Company No: 10335436 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Mrs J Proud
	Mr D J Proud
	Mr A R Proud
REGISTERED OFFICE	Chy Nyverow
	Newham Road
	Truro
	Cornwall
	TR1 2DP
	United Kingdom
COMPANY NUMBER	10335436(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Chy Nyverow
	Newham Road
	Truro
	TR1 2DP

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Proud Properties Cornwall Limited for the financial year ended 31 March 2020 which comprises the Balance Sheet and the related notes 1 to 7 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Proud Properties Cornwall 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 loss of Proud Properties Cornwall Limited. You consider that Proud Properties Cornwall Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Proud Properties Cornwall 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.

This report is made solely to the Board of Directors of Proud Properties Cornwall Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Proud Properties Cornwall Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Proud Properties Cornwall Limited and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

Chy Nyverow
Newham Road
Truro
TR1 2DP

30 March 2021

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	938,770		844,434
		938,770		844,434
Current assets
Debtors	4	479		7,076
Cash at bank and in hand		9,693		3,634
		10,172		10,710
Creditors
Amounts falling due within one year	5	( 523,664)		( 229,102)
Net current liabilities		(513,492)		(218,392)
Total assets less current liabilities		425,278		626,042
Creditors
Amounts falling due after more than one year	6	( 604,600)		( 636,400)
Provisions for liabilities		( 240)		( 287)
Net liabilities		( 179,562)		( 10,645)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 179,662 )		( 10,745 )
Total shareholder's deficit		( 179,562)		( 10,645)

For the financial year ending 31 March 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Proud Properties Cornwall Limited (registered number: 10335436) were approved and authorised for issue by the Board of Directors on 29 March 2021. They were signed on its behalf by:

Mr D J Proud Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Proud Properties Cornwall Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Proud Properties Cornwall Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £179,562. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directorsbelieve that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Freehold property - 2% straight line
Plant and machinery 25% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Income and Retained Earnings, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	3	3

3. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost/Valuation
At 01 April 2019	862,365	3,000	865,365
Additions	489,651	0	489,651
Disposals	( 339,164)	0	( 339,164)
At 31 March 2020	1,012,852	3,000	1,015,852
Accumulated depreciation
At 01 April 2019	19,618	1,313	20,931
Charge for the financial year	10,557	422	10,979
Impairment losses	57,991	0	57,991
Disposals	( 12,819)	0	( 12,819)
At 31 March 2020	75,347	1,735	77,082
Net book value
At 31 March 2020	937,505	1,265	938,770
At 31 March 2019	842,747	1,687	844,434

4. Debtors

	2020	2019
	£	£
Amounts owed by Parent undertakings	100	100
Prepayments	379	6,976
	479	7,076

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	31,800	31,800
Trade creditors	5,532	6,145
Amounts owed to fellow subsidiaries	181,365	170,151
Amounts owed to directors	276,337	0
Accruals	22,449	18,177
Corporation tax	6,181	2,829
	523,664	229,102

The bank loan above is secured by fixed and floating charges over the company's assets.

6. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans (secured)	604,600	636,400
	604,600	636,400

The bank loan above is secured by fixed and floating charges over the company's assets.

7. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2019: 100 shares of £ 1.00 each)	100	100
	100	100