Packers Row Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00344535 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

PACKERS ROW PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

C Hodkin

N J Hodkin

A M Booth

SECRETARY:

M Lowe

REGISTERED OFFICE:

74 Shaw Road

Heaton Moor

Stockport

Cheshire

SK4 4AN

REGISTERED NUMBER:

00344535 (England and Wales)

ACCOUNTANTS:

V.F.MATHER & CO CHARTERED ACCOUNTANTS

4 HOULDSWORTH SQUARE

REDDISH

STOCKPORT

Cheshire

SK5 7AF

BANKERS:

National Westminster Bank PLC

FIXED ASSETS

Tangible assets

4

11,448

1,127

Investments

5

29,559

28,368

Investment property

6

475,000

475,000

516,007

504,495

CURRENT ASSETS

Debtors

7

4,135

4,001

Cash at bank and in hand

18,890

23,458

23,025

27,459

CREDITORS

Amounts falling due within one year

8

7,442

6,860

NET CURRENT ASSETS

15,583

20,599

TOTAL ASSETS LESS CURRENT LIABILITIES

531,590

525,094

CREDITORS

Amounts falling due after more than one year

9

(4,400

)

(4,400

)

PROVISIONS FOR LIABILITIES

(16,365

)

(14,178

)

NET ASSETS

510,825

506,516

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

510,725

506,416

SHAREHOLDERS' FUNDS

510,825

506,516

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

The members have not required the company to obtain an audit of its financial statements for the year 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 March 2021 and were signed on its behalf by:

N J Hodkin - Director

1.	STATUTORY INFORMATION

General information

Packers Row Properties Limited is a company limited by shares, incorporated in England and Wales (registered number: 00344535). Its registered office is 74 Shaw Road, Heaton Moor, Stockport, Cheshire, SK4 4AN. The principal activity of the company throughout the year continued to be that of the letting of properties and the holding of investments.

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.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Significant judgements and estimates

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

There are not considered to be any significant accounting estimates or judgements required in the preparation of these financial statements.

The company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied.

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

Rental income is recognised over the period under which the property is leased.

Tangible fixed assets

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

Plant and machinery etc

-

20% 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.

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

Valuation of investments

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

1,409

Additions

13,255

At 31 March 2020

14,664

DEPRECIATION

At 1 April 2019

282

Charge for year

2,934

At 31 March 2020

3,216

NET BOOK VALUE

At 31 March 2020

11,448

At 31 March 2019

1,127

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2019

28,368

Revaluations

1,191

At 31 March 2020

29,559

NET BOOK VALUE

At 31 March 2020

29,559

At 31 March 2019

28,368

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

475,000

NET BOOK VALUE

At 31 March 2020

475,000

At 31 March 2019

475,000

The 2019 valuations were made by W T Parker & Sons (RICS) at 31 March 2011, on an open market value for existing use basis.

In the opinion of the directors, the valuation of the properties remains unchanged.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have measured as follows:

2020

2019

£

£

53,483

53,483

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

2,431

2,431

Other debtors

1,704

1,570

4,135

4,001

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Taxation and social security

1,528

1,956

Other creditors

5,914

4,904

7,442

6,860

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Other creditors

4,400

4,400

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

4,400

4,400

The share capital classified as debt represents 4,400 preference shares of £1 each (2019 4,400). The preference shares entitle the holder to a fixed dividend of 4.2% per annum and to a capital preference on winding up. They confer no further rights to participate in either profits or assets.

10.	DEFERRED TAXATION

2020

1019

£

£

At beginning of year

14,178

13,218

Charged to profit or loss

2,187

960

16,365

14,178

The provision for deferred taxation is made up as follows:

2020

2019

£

£

Accelerated capital allowances

2,175

214

Deferred tax on valuation of property and investments

14,190

13,964

16,365

14,178

11.

RESERVES

Profit & Loss account

Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, whilst previous UK GAAP stipulated that the surplus on revaluation of the property should be held in a revaluation reserve, which being an unrealised surplus, did not form part of the company's distributable reserves. FRS 102 requires that these surpluses, although still not distributable, be charged through the profit and loss account. Consequently, the profit and loss account reserve at 31 March 2020 includes a non-distributable amount of £435,530 (2019 £435,530).

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 Packers Row Properties Limited for the year ended 31 March 2020 which comprise the Statement of Income and Retained Earnings, 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 Packers Row Properties 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 Packers Row Properties Limited and state those matters that we have agreed to state to the Board of Directors of Packers Row Properties 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 Packers Row Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Packers Row 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 Packers Row Properties Limited. You consider that Packers Row Properties 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 Packers Row 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.

V.F.MATHER & CO CHARTERED ACCOUNTANTS

4 HOULDSWORTH SQUARE

REDDISH

STOCKPORT

Cheshire

SK5 7AF

9 March 2021