Poole Properties Limited - Period Ending 2014-06-30

Registration number: 01377455

Poole Properties Limited
 
  Directors' Report and Unaudited Consolidated Financial Statements
 
 Year Ended 30 June 2014
 

Dixon Wilson
22 Chancery Lane
London
WC2A 1LS

Poole Properties Limited
Contents
Year Ended 30 June 2014

Company Information 1

Directors' Report 2

Consolidated Profit and Loss Account 3

Consolidated Statement of Total Recognised Gains and Losses 4

Consolidated Balance Sheet 5

Balance Sheet 6

Notes to the Financial Statements 7 to 14

Poole Properties Limited
Company Information
Year Ended 30 June 2014

Directors

A W Isaac D G Burt S J O Warner-Bore

Company secretary

A W Isaac

Registered office

22 Chancery Lane London WC2A 1LS

Bankers

C Hoare & Co. 37 Fleet Street London EC4P 4DQ

Page 1

Poole Properties Limited
Directors' Report
Year Ended 30 June 2014

The directors present their report and the consolidated financial statements for the year ended 30 June 2014.

Directors of the company

The directors who held office during the year were as follows:

A W Isaac

D G Burt

S J O Warner-Bore

 

Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 25 November 2014 and signed on its behalf by:

.........................................
A W Isaac
Director

Page 2

Poole Properties Limited
Consolidated Profit and Loss Account
Year Ended 30 June 2014

		Note			2014 £			2013 £
Turnover					-			-
Cost of sales					-			-
Gross profit/(loss)					-			-
Administrative expenses					(20,828)			(20,831)
Group operating loss					(20,828)			(20,831)
Profit on disposal of other fixed asset investments					-			492,249
Income from other fixed asset investments					479,557			328,399
Other interest receivable and similar income					555			459
Profit on ordinary activities before taxation					459,284			800,276
Profit for the financial year attributable to members of the parent company		9			459,284			800,276

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 3

Poole Properties Limited
Consolidated Statement of Total Recognised Gains and Losses
Year Ended 30 June 2014

		Note			2014 £			2013 £
Profit for the financial year					459,284			800,276
Unrealised gain on listed investments		4			146,885			526,120
Total recognised gains and losses relating to the year					606,169			1,326,396

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 4

Poole Properties Limited
Consolidated Balance Sheet at 30 June 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Investments		4						12,294,289						12,147,404
								12,294,289						12,147,404
Current assets
Debtors		5			5						9,068
Cash at bank and in hand					295,172						150,723
					295,177						159,791
Creditors: Amounts falling due within one year		6			(5,040)						(4,200)
Net current assets								290,137						155,591
Net assets								12,584,426						12,302,995
Capital and reserves
Called up share capital		7			3,926						3,926
Share premium account		9			3,967,690						3,967,690
Capital redemption reserve		9			1,074						1,074
Revaluation reserve		9			673,005						526,120
Other reserves		9			24,027						24,027
Profit and loss account		9			7,914,704						7,780,158
Shareholders' funds								12,584,426						12,302,995

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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.

Approved by the Board on 25 November 2014 and signed on its behalf by:

.........................................
A W Isaac
Director

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 5

Poole Properties Limited
(Registration number: 01377455)
Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Investments		4			408,046			408,046
Current assets
Debtors		5			3,566,526			3,583,513
Cash at bank and in hand					22,299			50
					3,588,825			3,583,563
Net assets					3,996,871			3,991,609
Capital and reserves
Called up share capital		7			3,926			3,926
Share premium account		9			3,967,690			3,967,690
Capital redemption reserve		9			1,074			1,074
Profit and loss account		9			24,181			18,919
Shareholders' funds					3,996,871			3,991,609

Approved by the Board on 25 November 2014 and signed on its behalf by:

.........................................
A W Isaac
Director

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 6

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertaking.

No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006. Its profit for the financial year was £330,000 (2013 - £314,216).

