Paul Street Property Portfolio Limited - Period Ending 2019-07-31

Registration number: 10624167

Paul Street Property Portfolio Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

Paul Street Property Portfolio Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Paul Street Property Portfolio Limited

(Registration number: 10624167)
Balance Sheet as at 31 July 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	4	606,893	606,893
Current assets
Debtors	5	1,377	77
Cash at bank and in hand		7,358	3,704
		8,735	3,781
Creditors: Amounts falling due within one year	6	(196,509)	(198,337)
Net current liabilities		(187,774)	(194,556)
Total assets less current liabilities		419,119	412,337
Creditors: Amounts falling due after more than one year	6	(422,762)	(422,762)
Net liabilities		(3,643)	(10,425)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(3,743)	(10,525)
Total equity		(3,643)	(10,425)

For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 November 2019 and signed on its behalf by:
 

.........................................

R Pullin
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Paul Street Property Portfolio Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
High Croft
133 High Street
Chapmanslade
Westbury
Wiltshire
BA13 4AW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the revenue earned from the letting of properties owned by the company.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 2

Paul Street Property Portfolio Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2018 - 1).

4	Investment properties

	2019 £
	606,893

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2019 £	2018 £
Prepayments	1,377	77
	1,377	77

6

Creditors

Amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	-	384
Accruals and deferred income	6,168	6,420
Other creditors	190,341	191,533
	196,509	198,337

Amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	7	422,762	422,762

Page 3

Paul Street Property Portfolio Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

7	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Other borrowings	422,762	422,762

Page 4