Pyramid Properties GB Limited 30/06/2020 iXBRL

Pyramid Properties GB Limited 30/06/2020 iXBRL

PYRAMID PROPERTIES (GB) LIMITED - Company Information

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Company registration number: 04395916
Pyramid Properties GB Limited
Unaudited filleted financial statements
30 June 2020
Pyramid Properties GB Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Pyramid Properties GB Limited
Directors and other information
Director Imran Ulhaq
Secretary Imran Ulhaq
Company number 04395916
Registered office 334B Hoe Street
Walthamstow
London
E17 9PX
Business address 334B Hoe Street
Walthamstow
London
E17 9PX
Accountants Nagle James Associates Limited
4th Floor, Amba House
15 College Road
Harrow
HA1 1BA
Pyramid Properties GB Limited
Statement of financial position
30 June 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 4 13,706 19,237
Investments 5 4,790,000 2,574,000
_______ _______
4,803,706 2,593,237
Current assets
Debtors 6 76,070 79,943
Cash at bank and in hand 15,307 2,420
_______ _______
91,377 82,363
Creditors: amounts falling due
within one year 7 ( 325,867) ( 340,166)
_______ _______
Net current liabilities ( 234,490) ( 257,803)
_______ _______
Total assets less current liabilities 4,569,216 2,335,434
Creditors: amounts falling due
after more than one year 8 ( 2,708,446) ( 2,708,446)
Provisions for liabilities ( 421,040) -
_______ _______
Net assets/(liabilities) 1,439,730 ( 373,012)
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 1,794,960 -
Profit and loss account ( 355,330) ( 373,112)
_______ _______
Shareholder funds/(deficit) 1,439,730 ( 373,012)
_______ _______
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 May 2021 , and are signed on behalf of the board by:
Imran Ulhaq
Director
Company registration number: 04395916
Pyramid Properties GB Limited
Statement of changes in equity
Year ended 30 June 2020
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 July 2018 100 - ( 373,525) ( 373,425)
Profit for the year 413 413
_______ _______ _______ _______
Total comprehensive income for the year - - 413 413
_______ _______ _______ _______
At 30 June 2019 and 1 July 2019 100 - ( 373,112) ( 373,012)
Profit for the year 1,812,742 1,812,742
Other comprehensive income for the year:
Non distributable profit - 1,794,960 ( 1,794,960) -
_______ _______ _______ _______
Total comprehensive income for the year - 1,794,960 17,782 1,812,742
_______ _______ _______ _______
At 30 June 2020 100 1,794,960 ( 355,330) 1,439,730
_______ _______ _______ _______
Pyramid Properties GB Limited
Notes to the financial statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 334B Hoe Street, Walthamstow, London, E17 9PX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2019 16,200 31,684 47,884
Additions 863 - 863
_______ _______ _______
At 30 June 2020 17,063 31,684 48,747
_______ _______ _______
Depreciation
At 1 July 2019 15,973 12,674 28,647
Charge for the year 57 6,337 6,394
_______ _______ _______
At 30 June 2020 16,030 19,011 35,041
_______ _______ _______
Carrying amount
At 30 June 2020 1,033 12,673 13,706
_______ _______ _______
At 30 June 2019 227 19,010 19,237
_______ _______ _______
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 July 2019 2,574,000 2,574,000
Revaluations 2,216,000 2,216,000
_______ _______
At 30 June 2020 4,790,000 4,790,000
_______ _______
Impairment
At 1 July 2019 and 30 June 2020 - -
_______ _______
Carrying amount
At 30 June 2020 4,790,000 4,790,000
_______ _______
At 30 June 2019 2,574,000 2,574,000
_______ _______
The investment properties have been valued by the directors as at 30 June 2020.
6. Debtors
2020 2019
£ £
Trade debtors 9,550 2,076
Amounts owed by group undertakings and undertakings in which the company has a participating interest 56,200 70,700
Other debtors 10,320 7,167
_______ _______
76,070 79,943
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 12,866 1,663
Amounts owed to group undertakings and undertakings in which the company has a participating interest 33,805 55,805
Accruals and deferred income 2,850 2,800
Director loan accounts 214,803 218,355
Other creditors 61,543 61,543
_______ _______
325,867 340,166
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other loans and overdrafts 2,708,446 2,708,446
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Imran Ulhaq ( 218,355) 3,552 ( 214,803)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Imran Ulhaq ( 224,622) 6,267 ( 218,355)
_______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
Goldberg Properties Ltd ( 1,000) 2,000 ( 33,805) ( 32,805)
Godlberg Homes Ltd ( 19,000) 70,700 51,700 70,700
Goldberg London Ltd 4,500 - 4,500 -
_______ _______ _______ _______
11. Charges and security
Loan is secured against Squirrels Heath property which is shown in investment.