P.R.N. Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04997883 (England and Wales)

P.R.N. Properties Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P S Rowbotham

REGISTERED OFFICE:

Owthorne Manor

2 Hubert Street

Withernsea

East Yorkshire

HU19 2AT

REGISTERED NUMBER:

04997883 (England and Wales)

ACCOUNTANTS:

Southgates

Chartered Certified Accountants

Owthorne Manor

2 Hubert Street

Withernsea

East Yorkshire

HU19 2AT

FIXED ASSETS

Tangible assets

4

411,953

412,019

CURRENT ASSETS

Debtors

5

17,504

17,506

Cash at bank

79,646

9,140

97,150

26,646

CREDITORS

Amounts falling due within one year

6

454,511

390,391

NET CURRENT LIABILITIES

(357,361

)

(363,745

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,592

48,274

PROVISIONS FOR LIABILITIES

13

21

NET ASSETS

54,579

48,253

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

7

39,102

39,102

Retained earnings

7

15,475

9,149

SHAREHOLDERS' FUNDS

54,579

48,253

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 12 October 2020 and were signed by:

Mr P S Rowbotham - Director

1.	STATUTORY INFORMATION

P.R.N. Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Fixtures and fittings

-

25% on reducing balance

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 January 2019

and 31 December 2019

411,757

1,175

412,932

DEPRECIATION

At 1 January 2019

-

913

913

Charge for year

-

66

66

At 31 December 2019

-

979

979

NET BOOK VALUE

At 31 December 2019

411,757

196

411,953

At 31 December 2018

411,757

262

412,019

Cost or valuation at 31 December 2019 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2015

9,267

-

9,267

Valuation in 2016

14,835

-

14,835

Valuation in 2017

15,000

-

15,000

Cost

372,655

1,175

373,830

411,757

1,175

412,932

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

2019

2018

£

£

Cost

372,655

372,655

Value of land in freehold land and buildings

411,757

411,757

Freehold property was valued on an open market basis on 31 December 2019 by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,670

1,670

Other debtors

15,604

15,604

Prepayments

230

232

17,504

17,506

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

890

232

Tax

1,526

583

S A Pharmacy Limited loan

435,629

388,129

Directors' current accounts

15,613

569

Accruals

853

878

454,511

390,391

7.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2019

9,149

39,102

48,251

Profit for the year

6,326

6,326

At 31 December 2019

15,475

39,102

54,577

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P S Rowbotham.