Preston City Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05844929 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th April 2020

for

Preston City Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Bretherton

Mrs V Bretherton

SECRETARY:

Mrs V Bretherton

REGISTERED OFFICE:

Black Bull House

353-355 Station Road

Bamber Bridge

Preston

Lancashire

PR5 6EE

REGISTERED NUMBER:

05844929 (England and Wales)

ACCOUNTANTS:

Robin Oatridge & Co Limited

Chartered Certified Accountants

Black Bull House

353-355 Station Road

Bamber Bridge

Preston

Lancashire

PR5 6EE

FIXED ASSETS

Tangible assets

4

293,461

214,739

Investments

5

10,000

10,000

303,461

224,739

CURRENT ASSETS

Stocks

372,000

372,000

Cash at bank

11,869

10,864

383,869

382,864

CREDITORS

Amounts falling due within one year

6

49,397

24,643

NET CURRENT ASSETS

334,472

358,221

TOTAL ASSETS LESS CURRENT LIABILITIES

637,933

582,960

CREDITORS

Amounts falling due after more than one year

7

390,043

370,000

NET ASSETS

247,890

212,960

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

247,790

212,860

SHAREHOLDERS' FUNDS

247,890

212,960

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 29th March 2021 and were signed on its behalf by:

Mr D J Bretherton - Director

1.	STATUTORY INFORMATION

Preston City 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.

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.

Turnover

Turnover represents net invoiced sales, excluding value added tax.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st May 2019

209,550

17,506

227,056

Additions

79,500

-

79,500

At 30th April 2020

289,050

17,506

306,556

DEPRECIATION

At 1st May 2019

-

12,317

12,317

Charge for year

-

778

778

At 30th April 2020

-

13,095

13,095

NET BOOK VALUE

At 30th April 2020

289,050

4,411

293,461

At 30th April 2019

209,550

5,189

214,739

5.	FIXED ASSET INVESTMENTS

The following was a subsidiary undertaking of the company:

Preston City Property Services Limited - holding 100% of issued share capital.

At the end of its latest financial year (31st August 2020) Preston City Property Services Limited had aggregate capital and reserves of £14,958 (2019 - £8,611).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

13,332

-

Amounts owed to group undertakings

17,603

10,554

Taxation and social security

7,315

4,837

Other creditors

11,147

9,252

49,397

24,643

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

230,543

-

Other creditors

159,500

370,000

390,043

370,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

177,215

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

243,875

-

Stock

-

347,000

243,875

347,000

The company has provided a fixed and floating charge over its assets as security for the bank loan.

9.	RELATED PARTY DISCLOSURES

Preston City Property Services Limited is 100% owned subsidiary of Preston City Properties Limited. As at 30th April 2020 the company owed Preston City Property Services Limited £17,603 in the form of a loan, no interest was charged on the loan (2019 - £10,554 and nil interest).

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr D J and Mrs V Bretherton.