Accounts filed on 31-03-2019

			Company registration number:5062268
		PALIGAP PROPERTIES LIMITED
			FINANCIAL STATEMENTS
			FOR THE YEAR ENDED 31 March 2019

PALIGAP PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 March 2019
					2019				2018
				Notes	£		£		£		£
FIXED ASSETS
Tangible assets				3			123,155				123,155
							123,155				123,155
CURRENT ASSETS
Debtors				4	9,492				717
Cash at bank and in hand					1,769				2,897
					11,261				3,614
CREDITORS
Amounts falling due within one year				5	(9,105)				(6,438)
NET CURRENT ASSETS							2,156				(2,824)
TOTAL ASSETS LESS
CURRENT LIABILITIES							125,311				120,331
NET ASSETS							125,311				120,331
CAPITAL AND RESERVES
Called-up equity share capital				6			1,000				1,000
Profit and loss account							124,311				119,331
SHAREHOLDERS FUNDS							125,311				120,331
For the year ending 31 March 2019 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 the accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 19 June 2019 and signed on its behalf.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime.
..........................................................................
J C Davies
19 June 2019
The annexed notes form part of these financial statements.

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PALIGAP PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
				Share	Share	P and L	Revaluation	Other	Total
				Capital	Premium	Account	reserve	reserves	equity
				£	£	£	£	£	£
Balance at 1 April 2017				1,000	0	171,186	0	0	172,186
Changes in equity
Dividend				0	0	(68,000)	0	0	(68,000)
Total Comprehensive Income				0	0	16,145	0	0	16,145
Balance at 31 March 2018				1,000	0	119,331	0	0	120,331
Changes in equity
Dividend				0	0	(14,000)	0	0	(14,000)
Total comprehensive income				0	0	18,980	0	0	18,980
Balance at 31 March 2019				1,000	0	124,311	0	0	125,311

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PALIGAP PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.

Accounting policies

Statutory information

Paligap 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. The presentation currency of the financial statements is the £ sterling.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A 'Small entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from the standard.

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Turnover

Turnover represents services supplied. Turnover in respect of service contracts is recognised when the Company obtains the right to receive consideration for the services rendered to it's customers.

Financial assets

Investment property is carried at it's fair value of £123,155. The property was valued at the balance sheet date by the directors at market value, having due regard to the incumbent tenancy. The value of the investment has been arrived at on the basis of a valuation carried out by the directors who are not professionally qualified valuers. The valuation, which does not differ from that of the prior year, was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the rental state of the market.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset from which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment cease to apply.

Equity Instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Financial Instruments

Basic Financial Instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account. Debtors Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method. Classification of Financial Liabilities 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 company after deducting all of its liabilities.

2.

Employees

The average number of persons employed by the company (including directors during the year was 2 (2018 : 2).

3.	Tangible fixed assets
				Land/Buildings	Total
	Cost
	At start of period			123,155	123,155
	At end of period			123,155	123,155
	Net Book Value
	At start of period			123,155	123,155
	At end of period			123,155	123,155

4.	Debtors
					2019	2018
					£	£
	Due within one year
	Trade Debtors				9,325	558
	Prepayments and accrued income				167	159
					9,492	717

5.	Creditors due within one year
					2019	2018
					£	£
	Trade creditors				2,565	70
	Corporation Tax				4,516	3,787
	Accruals and deferred income				1,400	912
	Loan from directors				624	1,669
					9,105	6,438

6.	Share capital				Alloted, Issued and fully paid
					2019	2018
					£	£
	Ordinary shares of £1 each				1,000	1,000
	Total issued share capital				1,000	1,000

					2019	2018
					£	£
	A N Davies				3,500	17,000
	J C Davies				3,500	17,000