ACCOUNTS - Final Accounts

PIMP DEVELOPMENTS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-06-302021-06-302020-07-011falseNo description of principal activity1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08695810 2020-07-01 2021-06-30 08695810 2019-07-01 2020-06-30 08695810 2021-06-30 08695810 2020-06-30 08695810 c:Director1 2020-07-01 2021-06-30 08695810 d:FreeholdInvestmentProperty 2021-06-30 08695810 d:FreeholdInvestmentProperty 2020-06-30 08695810 d:FreeholdInvestmentProperty 2 2020-07-01 2021-06-30 08695810 d:CurrentFinancialInstruments 2021-06-30 08695810 d:CurrentFinancialInstruments 2020-06-30 08695810 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 08695810 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 08695810 d:ShareCapital 2021-06-30 08695810 d:ShareCapital 2020-06-30 08695810 d:InvestmentPropertiesRevaluationReserve 2021-06-30 08695810 d:InvestmentPropertiesRevaluationReserve 2020-06-30 08695810 d:RetainedEarningsAccumulatedLosses 2021-06-30 08695810 d:RetainedEarningsAccumulatedLosses 2020-06-30 08695810 c:FRS102 2020-07-01 2021-06-30 08695810 c:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 08695810 c:FullAccounts 2020-07-01 2021-06-30 08695810 c:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 08695810 d:OtherDeferredTax 2021-06-30 08695810 d:OtherDeferredTax 2020-06-30 iso4217:GBP xbrli:pure

Registered number: 08695810

PIMP DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2021


PIMP DEVELOPMENTS LIMITED REGISTERED NUMBER:08695810

BALANCE SHEET

AS AT 30 JUNE 2021

		2021		2020
Note		£		£

Fixed assets
Investment property	4		1,117,265		916,617
			1,117,265		916,617
Current assets
Debtors		25,652		-
Cash at bank and in hand		10,000		9,269
		35,652		9,269
Creditors: amounts falling due within one year	5	(855,462)		(859,188)
Net current liabilities			(819,810)		(849,919)
Total assets less current liabilities			297,455		66,698
Provisions for liabilities
Deferred tax	6	(47,494)		(9,371)
			(47,494)		(9,371)
Net assets			249,961		57,327

Capital and reserves
Allotted, called up and fully paid share capital	100	100
Investment property reserve	249,969	49,321
Profit and loss account	(108)	7,906
	249,961	57,327

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PIMP DEVELOPMENTS LIMITED REGISTERED NUMBER:08695810

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 director acknowledges his 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 comprehensive income 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 13 June 2022.

A P Beamish

Director

The notes on pages 3 to 5 form part of these financial statements.

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PIMP DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1.	General information

Pimp Developments Limited is incorporated and domiciled in England and Wales. The registered office is Harwood House, 43 Harwood Road, London, SW6 4QP.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of rent receivable during the year, exclusive of value added tax.

2.3

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

2.4

Financial instruments

The Company only enters into basic financial instruments 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 and loans with related parties.

2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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PIMP DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 July 2020	916,617
	Surplus on revaluation	200,648
	At 30 June 2021	1,117,265

The 2021 valuations were made by the director, on an open market value for existing use basis.

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PIMP DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	848,400	848,400
Corporation tax	7,062	10,788
	855,462	859,188

6.	Deferred taxation

		2021
		£

	At beginning of year	(9,371)
	Charged to profit or loss	(38,123)
	At end of year	(47,494)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

Cummulative fair value movement on investment property

(47,494)

(9,371)

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