Company No: 08023155 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	Mrs L A Price
	Mr R J A Price
REGISTERED OFFICE	C/O Bishop Fleming LLP
	Chy Nyverow
	Newham Road
	Truro
	Cornwall
	TR1 2DP
	United Kingdom
COMPANY NUMBER	08023155(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Chy Nyverow
	Newham Road
	Truro
	TR1 2DP

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Price Properties Limited for the financial year ended 31 March 2020 which comprises the Statement of Financial Position and the related notes 1 to 8 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Price Properties 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 Price Properties Limited. You consider that Price Properties Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Price Properties 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.

This report is made solely to the Board of Directors of Price Properties Limited, as a body, in accordance with the terms of our engagement letter dated 30 April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Price Properties Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Price Properties Limited and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

Chy Nyverow
Newham Road
Truro
TR1 2DP

21 December 2020

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	683		804
		683		804
Current assets
Stocks		2,175,662		1,882,657
Debtors	4	9,161		147,677
Cash at bank and in hand	5	11,891		3,566
		2,196,714		2,033,900
Creditors
Amounts falling due within one year	6	( 1,643,789)		( 1,549,174)
Net current assets		552,925		484,726
Total assets less current liabilities		553,608		485,530
Creditors
Amounts falling due after more than one year	7	( 25,000)		0
Provisions for liabilities		( 130)		( 137)
Net assets		528,478		485,393
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		528,378		485,293
Total shareholders' funds		528,478		485,393

For the financial year ending 31 March 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Price Properties Limited (registered number: 08023155) were approved and authorised for issue by the Board of Directors on 16 December 2020. They were signed on its behalf by:

Mrs L A Price Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Price Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales, registered number 08023155. The address of the Company's registered office is C/O Bishop Fleming LLP, Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Price Properties Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. The financial statements are rounded to the nearest £1 throughout.

Going concern

The directors have assessed the Statement of financial position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

In particular, the directors have assessed the impact of COVID-19 on the company's ability to continue as a going concern. Given that the company's income arises from property development, the directors have assessed the impact of COVID-19 to be minimal. The directors are confident that the company's properties remain viable.

The financial impact of COVID-19 has been assessed by the directors and they believe there are sufficient resources to address any financial impact. On this basis, the directors have concluded it is appropriate that the financial statements have been prepared on a going concern basis. The directors' assumptions and outlook assumes that COVID-19 causes no long-term material unanticipated changes to the business model. The financial statements do not reflect any adjustments that would be necessary should the long-term ability of the company be jeopardised due to the current COVID-19 situation.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line,reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings - 15% reducing balance
Computer equipment - 15% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	6	6

3. Tangible assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost/Valuation
At 01 April 2019	830	452	1,282
At 31 March 2020	830	452	1,282
Accumulated depreciation
At 01 April 2019	321	157	478
Charge for the financial year	77	44	121
At 31 March 2020	397	202	599
Net book value
At 31 March 2020	433	250	683
At 31 March 2019	509	295	804

4. Debtors

	2020	2019
	£	£
Trade debtors	199	3,134
Other debtors	8,962	144,543
	9,161	147,677

5. Cash and cash equivalents

	2020	2019
	£	£
Cash at bank and in hand	11,891	3,566
	11,891	3,566

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	4,465	3,774
Other creditors	1,629,138	1,527,128
Corporation tax	10,186	18,272
	1,643,789	1,549,174

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	25,000	0
	25,000	0

Other creditors above represents loans which are secured by fixed charges over the company's assets.

8. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2019: 100 shares of £ 1.00 each)	100	100
	100	100