Philip Hughes Property Limited - Period Ending 2020-05-31

Philip Hughes Property Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Philip Hughes Property Limited

Balance Sheet

31 May 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	635,370	635,370
Current assets
Cash at bank and in hand		5,897	37,340
Creditors: Amounts falling due within one year	5	(247,075)	(332,316)
Net current liabilities		(241,178)	(294,976)
Total assets less current liabilities		394,192	340,394
Creditors: Amounts falling due after more than one year	5	(62,026)	(25,886)
Net assets		332,166	314,508
Capital and reserves
Called up share capital	7	10	10
Profit and loss account		332,156	314,498
Total equity		332,166	314,508

Philip Hughes Property Limited

Balance Sheet

31 May 2020

For the financial year ending 31 May 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 October 2020
 

......................................... P Hughes Director

Company Registration Number: 07438562

Philip Hughes Property Limited

Notes to the Financial Statements

Year Ended 31 May 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Ossemsley Fields
Ossemsley
Christchurch
Dorset
BH23 7EE

These financial statements were authorised for issue by the director on 5 October 2020.

2	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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

Despite the fact that the Balance Sheet shows net current liabilities, the financial statements have been prepared on a going concern basis, due to continued financial support from the director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Philip Hughes Property Limited

Notes to the Financial Statements

Year Ended 31 May 2020

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 corporation 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Philip Hughes Property Limited

Notes to the Financial Statements

Year Ended 31 May 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

4	Investment properties

	2020 £
At 1 June	635,370

There has been no valuation of investment property by an independent valuer.

Philip Hughes Property Limited

Notes to the Financial Statements

Year Ended 31 May 2020

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	6	95,391	12,841
Corporation tax		4,142	5,148
Other creditors		145,922	312,719
Accrued expenses		1,620	1,608
		247,075	332,316

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	6	62,026	25,886

6	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	62,026	25,886

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	95,391	12,841

Bank borrowings

The bank borrowings are secured by fixed and floating charges over the properties owned by the company.

Philip Hughes Property Limited

Notes to the Financial Statements

Year Ended 31 May 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10