P&P Property Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09753160 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

P&P Property Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S Petrasso

F Pipia

V Pipia

REGISTERED OFFICE:

253 High Street

Waltham Cross

Hertfordshire

EN8 7BE

REGISTERED NUMBER:

09753160 (England and Wales)

ACCOUNTANTS:

Hall & Co Accountancy Ltd

Unit 96

The Maltings Business Centre

The Maltings

Stanstead Abbotts

Hertfordshire

SG12 8HG

FIXED ASSETS

Investment property

4

328,077

328,077

CURRENT ASSETS

Stocks

576,236

569,968

Debtors

5

3,661

113

Cash at bank

9,053

4,788

588,950

574,869

CREDITORS

Amounts falling due within one year

6

16,523

11,092

NET CURRENT ASSETS

572,427

563,777

TOTAL ASSETS LESS CURRENT LIABILITIES

900,504

891,854

CREDITORS

Amounts falling due after more than one year

7

899,475

894,372

NET ASSETS/(LIABILITIES)

1,029

(2,518

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,027

(2,520

)

SHAREHOLDERS' FUNDS

1,029

(2,518

)

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

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

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2020 and were signed on its behalf by:

F Pipia - Director

S Petrasso - Director

V Pipia - Director

1.	STATUTORY INFORMATION

P&P Property Investments 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.

Turnover

Turnover represents Rents receivable excluding Value Added Tax from its investment and trading property portfolio.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - NIL ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2019

and 31 August 2020

328,077

NET BOOK VALUE

At 31 August 2020

328,077

At 31 August 2019

328,077

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Rent in arrears

2,323

-

Other debtors

113

113

VAT

1,225

-

3,661

113

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Rent paid in advance

1,003

1,002

Tax

750

150

Directors' current accounts

8,557

8,557

Accrued expenses

6,213

1,383

16,523

11,092

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans more than 5 years

571,019

571,019

Bank loans - 2-5 years

10,000

-

Other loans - 1-2 years

30,000

30,000

Directors' loan accounts

288,456

293,353

899,475

894,372

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.20

31.8.19

£

£

Bank loans

581,019

571,019

First legal charges taken over the properties known as 73 Rushfield, Potters Bar and 129 Crossbrook St, Cheshunt.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P&P Property Investments Limited for the year ended 31 August 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of P&P Property Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P&P Property Investments Limited and state those matters that we have agreed to state to the Board of Directors of P&P Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P&P Property Investments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P&P Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P&P Property Investments Limited. You consider that P&P Property Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of P&P Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hall & Co Accountancy Ltd

Unit 96

The Maltings Business Centre

The Maltings

Stanstead Abbotts

Hertfordshire

SG12 8HG

15 December 2020