Pumpkin Investments Limited - Period Ending 2019-03-31

Registration number: 10167326

Pumpkin Investments Limited

Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

BDO LLP
2 City Place
Beehive Ring Road
Gatwick
West Sussex
RH6 0PA

 

Pumpkin Investments Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Unaudited Financial Statements	5 to 9

Pumpkin Investments Limited

Company Information

Director

Mr N M Leslau

Registered office

Belfry House Champions Way Hendon London NW4 1PX

Accountants

BDO LLP 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Pumpkin Investments Limited
for the Year Ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pumpkin Investments Limited for the year ended 31 March 2019 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

It is your duty to ensure that Pumpkin Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pumpkin Investments Limited. You consider that Pumpkin Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pumpkin Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Use of our report

This report is made solely to the director of Pumpkin Investments Limited, in accordance with the terms of our engagement letter dated 10 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Pumpkin Investments Limited and state those matters that we have agreed to state to the director of Pumpkin Investments Limited, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pumpkin Investments Limited and its director for our work or for this report.

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

BDO LLP
Chartered Accountants
2 City Place
Beehive Ring Road
Gatwick
West Sussex
RH6 0PA

13 December 2019

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)

Page 2

Pumpkin Investments Limited

(Registration number: 10167326)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	4	822,393	822,393
Investments	5	758,100	758,100
		1,580,493	1,580,493
Current assets
Debtors	6	1,589	1,525
Cash at bank and in hand		7,274,707	6,288,073
		7,276,296	6,289,598
Creditors: Amounts falling due within one year	7	(29,023)	(60,693)
Net current assets		7,247,273	6,228,905
Net assets		8,827,766	7,809,398
Capital and reserves
Called up share capital	8	100	100
Share premium reserve		750,037	750,037
Retained earnings		8,077,629	7,059,261
Shareholder's funds		8,827,766	7,809,398

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

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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of income and director's report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the director on 10 December 2019

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

Mr N M Leslau

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Pumpkin Investments Limited

Statement of Changes in Equity for the Year Ended 31 March 2019

Year ended 31 March 2019	Share capital £	Share premium £	Retained earnings £	Total £
At 1 April 2018	100	750,037	7,059,261	7,809,398
Profit for the year	-	-	1,018,368	1,018,368
Total comprehensive income	-	-	1,018,368	1,018,368
At 31 March 2019	100	750,037	8,077,629	8,827,766

Year ended 31 March 2018	Share capital £	Share premium reserve £	Retained earnings £	Total £
At 1 April 2017	100	750,037	5,573,620	6,323,757
Profit for the year	-	-	1,485,641	1,485,641
Total comprehensive income	-	-	1,485,641	1,485,641
At 31 March 2018	100	750,037	7,059,261	7,809,398

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Pumpkin Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital incorporated in England. The registered office is shown on page 1.

The principal place of business is:
Cavendish House
18 Cavendish Square
London
W1G 0PJ

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies. Certain items are measured at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the director to exercise judgement in applying the accounting policies.

In preparing these financial statements the director has had to make the following significant judgements:

- The director has made an assumption in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the property at the reporting date.

- There were no other significant judgements or areas of estimation uncertainty.

Summary of significant accounting policies

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

Turnover

Turnover consists principally of rent receivable from the letting of an investment property in the United Kingdom. Rental income is measured at the fair value of rent receivable for the year.

Page 5

Pumpkin Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

2	Accounting policies (continued)

Tax

The tax expense for the year comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or
substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the
reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Investment property

Investment property is carried at its fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash comprises cash at bank and in hand and includes deposits repayable on demand.

Financial instruments including investments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
 
The company's cash at bank and in hand, other debtors and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.
 
Investments in unlisted entities (financial asset) are carried in the balance sheet at cost less any accumulated impairment where their fair values are not reliably measurable. Otherwise they are carried at fair value with changes in fair value recognised in profit or loss. They are classified as fixed assets as the company's intention was to hold them on a continuing basis.
 

Trade creditors

Trade creditors are obligations to pay for services that have been provided in the ordinary course of business by suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Page 6

Pumpkin Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

2	Accounting policies (continued)

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

3

Taxation

Tax charged in the income statement

	2019  £	2018  £
Current taxation
UK corporation tax on profits for the year	5,280	44,373

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK of 19% (2018 - 19%).

The differences are reconciled below:

	2019 £	2018 £
Profit before tax	1,023,648	1,530,014
Corporation tax at standard rate	194,493	290,703
Tax decrease from effect of dividends from UK companies	(190,566)	(241,796)
Other tax effects for reconciliation between accounting profit and tax expense (income)	1,353	(4,534)
Total tax charge	5,280	44,373

4	Investment property

	2019 £
At 1 April 2018	822,393
Fair value adjustments	-
At 31 March 2019	822,393

The investment property was internally valued at 31 March 2019 by N M Leslau Bsc (Hons) FRICS, the director of the company, at fair value, supported by reference to market evidence of transaction prices for similar properties. The valuation, which continues to equate to the cost at the date of acquisition on 15 November 2016, was arrived at by reference to consideration of market evidence of transaction prices for similar properties in its location and takes into account the state of the rental market in the area where the property is situated.

Page 7

Pumpkin Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

5	Investments

	Unlisted investments £	Total £
Investments
Cost or valuation
At 1 April 2018	758,100	758,100
At 31 March 2019	758,100	758,100
Carrying amount
At 31 March 2019	758,100	758,100

The investments represent shares in or member's capital held in other unlisted entities. Interests held are less than 20% of voting rights in each instance.

6

Debtors

	2019 £	2018 £
Prepayments	1,589	1,525
Total current debtors	1,589	1,525

7

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	2,400	-
Other creditors	5,143	2,520
Corporation tax	5,280	44,373
Accruals	16,200	13,800
	29,023	60,693

Page 8

Pumpkin Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £0.01 each	10,000	100.00	10,000	100.00

All shares rank pari passu.

9	Parent and ultimate parent undertaking

The company's immediate parent is Pumpkin General Partner Limited acting on behalf of Pumpkin Limited Partnership. This company is incorporated in England and has the same registered office address as the company.

 Pumpkin General Partner Limited is controlled by Mr N M Leslau who is its sole shareholder and director.

10	Employee information

The company had no employees, excluding the director, in the year (2018: nil). The director did not receive any remuneration from the company in the year (2018: £nil).

11	Post balance sheet events

Since the year end, the company has received dividends of £2.97m from certain of its fixed asset investments.

Page 9