C J Pilgrim Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00643429 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

C J PILGRIM PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R I Dudding

Mrs J C Ancell

SECRETARY:

Mrs J C Ancell

REGISTERED OFFICE:

Lonsto House

276 Chase Road

London

N14 6HA

REGISTERED NUMBER:

00643429 (England and Wales)

ACCOUNTANTS:

SRG Newmans Limited

Five Ways

57-59 Hatfield Road

Potters Bar

Hertfordshire

EN6 1HS

FIXED ASSETS

Tangible assets

4

34,921,154

33,710,529

CURRENT ASSETS

Debtors

5

4,109,800

4,870,064

Cash at bank

421,532

237,463

4,531,332

5,107,527

CREDITORS

Amounts falling due within one year

6

461,252

259,510

NET CURRENT ASSETS

4,070,080

4,848,017

TOTAL ASSETS LESS CURRENT LIABILITIES

38,991,234

38,558,546

PROVISIONS FOR LIABILITIES

1,509,511

1,509,511

NET ASSETS

37,481,723

37,049,035

CAPITAL AND RESERVES

Called up share capital

60,200

60,200

Share premium

15,300

15,300

Retained earnings

37,406,223

36,973,535

37,481,723

37,049,035

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 12 September 2019 and were signed on its behalf by:

R I Dudding - Director

1.	STATUTORY INFORMATION

C J Pilgrim 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 represents rent receivable from external customers at invoiced amounts less value added tax.

Rental income is recognised in the period to which it relates.

Tangible fixed assets

The freehold property is held in the financial statements at market value.

In accordance with the Financial Reporting Standard 102 Section 1A 'Small Entities', no depreciation

is provided in respect of freehold properties. This is a departure from the requirements of the

Companies Act 2006 which requires all properties to be depreciated. Such properties are revalued and

the directors consider that to depreciate them would not give a true and fair value.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed

assets.

Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful

lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance

leases

are those where substantially all of the benefits and risks of ownership are assumed by the company.

Obligations under such agreements are included in creditors net of the finance charge allocated to

future

periods. The finance element of the rental payment is charged to the profit and loss account so as to

produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain

with the lessor are charged to profit and loss account on a straight line basis.

Going concern

The directors constantly review the cash flow projections for the company and have considered the

financial resources of the company, having regard to the renewal date of the loan facilities and

additional resources available to related undertakings to support the related party indebtedness.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible

preference and non-puttable ordinary shares which are measured at fair value, with changes

recognised in the income statement. Derivative financial instruments are initially recorded at cost and

thereafter at fair value with changes recognised in the income statement.

Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise of a small

group. The company has therefore taken advantage of the exemption provided by section 398 of the

Companies Act 2006 not to prepare group accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 April 2018

33,710,529

Additions

1,218,374

Revaluations

(7,749

)

At 31 March 2019

34,921,154

NET BOOK VALUE

At 31 March 2019

34,921,154

At 31 March 2018

33,710,529

The 2019 valuations were made by R I Dudding, a director of the company, on an open market value

for existing use basis.

Mr R I Dudding is qualified to make the valuation on the basis of his knowledge and experience of the

residential and commercial property market.

The assets in this company are used as security for the bank loan in the company's parent company C

J Pilgrim (Holdings) Ltd.

Cost or valuation at 31 March 2019 is represented by:

Land and

buildings

£

Valuation in 2016

16,652,104

Valuation in 2017

12,525,433

Valuation in 2019

(7,749

)

Cost

5,751,366

34,921,154

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

48,988

75,943

Amounts owed by group undertakings

4,052,533

4,760,853

Other debtors

8,279

33,268

4,109,800

4,870,064

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,907

1,808

Taxation and social security

77,658

-

Other creditors

380,687

257,702

461,252

259,510

7.	ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party are the Trustees of R I Dudding Settlement of 1 July 1997

by virtue of its controlling shareholding in C J Pilgrim (Holdings) Limited.

8.	PARENT UNDERTAKING

The immediate and ultimate parent undertaking is C J Pilgrim (Holdings) Limited.

9.	RETAINED EARNINGS

Included in retained earnings is £27,790,031 (2018: £27,797,780) of profits that are not available for

distribution as they are unrealised.