Plan Investments Limited - Accounts to registrar (filleted) - small 18.2

PLAN INVESTMENTS LIMITED

Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

S Georgiades

R Georgiades

Registered office:

Prospero

73 London Road

Redhill

Surrey

RH1 1LQ

Registered number:

04581281 (England and Wales)

Accountants:

Haines Watts

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

4,707

6,276

Investment property

5

4,705,000

4,705,000

4,709,707

4,711,276

Current assets

Debtors

6

24,261

25,566

Cash at bank and in hand

10,956

21,105

35,217

46,671

Creditors

Amounts falling due within one year

7

886,126

794,255

Net current liabilities

(850,909

)

(747,584

)

Total assets less current liabilities

3,858,798

3,963,692

Creditors

Amounts falling due after more than one year

8

(1,651,695

)

(1,704,421

)

Provisions for liabilities

10

(311,145

)

(311,443

)

Net assets

1,895,958

1,947,828

Capital and reserves

Called up share capital

11

100

100

Retained earnings

12

1,895,858

1,947,728

Shareholders' funds

1,895,958

1,947,828

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 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 21 December 2020 and were signed on its behalf by:

R Georgiades - Director

1.	Statutory information

Plan 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 as modified by the revaluation of certain assets.

Turnover

Turnover comprises revenue recognised by the company in respect of rents receivable, exclusive of Value Added Tax and trade discount. Turnover is recognised on an accruals basis.

Tangible fixed assets

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

Office equipment

-

25% on 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 profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow affiliate companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 NIL (2018 - NIL).

4.	Tangible fixed assets

Office

equipment

£

Cost

At 1 January 2019

and 31 December 2019

92,721

Depreciation

At 1 January 2019

86,445

Charge for year

1,569

At 31 December 2019

88,014

Net book value

At 31 December 2019

4,707

At 31 December 2018

6,276

5.	Investment property

Total

£

Fair value

At 1 January 2019

and 31 December 2019

4,705,000

Net book value

At 31 December 2019

4,705,000

At 31 December 2018

4,705,000

Fair value at 31 December 2019 is represented by:

£

Valuation in 2011

108,000

Valuation in 2013

455,669

Valuation in 2014

370,000

Valuation in 2018

775,000

Cost

2,996,331

4,705,000

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

23,960

24,154

Other debtors

301

1,412

24,261

25,566

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans

52,400

49,710

Trade creditors

11,560

9,279

Taxation and social security

571

17,477

Other creditors

821,595

717,789

886,126

794,255

8.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans

1,651,695

1,704,421

Amounts falling due in more than five years:

Repayable otherwise than by instalments

5 years by non-instalments

1,157,714

1,157,714

Repayable by instalments

5 years by instalments

249,443

311,942

9.	Secured debts

The mortgages are secured against the properties to which they relate.

A guarantee and debenture to Barclays Bank plc have been granted, on behalf of Plan Investments Limited, by companies under common control in order to facilitate the purchase of freehold properties.

10.	Provisions for liabilities

2019

2018

£

£

Deferred tax

Accelerated capital allowances

(656

)

(358

)

Other timing differences

311,801

311,801

311,145

311,443

Deferred tax

£

Balance at 1 January 2019

311,443

Utilised during year

(298

)

Balance at 31 December 2019

311,145

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

12.

Reserves

Retained

earnings

£

At 1 January 2019

1,947,728

Deficit for the year

(51,870

)

At 31 December 2019

1,895,858

At the year end £1,561,419 (2018: £1,561,419) of the total retained earnings are non-distributable, relating to fair value movements on investment property valuations.

13.	Related party disclosures

Included in creditors is an amount of £812,567 (2018: £712,239) owed to companies under common control.