Praetorian_Properties_Ltd_31_Dec_2019_companies_house_set_of_accounts.html
Praetorian_Properties_Ltd_31_Dec_2019_companies_house_set_of_accounts.html
Company registration number:
Chartered Certified Accountants
Unit 10 Spitfire Business Park, Hawker Rd, Croydon, CR0 4WD, United Kingdom
Officers and Professional Advisers
Year ended 31 December 2019
| Director |
| Company secretary |
| Registered office |
| Accountant | |
| Chartered Certified Accountants | |
| Unit 10 Spitfire Business ParkHawker RdCroydonCR0 4WDUnited Kingdom |
Director's Report
Year ended 31 December 2019
The director presents the report and the unaudited financial statements of the company for the year ended 31 December 2019.
Directors
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 April 2020 and signed on behalf of the board by:
| Director |
Report to the board of directors on the preparation of the unaudited statutory financial statements of Praetorian Properties Ltd
Year ended 31 December 2019
As described on the statement of financial position, the Board of Directors of Praetorian Properties Ltd are responsible for the preparation of the financial statements for the year ended 31 December 2019 , which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Chartered Certified Accountants
Unit 10 Spitfire Business ParkHawker RdCroydonCR0 4WDUnited Kingdom
Date:
9 April 2020
Income Statement
Year ended 31 December 2019
| 2019 | 2018 | |||
|---|---|---|---|---|
| £ | £ | |||
| Turnover |
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| Gross profit |
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| Administrative expenses |
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| Operating profit |
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| Other interest receivable and similar income |
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| Interest payable and similar expenses |
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| Profit before tax |
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| Tax on profit |
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| Profit for the financial year |
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Statement of Total Comprehensive Income
Year ended 31 December 2019
| 2019 | 2018 | |||
|---|---|---|---|---|
| £ | £ | |||
| Profit for the financial year |
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| Revaluation of tangible assets |
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| Total comprehensive income |
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Statement of Financial Position
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Current assets | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 7 |
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| Net current liabilities |
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| Total assets less current liabilities | 9,490,522 | 16,096,686 | |||
| Creditors: amounts falling due after more than one year | 8 |
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| Provisions for liabilities | - |
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| Net assets |
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| Capital and reserves | |||||
| Called up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 31 December 2019 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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'.
These financial statements were approved by the board of directors and authorised for issue on 9 April 2020 , and are signed on behalf of the board by:
| Director |
Company registration number:
06646343
Statement of Changes in Equity
Year ended 31 December 2019
| Called up share capital | Revaluation reserve | Profit and loss account | Total | |||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||||
| At 1 January 2018 |
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| Profit for the year | - | - | 345,938 | 345,938 | ||||
| Other comprehensive income for the year: | ||||||||
| Revaluation of tangible assets | - | ( | ) | - | ( | ) | ||
| Total comprehensive income for the year | - | ( | ) |
| Dividends declared and paid or payable during the year | - | - | ( | ) | ( | ) | ||
| Total investments by and distributions to owners | - | - | ( | ) | ( | ) |
| At 31 December 2018 and | ||||||||
| Profit for the year | - | - | 1,578,737 | 1,578,737 | ||||
| Other comprehensive income for the year: | ||||||||
| Revaluation of tangible assets | - | ( | ) | - | ( | ) | ||
| Total comprehensive income for the year | - | ( | ) |
| At |
Notes to the Financial Statements
Year ended 31 December 2019
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Unit F , 61 Albert Road North , Reigate , Surrey , RH2 9EL , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.These are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.
Turnover
Current tax
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.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Land and buildings | |
| Plant and machinery |
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Provisions for liabilities
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.
4 Average number of employees
The average number of persons employed by the company during the year was 1 (2018: 1.00 ).
5 Tangible assets
| Land and buildings | Plant and machinery etc. | Total | ||||
|---|---|---|---|---|---|---|
| £ | £ | £ | ||||
| Cost | ||||||
| At |
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| Additions |
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- |
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| Disposals |
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| At |
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- |
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| Depreciation | ||||||
| At |
- |
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| Disposals | - |
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| At |
- | - | - | |||
| Carrying amount | ||||||
| At |
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- |
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| At 31 December 2018 |
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Tangible assets held at valuation
In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
| Land and buildings | Land and buildings | |||
|---|---|---|---|---|
| 2019 | 2018 | |||
| £ | £ | |||
| Aggregate historical cost | 8,695,251 | 14,888,117 | ||
| Carrying amount | 8,695,251 | 14,888,117 | ||
6 Debtors
| 2019 | 2018 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors |
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7 Creditors: amounts falling due within one year
| 2019 | 2018 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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8 Creditors: amounts falling due after more than one year
| 2019 | 2018 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts |
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| Other creditors |
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As security for loans advanced by Svenska Handelsbanken AB (PUBL) the following charges have been granted: Fixed charge over the estates or interest in any freehold or leasehold property in England and Wales belonging to the company. Floating charge over all the company's undertakings, property, rights and assets other than any property, rights or assets charged by way of a fixed charge.
9 Controlling party
The ultimate controlling party is Mr R Davis, the managing director and holder of 100% of the issued share capital.