Paul Street Property Portfolio Limited - Period Ending 2020-07-31

Paul Street Property Portfolio Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

Paul Street Property Portfolio Limited

(Registration number: 10624167)
Balance Sheet as at 31 July 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	606,893	606,893
Current assets
Debtors	5	2,361	1,377
Cash at bank and in hand		7,338	7,358
		9,699	8,735
Creditors: Amounts falling due within one year	6	(192,333)	(196,509)
Net current liabilities		(182,634)	(187,774)
Total assets less current liabilities		424,259	419,119
Creditors: Amounts falling due after more than one year	6	(422,762)	(422,762)
Net assets/(liabilities)		1,497	(3,643)
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,397	(3,743)
Shareholders' funds/(deficit)		1,497	(3,643)

For the financial year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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 Board on 23 October 2020 and signed on its behalf by:
 

.........................................

R Pullin
Director

Paul Street Property Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
High Croft
133 High Street
Chapmanslade
Westbury
Wiltshire
BA13 4AW

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.

Revenue recognition

Turnover comprises the fair value of the revenue earned from the letting of properties owned by the company.

Tax

The tax expense for the period comprises current 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are recognised initially at the transaction price.

Borrowings

Paul Street Property Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Investment properties

	2020 £
	606,893

The Directors have considered the value of the investments properties at the year end and believe they are stated at a fair value.

5

Debtors

	2020 £	2019 £
Prepayments	2,361	1,377
	2,361	1,377

Paul Street Property Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

6

Creditors

Amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	780	6,168
Other creditors	190,549	190,341
Corporation tax	1,004	-
	192,333	196,509

Amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		422,762	422,762

Paul Street Property Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Other borrowings	422,762	422,762

Other borrowings

The carrying amount of Loans and borrowings at year end is £422,762 (2019 - £422,762). The loans and borrowings are secured over a floating charge covering all property and undertakings of the company.