Pavilion Property Management Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06646060 (England and Wales)

PAVILION PROPERTY MANAGEMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D E Martin

REGISTERED OFFICE:

3rd Floor

207 Regent Street

London

W1B 3HH

REGISTERED NUMBER:

06646060 (England and Wales)

ACCOUNTANTS:

SJF Accounting & Tax Ltd t/a SJF Accountants

Chartered Certified Accountants

Rothsay House

5 South Street

East Hoathly

East Sussex

BN8 6DS

FIXED ASSETS

Investment property

4

7,548,371

7,326,371

CURRENT ASSETS

Debtors

5

4,615

14,421

Cash at bank

70,173

28,808

74,788

43,229

CREDITORS

Amounts falling due within one year

6

2,050,572

2,060,777

NET CURRENT LIABILITIES

(1,975,784

)

(2,017,548

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,572,587

5,308,823

CREDITORS

Amounts falling due after more than one year

7

(3,916,775

)

(3,874,168

)

PROVISIONS FOR LIABILITIES

(42,180

)

-

NET ASSETS

1,613,632

1,434,655

CAPITAL AND RESERVES

Called up share capital

9

1,100

1,100

Share premium

1,429,675

1,429,675

Fair value reserve

10

179,820

-

Retained earnings

3,037

3,880

SHAREHOLDERS' FUNDS

1,613,632

1,434,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 11 June 2021 and were signed by:

D E Martin - Director

1.	STATUTORY INFORMATION

Pavilion Property Management 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 (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue, which represents rents receivable on investment properties, is measured at fair value of the consideration received or receivable, excluding any rebates or discounts.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be easily measured. Revenue is recognised in the period in which the services are provided in accordance with the rental agreement.

Investment property

Investment properties are carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any change in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term bank deposits with an original maturity of three months or less.

Financial assets that are measured at cost and amortised costs 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 Profit and Loss Account.

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 1 (2020 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

7,326,371

Revaluations

222,000

At 31 March 2021

7,548,371

NET BOOK VALUE

At 31 March 2021

7,548,371

At 31 March 2020

7,326,371

The investment properties were valued on an open market basis on 31st March 2021 by the director.

In the investment properties had not be revalued they would have been shown at the original cost of £7,326,371.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,427

11,706

Other debtors

2,188

2,715

4,615

14,421

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,093

-

Trade creditors

932

1,406

Taxation and social security

22,588

25,573

Other creditors

2,019,959

2,033,798

2,050,572

2,060,777

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

42,907

-

Other creditors

3,873,868

3,874,168

3,916,775

3,874,168

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

3,873,868

3,874,168

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other loans

3,873,868

3,874,168

The loans are secured on the properties to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10,000

Ordinary A

0.01

100

100

1,100

1,100

10.

RESERVES

Fair

value

reserve

£

Fair Value reserve

179,820

At 31 March 2021

179,820

The fair value reserve is not distributable.

11.	RELATED PARTY DISCLOSURES

The director has provided a loan of £1,985,760 (2020 £1,988,117) to the company. The loan is interest free and repayable on demand.