YROP Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11850316 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 27 FEBRUARY 2019 TO 31 MARCH 2020

FOR

YROP PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C L Pryor

C J Pryor

G J Pryor

J L Pryor

SECRETARY:

C L Pryor

REGISTERED OFFICE:

Cecil House

Foster Street

Harlow

Essex

CM17 9HY

REGISTERED NUMBER:

11850316 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

4

25,354

Investments

5

36,242

Investment property

6

3,405,000

3,466,596

CURRENT ASSETS

Debtors

7

34,235

Cash at bank and in hand

78,153

112,388

CREDITORS

Amounts falling due within one year

8

152,553

NET CURRENT LIABILITIES

(40,165

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,426,431

CREDITORS

Amounts falling due after more than one year

9

8,556

NET ASSETS

3,417,875

CAPITAL AND RESERVES

Called up share capital

18,122

Share premium

3,423,122

Retained earnings

(23,369

)

3,417,875

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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 8 December 2020 and were signed on its behalf by:

C J Pryor - Director

1.	STATUTORY INFORMATION

YROP 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable from company's investment properties, net of discounts and value added taxes.

Revenue is recognised in the accounting period in which the services were rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

Additions

30,800

1,071

31,871

At 31 March 2020

30,800

1,071

31,871

DEPRECIATION

Charge for period

6,160

357

6,517

At 31 March 2020

6,160

357

6,517

NET BOOK VALUE

At 31 March 2020

24,640

714

25,354

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

30,800

At 31 March 2020

30,800

DEPRECIATION

Charge for period

6,160

At 31 March 2020

6,160

NET BOOK VALUE

At 31 March 2020

24,640

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

36,242

At 31 March 2020

36,242

NET BOOK VALUE

At 31 March 2020

36,242

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Pryor Developments Limited

Registered office: Cecil House, Foster Street, Harlow Common, Harlow, Essex, CM17 9HY

Nature of business: Property Management

%

Class of shares:

holding

Ordinary

100.00

2020

£

Aggregate capital and reserves

1,796,338

Profit for the period

66,652

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

3,405,000

At 31 March 2020

3,405,000

NET BOOK VALUE

At 31 March 2020

3,405,000

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

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

8,384

Other debtors

25,851

34,235

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Hire purchase contracts

5,133

Trade creditors

13,977

Amounts owed to group undertakings

119,059

Taxation and social security

1,382

Other creditors

13,002

152,553

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Hire purchase contracts

8,556

10.	SECURED DEBTS

The following secured debts are included within creditors:

£

Hire purchase contracts

13,689

Hire purchase contracts are secured on the assets to which they relate.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2020:

£

J L Pryor

Balance outstanding at start of period

-

Amounts advanced

1,527

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

1,527

The loan was interest free and repaid within 9 months of the period end.

12.	RELATED PARTY DISCLOSURES

On 15 July 2019, as a consequence of its liquidation, investment properties of £3,405,000 were transferred from Gaunts End Limited in exchange for the issue of shares in Yrop Properties Limited to its shareholders. The difference between the value of the assets and the issued shares has been taken to share premium.

13.	POST BALANCE SHEET EVENTS

As at the date of signing these accounts, the UK has come out of covid-19 strict lockdown measures but social distancing measures are continuing. There is still some uncertainty at this time as to when the situation will return to some form of normality.

The main financial risk to the company during the pandemic has been rent collection and letting of land and buildings. Overall, there has been no impact, however, the Directors will continue to monitor and manage the situation.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C J Pryor.