01 Property Investment Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06291865 (England and Wales)

01 Property Investment Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M G Lower

Mrs G E Lower

SECRETARY:

M G Lower

REGISTERED OFFICE:

The Old Factory

30-31 Devonshire Place

Brighton

East Sussex

BN2 1QB

REGISTERED NUMBER:

06291865 (England and Wales)

ACCOUNTANTS:

M Goddard & Co

Chartered Accountants

69 Tupwood Lane

Caterham

Surrey

CR3 6DD

FIXED ASSETS

Intangible assets

4

140,521

164,271

Tangible assets

5

8,235,000

8,047,391

8,375,521

8,211,662

CURRENT ASSETS

Debtors

355,156

88,772

Cash at bank

-

703

355,156

89,475

CREDITORS

Amounts falling due within one year

364,302

171,562

NET CURRENT LIABILITIES

(9,146

)

(82,087

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,366,375

8,129,575

CREDITORS

Amounts falling due after more than one year

6

(3,531,992

)

(3,427,341

)

PROVISIONS FOR LIABILITIES

(700,882

)

(665,158

)

NET ASSETS

4,133,501

4,037,076

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

4,133,500

4,037,075

SHAREHOLDERS' FUNDS

4,133,501

4,037,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 March 2021 and were signed on its behalf by:

M G Lower - Director

1.	STATUTORY INFORMATION

01 Property Investment Ltd 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 represents rents receivable and associated charges made to tenants, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of eight years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on cost

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.

Investment properties

Investment properties are not depreciated and are shown at market value at the year end date with the revalued amount being credited to the revenue reserves. All the companies properties are investment properties. Deferred tax has been calculated on the increase in property values with the charge being debited to revenue reserves and a deferred tax liability being shown on the balance sheet under provisions for liabilities.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2019

and 30 June 2020

190,000

AMORTISATION

At 1 July 2019

25,729

Amortisation for year

23,750

At 30 June 2020

49,479

NET BOOK VALUE

At 30 June 2020

140,521

At 30 June 2019

164,271

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 July 2019

8,120,677

Revaluations

200,000

At 30 June 2020

8,320,677

DEPRECIATION

At 1 July 2019

73,286

Charge for year

12,391

At 30 June 2020

85,677

NET BOOK VALUE

At 30 June 2020

8,235,000

At 30 June 2019

8,047,391

Cost or valuation at 30 June 2020 is represented by:

Totals

£

Valuation in 2012

570,896

Valuation in 2013

250,143

Valuation in 2014

545,559

Valuation in 2015

2,190,699

Valuation in 2016

398,499

Valuation in 2017

43,947

Valuation in 2018

(153,535

)

Valuation in 2019

(188,360

)

Valuation in 2020

200,000

Cost

4,462,829

8,320,677

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.6.20

30.6.19

£

£

Repayable by instalments

Bank loans more 5 yr by instal

2,641,616

2,624,949

7.	RELATED PARTY DISCLOSURES

M Lower, a director of the company owed the company £222,084 (2019:£24,522) at the year end. Interest has been charged on this loan at 3% per annum and the loan was repaid to the company by 15 October 2020. During the year the company had written off £64,250 of inter company loans.

8.	RETAINED EARNINGS

Under FRS 102 a revaluation reserve is no longer separately identifiable. The unrealised gains on revalued investment properties net of deferred tax amounts to £3,213,292 (2019:£3,051,292) and is included in retained earnings.