| Pritchard Real Estate Limited |
| Registered number: |
07399251 |
| Balance Sheet |
| as at 31 October 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
7,641,725 |
|
|
9,114,065 |
|
| Current assets |
| Debtors |
5 |
|
330,409 |
|
|
190,116 |
| Cash at bank and in hand |
|
|
297,303 |
|
|
115,043 |
|
|
|
627,712 |
|
|
305,159 |
|
| Creditors: amounts falling due within one year |
6 |
|
(3,451,328) |
|
|
(3,334,930) |
|
| Net current liabilities |
|
|
|
(2,823,616) |
|
|
(3,029,771) |
|
| Total assets less current liabilities |
|
|
|
4,818,109 |
|
|
6,084,294 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(181,007) |
|
|
(174,121) |
|
| Provisions for liabilities |
|
|
|
(727,020) |
|
|
(982,651) |
|
|
| Net assets |
|
|
|
3,910,082 |
|
|
4,927,522 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
9 |
|
|
3,583,166 |
|
|
4,632,535 |
| Profit and loss account |
|
|
|
326,816 |
|
|
294,887 |
|
| Shareholders' funds |
|
|
|
3,910,082 |
|
|
4,927,522 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C F Pritchard |
| Director |
| Approved by the board on 25 May 2021 |
|
| Pritchard Real Estate Limited |
| Notes to the Accounts |
| for the year ended 31 October 2020 |
|
|
| 1 |
Accounting policies |
|
|
Company information |
|
Pritchard Real Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oval Office The Whitehouse High Green Cannock WS11. 1BE |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
|
|
Going Concern |
|
The World Health Organization declared Covid-19 a global pandemic on 11 March 2020 and the UK went into lockdown on 23 March 2020. Due to the nature of the Company's business activities, the impact on trading was minimal and the directors assess the Covid-19 pandemic will not affect the Company's ability to continue as a going concern. |
|
|
Turnover |
|
Turnover represents the invoiced value of rents receivable net of VAT. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
|
Motor vehicles |
over 4 years |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Investment properties |
|
Investment properties, which is property held to earn rentals and or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit and loss. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Investment properties |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 November 2019 |
9,075,000 |
|
44,380 |
|
18,424 |
|
9,137,804 |
|
Additions |
- |
|
- |
|
64,710 |
|
64,710 |
|
Surplus on revaluation |
(1,305,000) |
|
- |
|
- |
|
(1,305,000) |
|
Disposals |
(200,000) |
|
- |
|
(2,750) |
|
(202,750) |
|
At 31 October 2020 |
7,570,000 |
|
44,380 |
|
80,384 |
|
7,694,764 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2019 |
- |
|
13,488 |
|
10,251 |
|
23,739 |
|
Charge for the year |
- |
|
5,316 |
|
26,046 |
|
31,362 |
|
On disposals |
- |
|
- |
|
(2,062) |
|
(2,062) |
|
At 31 October 2020 |
- |
|
18,804 |
|
34,235 |
|
53,039 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2020 |
7,570,000 |
|
25,576 |
|
46,149 |
|
7,641,725 |
|
At 31 October 2019 |
9,075,000 |
|
30,892 |
|
8,173 |
|
9,114,065 |
|
|
|
|
|
|
|
|
|
|
|
Investment properties |
2020 |
|
2019 |
| £ |
£ |
|
Historical cost |
3,526,239 |
|
3,667,832 |
|
Revaluations |
4,043,761 |
|
5,407,168 |
|
Fair Value |
7,570,000 |
|
9,075,000 |
|
The investment properties were last valued on the 23 January 2020 by Bruton Knowles an RICS registered valuer. The valuation was prepared in accordance with the RICS Valuation - Professional Standards and adopts both the investment and comparable methods of valuation. The valuation is also based on the historical knowledge and experience of valuing similar properties in the same area. |
|
|
| 4 |
Investment properties |
|
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
£ |
|
£ |
|
Fair value |
|
|
Increase/(decrease) in fair value in the profit and |
|
loss account for the financial year |
|
|
|
|
(1,305,000) |
|
(6,811) |
|
|
|
|
|
|
(1,305,000) |
|
(6,811) |
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
149,137 |
|
34,984 |
|
Other debtors |
181,272 |
|
155,132 |
|
|
|
|
|
|
330,409 |
|
190,116 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans and overdrafts |
3,056,000 |
|
3,094,178 |
|
Obligations under finance lease and hire purchase contracts |
16,072 |
|
- |
|
Trade creditors |
50,727 |
|
44,105 |
|
Taxation and social security costs |
59,214 |
|
43,260 |
|
Other creditors |
269,315 |
|
153,387 |
|
|
|
|
|
|
3,451,328 |
|
3,334,930 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
29,050 |
|
- |
|
Deferred income |
151,957 |
|
174,121 |
|
|
|
|
|
|
181,007 |
|
174,121 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2020 |
|
2019 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
3,056,000 |
|
3,094,178 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured on the investment properties owned by the company. |
|
|
| 9 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 November 2019 |
4,632,535 |
|
4,638,052 |
|
Loss on revaluation of land and buildings |
(1,305,000) |
|
(6,811) |
|
Deferred taxation arising on the revaluation of land and buildings |
255,631 |
|
1,294 |
|
|
At 31 October 2020 |
3,583,166 |
|
4,632,535 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Controlling party |
|
|
The company is under the control of C F Pritchard and S J Pritchard who have 100% shareholding in the company. |
|
|
| 11 |
Other information |
|
|
Pritchard Real Estate Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Oval Office |
|
The Whitehouse |
|
High Green |
|
Cannock |
|
WS11 1BE |