Income recognition

Income in respect of interest is recognised on an accruals basis, and dividends in the period in which they are declared.

Fixed asset investments

Listed investments are included in the balance sheet at market value. Realised gains and losses are taken to the profit and loss account. Unrealised gains and losses are taken to the investment revaluation reserve, except where losses are considered to be permanent, then they are charged to the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

End of note

Page 7

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

2	Directors' remuneration

The directors' remuneration for the year was as follows:

		2014 £			2013 £
Remuneration		18,000			18,705

End of note

3

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
UK Corporation tax		-			-

The company is a Close Investment Holding Company, with the effect that the full rate of tax is chargeable on taxable profits.

Chargeable gains realised during the year have been offset against capital losses. If revalued assets were sold at current market prices, taxable gains of £257,000 would arise (2013 - £110,000).

Factors that may affect future tax charges

The future tax charge may be reduced by the availability of capital losses in the group, totalling £416,352 at 30 June 2014 (2013 - £416,352) and excess management expenses carried foward of £296,019 (2013 - £275,741).

End of note

Page 8

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

4	Investments held as fixed assets

Other investments

		Listed investments £			Total £
Market value
At 1 July 2013		12,147,404			12,147,404
Revaluation		146,885			146,885
At 30 June 2014		12,294,289			12,294,289
Net book value
At 30 June 2014		12,294,289			12,294,289

Company

		2014 £			2013 £
Shares in group undertakings and participating interests		408,046			408,046

Shares in group undertakings and participating interests

		Subsidiary undertakings £			Total £
Cost
At 1 July 2013		408,046			408,046
At 30 June 2014		408,046			408,046
Net book value
At 30 June 2014		408,046			408,046

 

The cost of listed investments at 30 June 2014 was £11,621,284 (2013 - £11,621,284)

The investment in the subsidiary company represents the whole of the ordinary share capital of Buris Limited, whose principal activity is investing in listed investments. This company is registered in England.

Page 9

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

5

Debtors

Group

Company

		2014 £			2013 £			2014 £			2013 £
Amounts owed by group undertakings		-			-			3,566,526			3,583,513
Other debtors		5			68			-			-
Prepayments and accrued income		-			9,000			-			-
		5			9,068			3,566,526			3,583,513

End of note

6	Creditors: Amounts falling due within one year

Group

Company

		2014 £			2013 £			2014 £			2013 £
Accruals and deferred income		5,040			4,200			-			-

End of note

7	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		3,926			3,926			3,926			3,926

End of note

Page 10

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

8

Dividends

		2014 £			2013 £
Dividends paid
Prior year final dividend paid		209,000			209,000
Current year interim dividend paid		115,738			105,216
		324,738			314,216

 

The directors have also proposed a final dividend for 2014 of £53.23 per share. This dividend is subject to approval by the shareholders at the Annual General Meeting on 25 November 2014. This has not been included as a liability in the financial statements.

End of note

Page 11

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

9

Reserves

Group

		Share premium account £			Capital redemption reserve £			Revaluation reserve £			Other reserves £			Profit and loss account £			Total £
At 1 July 2013		3,967,690			1,074			526,120			24,027			7,780,158			12,299,069
Profit for the year		-			-			-			-			459,284			459,284
Dividends		-			-			-			-			(324,738)			(324,738)
Unrealised gain on trade investments		-			-			146,885			-			-			146,885
At 30 June 2014		3,967,690			1,074			673,005			24,027			7,914,704			12,580,500

Page 12

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

Company

		Share premium account £			Capital redemption reserve £			Profit and loss account £			Total £
At 1 July 2013		3,967,690			1,074			18,919			3,987,683
Profit for the year		-			-			330,000			330,000
Dividends		-			-			(324,738)			(324,738)
At 30 June 2014		3,967,690			1,074			24,181			3,992,945

End of note

Page 13

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2014
......... continued

10	Related party transactions

The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.

End of note

Page 14