PO (Estates) Limited Filleted accounts for Companies House (small and micro)

PO (ESTATES) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07527722

PO (Estates) Limited

Filleted Unaudited Financial Statements

31 March 2019

PO (Estates) Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		4,100,151	4,475,226

Current assets

Debtors	5	110,426	71,923
Cash at bank and in hand		1,028	10,948
		---------	--------
		111,454	82,871

Creditors: amounts falling due within one year	6	124,268		178,950
		---------		---------
Net current liabilities			12,814	96,079
			------------	------------
Total assets less current liabilities			4,087,337	4,379,147

Creditors: amounts falling due after more than one year	7	4,163,152	3,954,691
		------------	------------
Net (liabilities)/assets		( 75,815)	424,456
		------------	------------

Capital and reserves

Called up share capital	1	1
Revaluation reserve	( 1,380,830)	( 1,005,830)
Profit and loss account	1,305,014	1,430,285
	------------	------------
Shareholders (deficit)/funds	( 75,815)	424,456
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PO (Estates) Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:

Mr M D Booth

Director

Company registration number: 07527722

PO (Estates) Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Warnford Court, 29 Throgmorton Street, London, EC2N 2AT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The company's assets comprise investment property which generates rental income. The director notes the following in his deliberations on whether the going concern basis is appropriate for the financial statements. The director acknowledges that the circumstances of ther company present a material uncertainty and whilst the accounts are prepared on a going concern basis the director acknowledges that the validity of this basis depends on the continued support of the lenders.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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

4. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost or valuation
At 1 April 2018	4,475,000	504	4,475,504
Revaluations	( 375,000)	–	( 375,000)
	------------	----	------------
At 31 March 2019	4,100,000	504	4,100,504
	------------	----	------------
Depreciation
At 1 April 2018	–	278	278
Charge for the year	–	75	75
	------------	----	------------
At 31 March 2019	–	353	353
	------------	----	------------
Carrying amount
At 31 March 2019	4,100,000	151	4,100,151
	------------	----	------------
At 31 March 2018	4,475,000	226	4,475,226
	------------	----	------------

5. Debtors

	2019	2018
	£	£
Trade debtors	14,983	27,275
Amounts owed by group undertakings and undertakings in which the company has a participating interest	89,555	39,229
Other debtors	5,888	5,419
	---------	--------
	110,426	71,923
	---------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	38,850	22,662
Amounts owed to group undertakings and undertakings in which the company has a participating interest	22,364	102,606
Social security and other taxes	24,030	17,461
Other creditors	39,024	36,221
	---------	---------
	124,268	178,950
	---------	---------

The company's assets are secured by a fixed and floating cross charge through the group structure.

7. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,163,152	3,954,691
	------------	------------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M D Booth	500	300	800
	----	----	----

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M D Booth	–	500	500
	----	----	----

9. Related party transactions

The company was under the control of Mr M D Booth throughout the current and previous period. No dividends have been paid during the current or previous period. The ultimate controlling party is the parent company, WMPROP Group No 1 Limited, a company registered in England. WMPROP Group No 1 Limited is controlled by Mr M D Booth , the director of the company.