Petite Maison Limited 31/05/2019 iXBRL

Petite Maison Limited 31/05/2019 iXBRL

PETITE MAISON LIMITED - Company Information

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Company registration number: 04435319
Petite Maison Limited
Unaudited filleted financial statements
for the year ended 31 May 2019
Petite Maison Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Petite Maison Limited
Directors and other information
Directors Mrs S Smith
Mr M Smith
Secretary Mrs S Smith
Company number 04435319
Registered office 64 Baker Street
London
W1U 7GB
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Petite Maison Limited
Statement of financial position
31 May 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 4,455,216 4,273,194
_______ _______
4,455,216 4,273,194
Current assets
Stocks 418,447 418,447
Debtors 6 48,178 52,943
Cash at bank and in hand 9,445 10,420
_______ _______
476,070 481,810
Creditors: amounts falling due
within one year 7 ( 992,950) ( 962,508)
_______ _______
Net current liabilities ( 516,880) ( 480,698)
_______ _______
Total assets less current liabilities 3,938,336 3,792,496
Creditors: amounts falling due
after more than one year 8 ( 2,762,892) ( 2,282,402)
Provisions for liabilities ( 46,175) ( 98,071)
_______ _______
Net assets 1,129,269 1,412,023
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,129,267 1,412,021
_______ _______
Shareholders funds 1,129,269 1,412,023
_______ _______
For the year ending 31 May 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 14 February 2020 , and are signed on behalf of the board by:
Mr M Smith
Director
Company registration number: 04435319
Petite Maison Limited
Notes to the financial statements
Year ended 31 May 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 64 Baker Street, London, W1U 7GB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based on a proportion of the total expected consideration at completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 0 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is measured at the lower of cost and estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 June 2018 4,273,194 4,273,194
Additions 455,300 455,300
Revaluation ( 273,278) ( 273,278)
_______ _______
At 31 May 2019 4,455,216 4,455,216
_______ _______
Depreciation
At 1 June 2018 and 31 May 2019 - -
_______ _______
Carrying amount
At 31 May 2019 4,455,216 4,455,216
_______ _______
At 31 May 2018 4,273,194 4,273,194
_______ _______
The properties were restated at Fair Value at the year end date by the director, M Smith. The director does not hold any professional property surveying qualification but relies on his vast business experience to value the properties.
6. Debtors
2019 2018
£ £
Trade debtors - 3,471
Amounts owed by related parties 37,600 39,254
Other debtors 10,578 10,218
_______ _______
48,178 52,943
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 22,146 14,756
Trade creditors 24,364 15,861
Corporation tax 6,949 19,926
Social security and other taxes 60 -
Other creditors 939,431 911,965
_______ _______
992,950 962,508
_______ _______
Loans advanced to the company are secured against the properties owned by the company.
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 2,762,892 2,282,402
_______ _______
Loans advanced to the company are secured against the properties owned by the company.