Picard Properties Limited
Picard Properties Limited
Registered number: 3005085
Unaudited Financial Statements
For The Year Ended
31 March 2022
Picard Properties Limited
Unaudited Financial Statements
For The Year Ended
31 March 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Picard Properties Limited
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
3005085
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Fair Value Reserve | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 391,998 | 333,890 | |||
Picard Properties Limited
Balance Sheet (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Picard Properties Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
Having considered the future trading prospects of the company, and the cash resources available, the director is of the opinion that the financial statements should be prepared on a going concern basis.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
Picard Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost | |
| As at
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| Disposals |
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| Net Book Value | |
| As at
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The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | |
|---|---|
| £ | |
| As at
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| At cost | 115,733 |
| At valuation | 304,267 |
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| As at
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| At cost | 176,356 |
| At valuation | 304,267 |
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Investment property was valued on an open market basis on 31 March 2022 by the director.
4.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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5.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Accruals and deferred income |
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| Director's loan account |
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Picard Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
6.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 8,666 | 11,907 |
7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 31,839 | 38,533 |
8.
Deferred Taxation
The provision for deferred taxation is made up of revaluation of investment properties.
| 2022 | 2021 | ||
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| £ | £ | ||
| Deferred tax |
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10.
Reserves
| Fair Value Reserve | |
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| £ | |
| As at
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| As at
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The fair value reserve represents the cumulative fair value gains and losses in respect of investment properties and their associated deferred tax.
11.
General Information
Picard Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
3005085
. The registered office is 433 Palatine Road, Northenden, Manchester, Lancashire, M22 4JS.