PJN Properties Limited - Accounts to registrar (filleted) - small 18.2

PJN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

9

DIRECTORS:

A L Neill BA (Hons)

S L Neill

S C Mariner

SECRETARY:

M C Jones

REGISTERED OFFICE:

11 Richmond Park Road

East Sheen

London

SW14 8JU

REGISTERED NUMBER:

05523941 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

4

29,062

67,627

Investment property

5

8,249,576

8,034,689

8,278,638

8,102,316

CURRENT ASSETS

Stocks

6

185,926

238,459

Debtors

7

197,187

160,639

Cash at bank

48,499

129,888

431,612

528,986

CREDITORS

Amounts falling due within one year

8

320,097

221,803

NET CURRENT ASSETS

111,515

307,183

TOTAL ASSETS LESS CURRENT LIABILITIES

8,390,153

8,409,499

PROVISIONS FOR LIABILITIES

207,733

81,701

NET ASSETS

8,182,420

8,327,798

CAPITAL AND RESERVES

Called up share capital

101

101

Fair value reserve

9

3,223,267

2,641,188

Retained earnings

4,959,052

5,686,509

SHAREHOLDERS' FUNDS

8,182,420

8,327,798

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th July 2021 and were signed on its behalf by:

A L Neill BA (Hons) - Director

S L Neill - Director

1.	STATUTORY INFORMATION

PJN Properties Limited 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investment property

Investment properties are revalued annually by the directors. Surpluses or deficits on individual properties are transfered to the investment revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged to the profit and loss account. Depreciation is not provided in respect of freehold investment properties or of leasehold investment properties where the unexpired term of the lease is more than 20 years.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cash flows.

The directors have assessed the risks facing the business from Covid-19 and implemented measures to address these risks, including negotiating time to pay agreements with tenants for their rent arrears.

Although the situation continues to remain uncertain, in the directors' opinion, the ongoing challenges presented by Covid-19 will not adversely affect the ability of the company to continue trading for the foreseeable future.

At the date of approving these financial statements the directors are satisfied that the company will have adequate resources to continue operations for the foreseeable future.

Accordingly, they continues to adopt the going concern basis in the preparation of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st April 2020

251,138

2,630

253,768

Disposals

-

(2,319

)

(2,319

)

At 31st March 2021

251,138

311

251,449

DEPRECIATION

At 1st April 2020

183,596

2,545

186,141

Charge for year

38,480

85

38,565

Eliminated on disposal

-

(2,319

)

(2,319

)

At 31st March 2021

222,076

311

222,387

NET BOOK VALUE

At 31st March 2021

29,062

-

29,062

At 31st March 2020

67,542

85

67,627

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2020

8,034,689

Additions

149,576

Disposals

(642,800

)

Revaluations

708,111

At 31st March 2021

8,249,576

NET BOOK VALUE

At 31st March 2021

8,249,576

At 31st March 2020

8,034,689

Fair value at 31st March 2021 is represented by:

£

Valuation in 2011

2,229,002

Valuation in 2017

293,887

Valuation in 2018

200,000

Valuation in 2021

708,111

Cost

4,818,576

8,249,576

If investment properties had not been revalued they would have been included at the following historical cost:

31/3/21

31/3/20

£

£

Cost

4,818,576

5,311,800

Investment properties were valued on a fair value basis on 31st March 2021 by the Directors .

6.

STOCKS

31/3/21

31/3/20

£

£

Freehold reversions for resale

185,926

238,459

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

175,083

141,069

Doubtful debt provision

(24,062

)

(39,077

)

Amounts owed by group undertakings

46,166

9,667

Other debtors

-

48,980

197,187

160,639

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade creditors

31,884

23,822

Corporation tax

35,133

55,843

VAT

2,810

6,685

Other creditors

-

37

Accruals and deferred income

250,270

135,416

320,097

221,803

9.

RESERVES

Fair

value

reserve

£

At 1st April 2020

2,641,188

Fair value adjustment

582,079

At 31st March 2021

3,223,267

10.	CONTINGENT LIABILITIES

The company is a freeholder of various properties on the Uxbridge Industrial Estate.

As freeholder, they are responsible for contributions towards the maintenance of the estate roadways.

Over the last few years extensive maintenance has been carried out by the agent, but no contributions have yet been demanded from the company. The most recent Indications are that the total spend is circa £1.26M.

The directors believe that the company may be responsible for approximately 30% of this liability, but should be able to recover the majority of this from tenants residing on the estate.

At the balance sheet date a provision of £200,000 (2020 £126,000) has been made for the estimated non-recoverable proportion.

11.	CAPITAL COMMITMENTS

The company has entered in to a contract for the redevelopment of one of its investment properties.

The best estimate of the commitment under the construction contract is £1,711,866.

Funding has been secured from both bankers and the parent company for this project.

12.	ULTIMATE CONTROLLING PARTY

The Directors consider the controlling party to be the Trustees of the P J Neill Children's Settlement Trust, the majority shareholder of Gratedean Limited.

The Trustees of this are Messrs. S C Mariner and P I Gurney.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PJN Properties Limited for the year ended 31st March 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PJN Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PJN Properties Limited and state those matters that we have agreed to state to the Board of Directors of PJN Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PJN Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PJN Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PJN Properties Limited. You consider that PJN Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PJN Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

3rd August 2021