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Registered number: 07974619
PROMA DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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PROMA DEVELOPMENTS LIMITED
REGISTERED NUMBER: 07974619
BALANCE SHEET
AS AT 31 MARCH 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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For the year ended 31 March 2020 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2021.
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Barrie John Gill
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The notes on pages 2 to 4 form part of these financial statements.
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PROMA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Proma Developments Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07974619. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, England, HA5 2EX. The company acquired a development site in June 2014 which it is redeveloping after obtaining suitable planning permission. The company has not received any income or incurred any expenses of a revenue nature and has not traded.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on a going concern basis as the director believes adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of these financial statements.
Properties held for development and resale are classified as trading properties (within stock) and are shown at the lower of cost and net realisable value.
Cost comprises purchase price, acquisition costs and direct expenditure. Net realisable value comprises the estimated sales price less selling costs and cost to complete.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PROMA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Work in progress (goods to be sold)
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PROMA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank has a security over the assets of the company.
During the course of the year, the directors identified that the treatment of the property should be reclassified to stock due to the intention to resale. Therefore, this correction in accounting treatment has been reflected in the prior period. This has led to a £10,327,653 increase in purchases and £10,327,653 decrease in closing stock , which has an overal £nil effect on retained earnings for the year ended 31 March 2019.
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Related party transactions
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The Company has claimed exemption under FRS 102 from disclosing transactions with group entities.
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The company is controlled by T. H. Alliance Properties Ltd, a company incorporated in the British Virgin Islands.
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