Platnauer Properties Limited Filleted accounts for Companies House (small and micro)

PLATNAUER PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07968425

Platnauer Properties Limited

Filleted Unaudited Abridged Financial Statements

31 January 2019

Platnauer Properties Limited

Abridged Financial Statements

Year ended 31st January 2019

Contents	Page

Officers and professional advisers	1

Accountants report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

Platnauer Properties Limited

Officers and Professional Advisers

Director	Mr P. L. Platnauer

Registered Office	48 Carver Street
	Birmingham
	B1 3AS

Accountants	W H Audit Limited
	Accountants
	The White House
	Station Road
	West Hagley
	Stourbridge
	West Midlands
	DY9 ONU

Bankers	Lloyds TSB
	125 Colmore Row
	Birmingham
	B3 3SD

Platnauer Properties Limited

Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Platnauer Properties Limited

Year ended 31st January 2019

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31st January 2019, which comprise the abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

W H Audit Limited Accountants

The White House Station Road West Hagley Stourbridge West Midlands DY9 ONU

19 July 2019

Platnauer Properties Limited

Abridged Statement of Financial Position

31 January 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4	1,778,461	1,909,325
Investments	5	1,579,351	1,604,621
		------------	------------
		3,357,812	3,513,946

Current assets

Debtors	6	74,730	68,924
Cash at bank and in hand		5,134	2,422
		--------	--------
		79,864	71,346

Creditors: amounts falling due within one year	7	79,519		72,833
		--------		--------
Net current assets/(liabilities)			345	( 1,487)
			------------	------------
Total assets less current liabilities			3,358,157	3,512,459

Creditors: amounts falling due after more than one year	8		2,187,300	2,515,987

Provisions

Taxation including deferred tax	61,866	66,667
	------------	------------
Net assets	1,108,991	929,805
	------------	------------

Platnauer Properties Limited

Abridged Statement of Financial Position (continued)

31 January 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Other reserves	263,741	284,210
Profit and loss account	845,150	645,495
	------------	---------
Shareholders funds	1,108,991	929,805
	------------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31st January 2019 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31st January 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 19 July 2019 , and are signed on behalf of the board by:

Mr P. L. Platnauer
Director

Company registration number: 07968425

Platnauer Properties Limited

Statement of Changes in Equity

Year ended 31st January 2019

		Called up share capital	Other reserves	Profit and loss account	Total
		£	£	£	£
At 1st February 2017		100	–	437,356	437,456

Profit for the year				492,349	492,349
Other comprehensive income for the year:
	Investments fair value adjustment	–	284,210	(284,210)	–
		----	---------	---------	---------
Total comprehensive income for the year		–	284,210	208,139	492,349

At 31st January 2018		100	284,210	645,495	929,805

Profit for the year				179,186	179,186
Other comprehensive income for the year:
	Investments fair value adjustment	–	(20,469)	20,469	–
		----	---------	---------	---------
Total comprehensive income for the year		–	( 20,469)	199,655	179,186

		----	---------	---------	------------
At 31st January 2019		100	263,741	845,150	1,108,991
		----	---------	---------	------------

Platnauer Properties Limited

Notes to the Abridged Financial Statements

Year ended 31st January 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 48 Carver Street, Birmingham, B1 3AS.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor Vehicle	-	25% reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings	Motor vehicles	Total
	£	£	£
Cost
At 1st February 2018	1,906,234	5,495	1,911,729
Additions	3,289	–	3,289
Disposals	( 133,380)	–	( 133,380)
	------------	-------	------------
At 31st January 2019	1,776,143	5,495	1,781,638
	------------	-------	------------
Depreciation
At 1st February 2018	–	2,404	2,404
Charge for the year	–	773	773
	------------	-------	------------
At 31st January 2019	–	3,177	3,177
	------------	-------	------------
Carrying amount
At 31st January 2019	1,776,143	2,318	1,778,461
	------------	-------	------------
At 31st January 2018	1,906,234	3,091	1,909,325
	------------	-------	------------

Included within the above is investment property as follows:

	£
At 1st February 2018	1,906,234
Additions	3,289
Disposals	( 133,380)
	------------
At 31st January 2019	1,776,143
	------------

The investment properties have not been revalued recently.

5. Investments

	Other investments other than loans
	£
Cost or valuation
At 1st February 2018	1,604,621
Revaluations	( 25,270)
	------------
At 31st January 2019	1,579,351
	------------
Impairment
At 1st February 2018 and 31st January 2019	–
	------------

Carrying amount
At 31st January 2019	1,579,351
	------------
At 31st January 2018	1,604,621
	------------

6. Debtors

	2019	2018
	£	£
Other debtors	74,730	68,924
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Accruals and deferred income	13,201	4,576
Corporation tax	47,435	49,600
Social security and other taxes	5,471	5,009
Obligations under finance leases and hire purchase contracts	1,187	1,423
Other creditors	12,225	12,225
	--------	--------
	79,519	72,833
	--------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Obligations under finance leases and hire purchase contracts	–	1,187
Director loan accounts	1,740,648	2,414,800
Other creditors	446,652	100,000
	------------	------------
	2,187,300	2,515,987
	------------	------------

9. Director's advances, credits and guarantees

During the year, the director withdrew a net £674,152 from his loan account, leaving a balance at year end of £1,740,648.