Pedersen Properties Limited - Period Ending 2020-06-30
Pedersen Properties Limited - Period Ending 2020-06-30
Registration number:
Pedersen Properties Limited
for the Year Ended 30 June 2020
Pedersen Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pedersen Properties Limited
Company Information
Directors |
M Pedersen G Pedersen G Hughes C Blades |
Company secretary |
C Blades |
Registered office |
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Pedersen Properties Limited
(Registration number: 03353703)
Balance Sheet as at 30 June 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Pedersen Properties Limited
(Registration number: 03353703)
Balance Sheet as at 30 June 2020
.........................................
Director
Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03353703.
The address of its registered office is:
These financial statements cover the individual entity, Pedersen Properties Limited.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 subject to the departure detailed below.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Departure from requirements of FRS 102
No depreciation has been charged on freehold land and buildings as it is maintained to such a standard that it's residual value is not less than it's cost. Management have concluded that this does not affect the accounts from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation. |
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis. The balance sheet at 30 June 2020 shows net current liabilities. However, included in creditors due within one year are amounts due to the directors and related parties who have confirmed that these amounts will not be recalled at short notice and only when funds permit.
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services and the rental of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and 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 is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance basis |
Investment properties |
No depreciation is charged |
Freehold land and buildings |
No depreciation is charged |
Fixtures and fittings |
25% reducing balance basis |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from 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.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Properties under construction |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2019 |
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Additions |
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- |
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At 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
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- |
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Charge for the year |
- |
- |
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At 30 June 2020 |
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- |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Investment properties |
2020 |
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At 1 July |
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Additions |
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Disposals |
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At 30 June |
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Revaluation
The investment property class of fixed assets was revalued on 30 June 2020 by the directors who are internal to the company. The basis of this valuation was an open market value basis. The class of assets has a current value of £2,649,025 (2019 - £2,750,315) and a carrying amount at historical cost of £2,108,333 (2019 - £2,159,827). The depreciation on this historical cost is £135,516 (2019 - £135,516). The historical carrying amount at 30 June 2020 was £1,972,817 (2019 - £2,024,311).
Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2019 |
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Provision |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Stock |
2020 |
2019 |
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Stock |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
116,156 |
11,423 |
Total current trade and other debtors |
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Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Creditors |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
28,371 |
42,935 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank loans and overdrafts |
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2020 |
2019 |
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Current loans and borrowings |
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Bank loans and overdrafts |
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Other borrowings |
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Bank borrowings
The bank loans and overdrafts are secured by charges over the company's assets and personal guarantees given by the company's directors. |
Pedersen Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Related party transactions |
Expenditure with and payables to related parties
2020 |
Key management |
Other related parties |
Amounts payable to related party |
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2019 |
Key management |
Other related parties |
Amounts payable to related party |
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