| PRO'SHEA LIMITED |
| Registered number: |
10789318 |
| Statement of Financial Position |
| as at 31 May 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Investment Property |
2 |
|
|
3,049,277 |
|
|
2,827,056 |
|
| Current assets |
| Debtors |
3 |
|
3 |
|
|
3 |
| Cash at bank and in hand |
|
|
4,423 |
|
|
19,115 |
|
|
|
4,426 |
|
|
19,118 |
|
| Creditors: amounts falling due within one year |
4 |
|
(1,511,656) |
|
|
(1,251,530) |
|
| Net current liabilities |
|
|
|
(1,507,230) |
|
|
(1,232,412) |
|
| Total assets less current liabilities |
|
|
|
1,542,047 |
|
|
1,594,644 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(1,506,332) |
|
|
(1,567,307) |
|
|
|
| Net assets |
|
|
|
35,715 |
|
|
27,337 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Profit and loss account |
|
|
|
34,715 |
|
|
26,337 |
|
| Shareholders' funds |
|
|
|
35,715 |
|
|
27,337 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mrs L O'Shea |
| Director |
| Approved by the board on 20 December 2019 |
|
| PRO'SHEA LIMITED |
| Notes to the Accounts |
| for the year ended 31 May 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
|
|
Investment Property |
|
Investment Property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Investment Property |
|
| £ |
|
Fair Value |
|
At 1 June 2018 |
2,827,056 |
|
Additions |
222,221 |
|
At 31 May 2019 |
3,049,277 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2019 |
3,049,277 |
|
At 31 May 2018 |
2,827,056 |
|
|
| 3 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Other debtors |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
126,083 |
|
123,461 |
|
Trade creditors |
2,564 |
|
2,105 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
991,698 |
|
539,772 |
|
Taxation and social security costs |
1,965 |
|
6,178 |
|
Other creditors |
389,346 |
|
580,014 |
|
|
|
|
|
|
1,511,656 |
|
1,251,530 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans |
1,506,332 |
|
1,567,307 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Secured Debts |
2019 |
|
2018 |
|
The following secured debts are included within creditors |
£ |
£ |
|
|
|
Secured bank loans |
(1,632,415) |
|
(1,690,768) |
|
|
|
|
|
|
|
|
|
|
A debenture over the assets of Pro'Shea Limited.
Legal charges over:
110 Poplar Grove, 12 Tonbridge Road, 54 Buckland Road, 27 Ashford Road. |
|
|
| 7 |
Other information |
|
|
PRO'SHEA LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
123 Boxley Road |
|
Maidstone |
|
Kent |
|
ME14 2TJ |
