P S J Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04650913 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

P S J Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P S Jessopp

Mrs A P Jessopp

REGISTERED OFFICE:

107 North Street

Martock

Somerset

TA12 6EJ

REGISTERED NUMBER:

04650913 (England and Wales)

ACCOUNTANTS:

Read & Co.

107 North Street

Martock

Somerset

TA12 6EJ

FIXED ASSETS

Tangible assets

4

133,744

103,256

Investment property

5

8,538,288

8,558,288

8,672,032

8,661,544

CURRENT ASSETS

Debtors

6

468,360

201,841

Prepayments and accrued income

4,057

3,505

Cash at bank and in hand

201,011

25,512

673,428

230,858

CREDITORS

Amounts falling due within one year

7

1,072,894

1,083,330

NET CURRENT LIABILITIES

(399,466

)

(852,472

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,272,566

7,809,072

PROVISIONS FOR LIABILITIES

8

24,485

19,619

NET ASSETS

8,248,081

7,789,453

CAPITAL AND RESERVES

Called up share capital

9

200

200

Retained earnings

10

8,247,881

7,789,253

SHAREHOLDERS' FUNDS

8,248,081

7,789,453

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 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 September 2019 and were signed on its behalf by:

Mr P S Jessopp - Director

1.	STATUTORY INFORMATION

P S J Properties Ltd 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.

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.

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the

directors believe that this policy of not providing depreciation or amortisation is necessary in order for the

financial statements to give a true and fair view, since the current value of investment properties and changes in

that current value are of prime importance rather than a calculation of systematic annual depreciation.

Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount

which would otherwise have been shown cannot be separately identified or quantified.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

385,539

Additions

61,347

Disposals

(21,595

)

At 31 December 2018

425,291

DEPRECIATION

At 1 January 2018

282,283

Charge for year

25,734

Eliminated on disposal

(16,470

)

At 31 December 2018

291,547

NET BOOK VALUE

At 31 December 2018

133,744

At 31 December 2017

103,256

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

8,558,288

Impairments

(20,000

)

At 31 December 2018

8,538,288

NET BOOK VALUE

At 31 December 2018

8,538,288

At 31 December 2017

8,558,288

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

468,360

201,800

Other debtors

-

41

468,360

201,841

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

7,204

7,860

Taxation and social security

140,553

192,670

Other creditors

925,137

882,800

1,072,894

1,083,330

8.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

24,485

19,619

Deferred

tax

£

Balance at 1 January 2018

19,619

Provided during year

4,866

Balance at 31 December 2018

24,485

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

100

Ordinary A shares

£1

100

100

100

Ordinary B

£1

100

100

200

200

10.

RESERVES

Retained

earnings

£

At 1 January 2018

7,789,253

Profit for the year

458,628

At 31 December 2018

8,247,881

11.	RELATED PARTY DISCLOSURES

Transactions involving directors

The following is a summary of the directors' transactions with the company :

P S Jessopp

Dividends received from the company £Nil (2017 :£Nil )

Balance owing from the company at 31 December 2018 £370,000 (2017 : £420,000 )

Riders of Bridgwater Limited

Rent received by the company £75,000 (2017: £75,000 )

Balance owing from the company

at 31 December 2018 £465,000 ( 2017 :£200,000 )

Balance due to the company

at 31 December 2018 £Nil (2017 :£Nil )

Riders of Bridgwater Limited is an associated company, controlled by P S Jessopp.

In 2018 the company also had sales to Riders of Bridgwater Limited totalling £5,549 (2017 :£5,299 ) which

were on normal commercial terms.

Also the company purchased services from Riders of Bridgwater Ltd totalling £150,000 (2017 :£150,000 ) which

were under normal commercial terms.

The company operates current accounts with the directors and the activity during the year was as follows:

P S JESSOPP

31.12.18

31.12.17

£

£

Amount owed to director at end of year

370,000

420,000

Amount owed to director at start of year

420,000

420,000

The amount owed to the director is interest free and repayable on demand.

MRS A P JESSOPP

31.12.18

31.12.17

£

£

Amount owed to director at end of year

30,000

30,000

Amount owed to director at start of year

30,000

80,000

The amount owed to the director is interest free and repayable on demand.

The company was under the ultimate control of Mr P S Jessopp who is director and majority shareholder.