P.A.E. Properties Limited 28/02/2019 iXBRL

P.A.E. Properties Limited 28/02/2019 iXBRL

P.A.E. PROPERTIES LIMITED - Company Information

Print Friendly Version

28/02/2019 2019-02-28 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-03-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 05654246 2018-03-01 2019-02-28 05654246 2019-02-28 05654246 2017-03-01 2018-02-28 05654246 2018-02-28 05654246 bus:Director1 2018-03-01 2019-02-28 05654246 core:LandBuildings core:OwnedOrFreeholdAssets 2019-02-28 05654246 core:WithinOneYear 2019-02-28 05654246 core:WithinOneYear 2018-02-28 05654246 core:UKTax 2018-03-01 2019-02-28 05654246 core:UKTax 2017-03-01 2018-02-28 05654246 core:ShareCapital 2019-02-28 05654246 core:ShareCapital 2018-02-28 05654246 core:RetainedEarningsAccumulatedLosses 2019-02-28 05654246 core:RetainedEarningsAccumulatedLosses 2018-02-28 05654246 core:LandBuildings core:OwnedOrFreeholdAssets 2018-02-28 05654246 bus:SmallEntities 2018-03-01 2019-02-28 05654246 bus:AuditExempt-NoAccountantsReport 2018-03-01 2019-02-28 05654246 bus:FullAccounts 2018-03-01 2019-02-28 05654246 bus:SmallCompaniesRegimeForAccounts 2018-03-01 2019-02-28 05654246 bus:PrivateLimitedCompanyLtd 2018-03-01 2019-02-28 05654246 core:LandBuildings core:OwnedOrFreeholdAssets 2018-03-01 2019-02-28 05654246 core:AllAssociates 2018-03-01 2019-02-28 05654246 1 2018-03-01 2019-02-28
Company registration number: 05654246
P.A.E. Properties Limited
Unaudited filleted financial statements
28 February 2019
P.A.E. Properties Limited
Contents
Statement of financial position
Notes to the financial statements
P.A.E. Properties Limited
Statement of financial position
28 February 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 334,414 334,414
_______ _______
334,414 334,414
Current assets
Debtors 7 100 100
Cash at bank and in hand 66,272 34,794
_______ _______
66,372 34,894
Creditors: amounts falling due
within one year 8 ( 348,763) ( 328,776)
_______ _______
Net current liabilities ( 282,391) ( 293,882)
_______ _______
Total assets less current liabilities 52,023 40,532
_______ _______
Net assets 52,023 40,532
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,923 40,432
_______ _______
Shareholders funds 52,023 40,532
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2019 , and are signed on behalf of the board by:
Mr Paul Edwards
Director
Company registration number: 05654246
P.A.E. Properties Limited
Notes to the financial statements
Year ended 28 February 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 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period and derives from the provision of services falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - Not depreciated
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2018: Nil).
5. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 3,828 4,471
_______ _______
Tax on profit 3,828 4,471
_______ _______
6. Tangible assets
Freehold property Total
£ £
Cost
At 1 March 2018 and 28 February 2019 334,414 334,414
_______ _______
Depreciation
At 1 March 2018 and 28 February 2019 - -
_______ _______
Carrying amount
At 28 February 2019 334,414 334,414
_______ _______
At 28 February 2018 334,414 334,414
_______ _______
7. Debtors
2019 2018
£ £
Amounts owed by group undertakings 100 100
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Amounts owed to group undertakings 339,926 315,526
Corporation tax 3,828 4,471
Directors loan account 3,509 7,279
Accruals and deferred income 1,500 1,500
_______ _______
348,763 328,776
_______ _______
9. Related party transactions
The following companies are considered related parties by virtue of their common control:P A Edwards Surfacing LimitedP.A.E Investments LimitedAt the balance sheet date, the company owed £339,926 to P.A.E Investments Limited (2018 : £315,526).During the year Paul Anthony Edwards provided financial support to the company by way of interest free loans.At the balance sheet date the amount owed to Paul Anthony Edwards was £3,509 (2018 : £7,279)
10. Controlling party
Mr Paul Edwards is the ultimate controlling interest by virtue of his controlling shareholding in P.A.E Investments Limited.