Postcroft Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04893162

Postcroft Limited

Filleted Financial Statements

30 September 2021

Postcroft Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	6		1	1

Current assets

Debtors	7	10,056,463	10,127,293
Cash at bank and in hand		511,269	133,224
		-------------	-------------
		10,567,732	10,260,517

Creditors: amounts falling due within one year	8	10,157,741		10,020,069
		-------------		-------------
Net current assets			409,991	240,448
			---------	---------
Total assets less current liabilities			409,992	240,449
			---------	---------
Net assets			409,992	240,449
			---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	409,990	240,447
	---------	---------
Shareholders funds	409,992	240,449
	---------	---------

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 income and retained earnings has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 30 June 2022 , and are signed on behalf of the board by:

Mrs D Feldman

Director

Company registration number: 04893162

Postcroft Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2020: 5 ).

5. Tax on profit

Major components of tax expense

	2021	2020
	£	£

Current tax:

UK current tax expense	39,769	52,829
	--------	--------
Tax on profit	39,769	52,829
	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2020 and 30 September 2021	1
	----
Impairment
At 1 October 2020 and 30 September 2021	–
	----

Carrying amount
At 30 September 2021	1
	----
At 30 September 2020	1
	----

The company owns 100% of the issued share capital of the companies listed below, all of which are incorporated in England :

Leicester Wellington Limited

Leicester Wellington 1 Limited

Leicester Wellington 2 Limited

The overall investment comprises the cost of the purchase of the shares in the subsidiary companies.

Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

Leicester Leicester Leicester

UK group undertaking Wellington Ltd Wellington 1 Ltd Wellington 2 Ltd

Class and number Ordinary £1 Ordinary £1 Ordinary £1

of shares held

Capital and reserves £58,937 £1 £1

Net profit for the year £8,428 £0 £0

This company also legally owns the freehold interest in the property at 60 Wellington Street, Leicester, LE1 6DS. This interest is subject to a 999 year lease from June 2002 and is considered to have negligible value.

7. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8,277,163	8,336,826
Other debtors	1,779,300	1,790,467
	-------------	-------------
	10,056,463	10,127,293
	-------------	-------------

Debtors include a long term amount due from a subsidiary of the company, Leicester Wellington Limited, of £8,277,163 (2020 - £8,336,826).

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	52
Amounts owed to related companies	10,013,662	9,958,599
Corporation tax	95,030	55,261
Other creditors	49,049	6,157
	-------------	-------------
	10,157,741	10,020,069
	-------------	-------------

9. Summary audit opinion

The auditor's report for the year dated 30 June 2022 was unqualified.

The senior statutory auditor was Dr P.P.Smulovitch , for and on behalf of GK & Co. LLP .

10. Related party transactions

The company was under the control of Mr H & Mrs D.Feldman throughout the current and previous year. Amounts owed by and to group and other related undertakings are shown separately in the debtors and creditors notes to the accounts.