Proper House Limited - Accounts to registrar (filleted) - small 18.2
Proper House Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| PROPER HOUSE LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| PROPER HOUSE LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 March 2021 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| BALANCE SHEET |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non-distributable reserves | 8 |
| Retained earnings | 8 | ( |
) | ( |
) |
| The director acknowledges his 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. |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| BALANCE SHEET - continued |
| 31 March 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Proper House Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents rents receivable under operating leases from freehold investment properties held. |
| Rent free periods or other incentives received for entering into a lease are accounted for over the term of the lease. |
| Tangible fixed assets |
| Tangible assets are stated at their historic cost price less accumulated depreciation. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant changes since the last reporting date. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated life. |
| Plant and machinery etc. - 20% on cost |
| On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses. |
| Investment property |
| Investment properties are properties held to earn rentals and/or for capital appreciation and are accounted for in accordance with FRS 102 Section 16 "Investment Property." Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. |
| Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period which they arise. Any gains are subsequently transferred to a non-distributable reserve. The company has applied S841 of the Companies Act 2006 allowing provisions for diminution in value to be grouped with overall net unrealised gains. Any losses are therefore only transferred to the non-distributable reserve as far as they can be matched against overall net unrealised gains. These reserves are unrealised therefore not available for dividends. |
| Current tax |
| Current tax is the amount of corporation tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are classified by directors as basic or non-basic following the conditions in Section 11 and Section 12 of FRS 102. Basic financial instruments are measured at amortised cost. The company does not have any non-basic financial instruments. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2020 |
| Additions |
| Revaluations | 14,185 |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2021 |
| 5. | INVESTMENT PROPERTY - continued |
| Fair value at 31 March 2021 is represented by: |
| £ |
| Valuation in 2017 | 189,857 |
| Valuation in 2018 | 3,389 |
| Valuation in 2019 | 13,730 |
| Valuation in 2021 | 14,185 |
| Cost | 3,941,039 |
| 4,162,200 |
| The valuations of investment properties in the UK were made in March 2021 by A Kostenko, the director, on an open market basis. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| At the balance sheet date, other creditors include a loan totalling £1,196,548 (2020: £1,153,058) which attracted interest at 2.5% (2020: 2.5%). Under the terms of the loan annual interest payments are made with the total capital balance repayable within 30 days of any such notice of demand. The loan interest was waived in full for the 2021 financial year. |
| 8. | RESERVES |
| Retained | Non-distributable |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 April 2020 | ( |
) | 71,753 |
| Profit for the year |
| Transfer - revaluation in year | (14,185 | ) | 14,185 | - |
| Transfer deferred tax on |
| revaluation | (30,202 | ) | 30,202 | - |
| At 31 March 2021 | ( |
) | 146,985 |
| Non-distributable reserves comprise of the fair value movement in investment property value and the associated deferred tax provision on the revaluations. |
| PROPER HOUSE LIMITED (REGISTERED NUMBER: 09559473) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2021 |
| 9. | RELATED PARTY DISCLOSURES |
| Included in other creditors is a loan of £2,761,788 (2020: £2,776,088) owed to the director of the company. This loan is repayable on demand and interest is payable on £1.3 million of this loan. |
| Also included in other creditors is a loan of £15,000 (2020: Nil) owed to a company under common control. This loan is interest free and repayable on demand. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| PROPER HOUSE LIMITED |
| The following reproduces the text of the report prepared for the director 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 Income Statement and certain other primary statements and the Report of the Director 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 Proper House Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet 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 director of Proper House Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Proper House Limited and state those matters that we have agreed to state to the director of Proper House Limited 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 Proper House Limited and its director for our work or for this report. |
| It is your duty to ensure that Proper House 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 Proper House Limited. You consider that Proper House 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 Proper House 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. |
| This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Director, which obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |