Property Plus (Devon) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11010717 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Property Plus (Devon) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

C M Jackson

REGISTERED OFFICE:

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

REGISTERED NUMBER:

11010717 (England and Wales)

ACCOUNTANTS:

Kirk Hills Chartered Accountants

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

FIXED ASSETS

Tangible assets

4

1,539

1,933

Investment property

5

2,221,244

1,849,174

2,222,783

1,851,107

CURRENT ASSETS

Debtors

6

21,767

18,946

Cash at bank

413,180

251,337

434,947

270,283

CREDITORS

Amounts falling due within one year

7

1,223,363

856,784

NET CURRENT LIABILITIES

(788,416

)

(586,501

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,434,367

1,264,606

CREDITORS

Amounts falling due after more than one year

8

1,429,711

1,264,023

NET ASSETS

4,656

583

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,556

483

4,656

583

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 April 2021 and were signed by:

C M Jackson - Director

1.	STATUTORY INFORMATION

Property Plus (Devon) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The director continues to provide the company with a loan which is included within other creditors. The director considers that the company will continue to be able to meet it's liabilities as they fall due. Accordingly, the accounts have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

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 properties have been valued by the director at market values with any gains or losses being reported through the profit and loss account.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortisation 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 debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortisation cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

and 31 December 2020

1,966

DEPRECIATION

At 1 January 2020

33

Charge for year

394

At 31 December 2020

427

NET BOOK VALUE

At 31 December 2020

1,539

At 31 December 2019

1,933

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

1,849,174

Additions

343,146

Revaluations

28,924

At 31 December 2020

2,221,244

NET BOOK VALUE

At 31 December 2020

2,221,244

At 31 December 2019

1,849,174

Fair value at 31 December 2020 is represented by:

£

Valuation in 2020

2,221,244

If investment property had not been revalued it would have been included at the following historical cost:

31.12.20

31.12.19

£

£

Cost

2,192,320

1,849,174

Investment property was valued on an open market basis on 31 December 2020 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Other debtors

21,767

18,946

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

52,921

46,484

Trade creditors

(1

)

-

Other creditors

1,170,443

810,300

1,223,363

856,784

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

1,429,711

1,264,023

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,429,711

1,264,023

The following reproduces the text of the report prepared for the director 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 Director 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 Property Plus (Devon) Ltd for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 director of Property Plus (Devon) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Property Plus (Devon) Ltd and state those matters that we have agreed to state to the director of Property Plus (Devon) Ltd 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 Property Plus (Devon) Ltd and its director for our work or for this report.

It is your duty to ensure that Property Plus (Devon) Ltd 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 Property Plus (Devon) Ltd. You consider that Property Plus (Devon) Ltd 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 Property Plus (Devon) Ltd. 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.

Kirk Hills Chartered Accountants

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

Date: .............................................