Purism Properties Ltd 31/05/2022 iXBRL

Purism Properties Ltd 31/05/2022 iXBRL

PURISM PROPERTIES LIMITED - Company Information

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3 31/05/2022 2022-05-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07383420 2021-06-01 2022-05-31 07383420 2022-05-31 07383420 2021-05-31 07383420 2020-06-01 2021-05-31 07383420 2021-05-31 07383420 2020-05-31 07383420 bus:Director1 2021-06-01 2022-05-31 07383420 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 07383420 core:WithinOneYear 2022-05-31 07383420 core:WithinOneYear 2021-05-31 07383420 core:AfterOneYear 2022-05-31 07383420 core:AfterOneYear 2021-05-31 07383420 core:RetainedEarningsAccumulatedLosses 2020-06-01 2021-05-31 07383420 core:HedgingReserve 2021-06-01 2022-05-31 07383420 core:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 07383420 core:ShareCapital 2022-05-31 07383420 core:ShareCapital 2021-05-31 07383420 core:HedgingReserve 2022-05-31 07383420 core:HedgingReserve 2021-05-31 07383420 core:RetainedEarningsAccumulatedLosses 2022-05-31 07383420 core:RetainedEarningsAccumulatedLosses 2021-05-31 07383420 core:ShareCapital 2020-05-31 07383420 core:HedgingReserve 2020-05-31 07383420 core:RetainedEarningsAccumulatedLosses 2020-05-31 07383420 core:LandBuildings core:OwnedOrFreeholdAssets 2021-05-31 07383420 core:LandBuildings core:OwnedOrFreeholdAssets 2021-05-31 07383420 core:LandBuildings core:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 07383420 bus:SmallEntities 2021-06-01 2022-05-31 07383420 bus:AuditExempt-NoAccountantsReport 2021-06-01 2022-05-31 07383420 bus:FullAccounts 2021-06-01 2022-05-31 07383420 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 07383420 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 07383420 core:InvestmentPropertiesRevaluationReserve 2020-05-31 07383420 core:InvestmentPropertiesRevaluationReserve 2021-05-31 07383420 core:InvestmentPropertiesRevaluationReserve 2022-05-31
Company registration number: 07383420
Purism Properties Ltd
Unaudited filleted financial statements
31 May 2022
Purism Properties Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Purism Properties Ltd
Statement of financial position
31 May 2022
2022 2021
(Restated)
Note £ £ £ £
Fixed assets
Tangible assets 5 8,500,000 7,000,000
_______ _______
8,500,000 7,000,000
Current assets
Debtors 6 105,300 157,873
Cash at bank and in hand 439,703 471,543
_______ _______
545,003 629,416
Creditors: amounts falling due
within one year 7 ( 240,863) ( 238,109)
_______ _______
Net current assets 304,140 391,307
_______ _______
Total assets less current liabilities 8,804,140 7,391,307
Creditors: amounts falling due
after more than one year 8 ( 3,966,558) ( 4,244,107)
Provisions for liabilities ( 496,557) ( 106,640)
_______ _______
Net assets 4,341,025 3,040,560
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 3,101,886 2,014,991
Profit and loss account 1,239,039 1,025,469
_______ _______
Shareholders funds 4,341,025 3,040,560
_______ _______
A prior year adjustment has been made to 2021 where balances have been restated through the profit and loss reserve.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 22 July 2022 , and are signed on behalf of the board by:
Mr A D J Greenhalgh
Director
Company registration number: 07383420
Purism Properties Ltd
Statement of changes in equity
Year ended 31 May 2022
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 June 2020 100 2,014,991 818,096 2,833,187
Profit for the year 207,373 207,373
_______ _______ _______ _______
Total comprehensive income for the year - - 207,373 207,373
_______ _______ _______ _______
At 31 May 2021 (Restated) and 1 June 2021 100 2,014,991 1,025,469 3,040,560
Profit for the year 1,300,465 1,300,465
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 1,086,895 (1,086,895) -
_______ _______ _______ _______
Total comprehensive income for the year - 1,086,895 213,570 1,300,465
_______ _______ _______ _______
At 31 May 2022 100 3,101,886 1,239,039 4,341,025
_______ _______ _______ _______
Purism Properties Ltd
Notes to the financial statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Foxburgh, Warren Rise, New Malden, KT3 4SJ.
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'.
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.
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:
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 June 2021 7,000,000 7,000,000
Revaluation 1,500,000 1,500,000
_______ _______
At 31 May 2022 8,500,000 8,500,000
_______ _______
Depreciation
At 1 June 2021 and 31 May 2022 - -
_______ _______
Carrying amount
At 31 May 2022 8,500,000 8,500,000
_______ _______
At 31 May 2021 7,000,000 7,000,000
_______ _______
No depreciation has been charged on the company's freehold investment property as, the market value has been confirmed as being in excess of the original purchase price, as indicated below.
Tangible assets held at valuation
The company's freehold investment property was revalued in April 2022 at £8.5m by Sanderson Weatherall Chartered Surveyors. The historical cost of this property was £4,985,009.
6. Debtors
2022 2021
£ £
Trade debtors 105,300 113,100
Other debtors - 44,773
_______ _______
105,300 157,873
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 133,442 127,350
Corporation tax 41,689 52,005
Social security and other taxes 25,520 25,700
Other creditors 40,212 33,054
_______ _______
240,863 238,109
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 3,966,558 2,544,107
Other creditors - 1,700,000
_______ _______
3,966,558 4,244,107
_______ _______