PYLLE LIMITED - Accounts 2014


ABBREVIATED ACCOUNTS


FOR THE YEAR ENDED 30 June 2014

















INDEX TO THE ACCOUNTS




Abbreviated Balance Sheet		2

Notes to the Abbreviated Accounts		4



The company's registered number is 02799224


Registered Number: 02799224

BALANCE SHEET AT 30 JUNE 2014

			2014		2013
	Notes		£		£

FIXED ASSETS
Tangible assets	2		1,313,976		1,184,451

CURRENT ASSETS
Debtors (amounts falling due within one year)	3	8,203		8,629
Cash at bank and in hand		26,174		27,224
		34,377		35,853
CREDITORS: Amounts falling due within one year		25,627		21,345
NET CURRENT ASSETS			8,750		14,508
TOTAL ASSETS LESS CURRENT LIABILITIES			1,322,726		1,198,959


CREDITORS: Amounts falling due after more than one year	4		700,000		700,000

NET ASSETS			622,726		498,959

CAPITAL AND RESERVES

Called up share capital	5		85,500		85,500
Share premium account			4,582		4,582
Revaluation reserve	,6		403,609		273,609
Profit and loss account			129,035		135,268
SHAREHOLDERS' FUNDS			622,726		498,959


Registered Number: 02799224

For the year ending 30 June 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board on 20 February 2015 and signed on their behalf by




Mr JH Jackson
Director

1. ACCOUNTING POLICIES




1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention (as modified to include the revaluation of certain fixed assets) and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).




1b. Cash Flow Statement
The Company is exempt from including a statement of cash flows in its accounts in accordance with Financial Reporting Standard for Smaller Entities (effective April 2008).




1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and Fittings		reducing balance 25%




1d. Investment Properties

Investment properties are included in the financial statements at open market value. No depreciation is provided on such property in compliance with the Financial Reporting Standard for Smaller Entities. This departure from Companies Act requirements is necessary to show a true and fair view.




1e. Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities recognised have not been discounted.




1f. Turnover
Turnover relates to rental income which is the total derived from the provision of property for rental and it is recognised on a straight line basis over the term of the tenancy.




2. TANGIBLE FIXED ASSETS

	Land And	Plant and
	Buildings	Machinery Etc.	Total
	£	£	£
Cost
At 1 July 2013	1,180,000	21,015	1,201,015
Additions	-	851	851
Revaluation	130,000	-	130,000
At 30 June 2014	1,310,000	21,866	1,331,866
Depreciation
At 1 July 2013	-	16,564	16,564
For the year	-	1,326	1,326
At 30 June 2014	-	17,890	17,890
Net Book Amounts
At 30 June 2014	1,310,000	3,976	1,313,976
At 30 June 2013	1,180,000	4,451	1,184,451
All of the company's freehold property are investment properties and are let to third parties under operating leases. The historical cost of land and buildings is £906,391 and accumulated depreciation is nil.
The director having considered the current economic climate and its effect on property prices, has valued the properties at the balance sheet date on an untenanted basis.




3. DEBTORS	2014	2013
	£	£

Amounts falling due within one year:
Other debtors	8,203	8,629
	8,203	8,629




4. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2014	2013
	£	£
Bank loans and overdrafts	700,000	700,000
	700,000	700,000

The bank loan shown above is secured.




5. SHARE CAPITAL	2014	2013
	£	£
Allotted, issued and fully paid:
36000 Equity Ordinary shares of £0.90 each	32400	32400
59000 Non-Equity Preference shares of £0.90 each	53100	53100
	85,500	85,500


In a winding up or other return of capital, the preference shares have priority to any other class of shares in so far as the payment for any arrears of preference dividends and an amount equal to the nominal value of each preference share, together with a premium of 76 pence per preference share.




6. REVALUATION RESERVE	2014	2013
	£	£
Revaluation reserve	403,609	273,609
	403,609	273,609


The revaluation reserve reflects the surplus on revaluation of investment properties over their original cost.




7. TURNOVER

The turnover and pre-tax result is attributable to the letting of property under assured shorthold tenancies.

	2014	2013
	£	£
Rent	79,897	78,168
	79,897	78,168