Pact Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04405081 (England and Wales)

PACT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Nicola

SECRETARY:

Mr G Nicola

REGISTERED OFFICE:

Hale House, Unit 5

296a Green Lanes

Palmers Green

London

N13 5TP

REGISTERED NUMBER:

04405081 (England and Wales)

ACCOUNTANTS:

T. PA Accountancy Services Limited

Hale House

Unit 5

296a Green Lanes

Palmers Green

London

N13 5TP

FIXED ASSETS

Tangible assets

4

1,551

1,872

Investment property

5

1,829,486

1,829,486

1,831,037

1,831,358

CURRENT ASSETS

Debtors

6

919,077

924,377

Cash at bank

35,494

15,483

954,571

939,860

CREDITORS

Amounts falling due within one year

7

464,406

486,956

NET CURRENT ASSETS

490,165

452,904

TOTAL ASSETS LESS CURRENT LIABILITIES

2,321,202

2,284,262

CREDITORS

Amounts falling due after more than one year

8

955,468

971,114

NET ASSETS

1,365,734

1,313,148

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

11

600,000

600,000

Retained earnings

11

765,634

713,048

SHAREHOLDERS' FUNDS

1,365,734

1,313,148

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 director acknowledges his 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 director on 13 December 2019 and were signed by:

Mr A Nicola - Director

1.	STATUTORY INFORMATION

Pact 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 represent gross invoiced sales of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair

value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

22,232

3,085

25,317

DEPRECIATION

At 1 April 2018

20,774

2,671

23,445

Charge for year

218

103

321

At 31 March 2019

20,992

2,774

23,766

NET BOOK VALUE

At 31 March 2019

1,240

311

1,551

At 31 March 2018

1,458

414

1,872

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

1,829,486

NET BOOK VALUE

At 31 March 2019

1,829,486

At 31 March 2018

1,829,486

Fair value at 31 March 2019 is represented by:

£

Valuation in 2005

50,000

Valuation in 2007

50,000

Valuation in 2018

500,000

Cost

1,229,486

1,829,486

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

17,541

36,164

Directors' loan accounts

901,536

888,213

919,077

924,377

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

431,003

460,239

Corporation tax payable

12,408

14,967

Accrued expenses

20,995

11,750

464,406

486,956

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans more 5 yr by instal

450,992

464,768

Directors' loan accounts

504,476

506,346

955,468

971,114

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

450,992

464,768

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

881,995

925,007

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2018

713,048

600,000

1,313,048

Profit for the year

52,586

52,586

At 31 March 2019

765,634

600,000

1,365,634

12.	RELATED PARTY DISCLOSURES