Philander Inns Limited - Limited company accounts 20.1
Philander Inns Limited - Limited company accounts 20.1
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 |
| FOR |
| PHILANDER INNS LIMITED |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| PHILANDER INNS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Dean House |
| 94 Whiteladies Road |
| Clifton |
| Bristol |
| BS8 2QX |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| The directors present their report with the financial statements of the company for the year ended 31 October 2020. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of furnished lettings. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2019 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| BY ORDER OF THE BOARD: |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 31.10.20 | 31.10.19 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING (LOSS)/PROFIT | 4 | ( |
) |
| Gain/loss on revaluation of investment property |
- |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 5 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| BALANCE SHEET |
| 31 OCTOBER 2020 |
| 31.10.20 | 31.10.19 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Capital redemption reserve |
| Profit & Loss Account |
| SHAREHOLDERS' FUNDS |
| 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 accounts were approved the Board of Directors and authorised for issue on |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 1. | STATUTORY INFORMATION |
| Philander Inns Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have considered the effects of the current Coronavirus pandemic on the business and whilst the current level of uncertainty may have a short term impact on cash flow it should not impact on long term viability. |
| Turnover |
| Turnover comprises rental income and is measured at the fair value of consideration receivable. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment properties are measured at fair value. Gains and losses arising from changes in fair value are included in the Income Statement in the period in which they occur. Deferred tax is recognised on these movements. |
| Plant & machinery is depreciated at 15% on the reducing balance to write off each asset over its estimated useful life. |
| 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 (2019 - NIL). |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 4. | OPERATING (LOSS)/PROFIT |
| The operating loss (2019 - operating profit) is stated after charging: |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Depreciation - owned assets |
| 5. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on (loss)/profit | ( |
) |
| 6. | TANGIBLE FIXED ASSETS |
| Investment | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2019 |
| Revaluations |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| Freehold investment properties were revalued at their far value at 31 October 2020 by the directors. If freehold investment properties had not been revalued they would have been included at cost of £67,534 (£67,534 : 2019). |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| PHILANDER INNS LIMITED (REGISTERED NUMBER: 00938117) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Other creditors |
| Accruals and deferred income |
| 9. | PROVISIONS FOR LIABILITIES |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Deferred tax |
| Other timing differences | 44,073 | 77,000 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2019 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 October 2020 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
| value: | £ | £ |
| Ordinary | £1 | 2,000 | 2,000 |