

6,703

39,102

45,805

Profit for the year

2,446

2,446

At 31 December 2018

9,149

39,102

48,251

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P S Rowbotham.