Pride Properties Manchester Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11217473 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020

FOR

PRIDE PROPERTIES MANCHESTER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A P Deering

REGISTERED OFFICE:

National House

80-82 Wellington Road North

Stockport

Cheshire

SK4 1HW

REGISTERED NUMBER:

11217473 (England and Wales)

ACCOUNTANTS:

Kay Johnson Gee Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

30,931

5,401

Investment property

5

486,162

470,162

517,093

475,563

CURRENT ASSETS

Cash at bank

200,096

17,170

CREDITORS

Amounts falling due within one year

6

(673,852

)

(484,395

)

NET CURRENT LIABILITIES

(473,756

)

(467,225

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,337

8,338

PROVISIONS FOR LIABILITIES

(3,040

)

-

NET ASSETS

40,297

8,338

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

40,197

8,238

SHAREHOLDERS' FUNDS

40,297

8,338

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27th August 2020 and were signed by:

A P Deering - Director

1.	STATUTORY INFORMATION

Pride Properties Manchester Limited is a private company, limited by shares, registered in England and Wales,

registration number 11217473. The address of the registered office and principal place of business is National

House, 80-82 Wellington Road North, Stockport, Cheshire, United Kingdom, SK4 1HW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover principally consists of income from the rental of commercial property. Turnover is recognised on a

straight line basis.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their

estimated useful lives, using the following methods:

- Fixtures and Fittings - 25% Straight Line

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to

determine whether there is any indication that any items of tangible fixed assets have suffered an impairment

loss. If any such indication exists, the recoverable amount of a tangible fixed asset is estimated in order to

determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable

amount of the tangible fixed asset, the Company estimates the recoverable amount of the cash-generating

unit to which the tangible fixed asset belongs.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated

at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st April 2019

7,202

Additions

27,925

At 31st March 2020

35,127

DEPRECIATION

At 1st April 2019

1,801

Charge for year

2,395

At 31st March 2020

4,196

NET BOOK VALUE

At 31st March 2020

30,931

At 31st March 2019

5,401

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2019

470,162

Revaluations

16,000

At 31st March 2020

486,162

NET BOOK VALUE

At 31st March 2020

486,162

At 31st March 2019

470,162

Fair value at 31st March 2020 is represented by:

£

Valuation in 2020

486,162

If the investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

470,162

-

The investment property was valued on an open market basis on 31st March 2020 by the director .

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to participating interests

671,332

483,673

Taxation and social security

-

722

Other creditors

2,520

-

673,852

484,395

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1.00

100

100

8.	RELATED PARTY DISCLOSURES

The Pride Planning Discretionary Trust

This trust is the parent company and 100% shareholder of Pride Properties Manchester Limited. At the year

end Pride Properties Manchester Limited owed £613,058 (2019 - £458,058) to the parent company.

Pride Planning Limited

Both Pride Planning Limited and Pride Properties Manchester Limited share the same directors. At the year

end Pride Properties Manchester Limited owed £58,274 (2019 - £25,615) to this related party.