Pine Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07713710 (England and Wales)

PINE HOMES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B.A. Millan

REGISTERED OFFICE:

2 Rectory Road

Walthamstow

London

E17 3BQ

REGISTERED NUMBER:

07713710 (England and Wales)

ACCOUNTANTS:

Cobbin Floyd Ltd

t/as Findlay Wetherfield Scott & Co

Chartered Accountants

137, Station Road,

Chingford,

London

E4 6AG

FIXED ASSETS

Tangible assets

4

3,425,000

2,696,000

CURRENT ASSETS

Debtors

5

433

2,073

CREDITORS

Amounts falling due within one year

6

1,699,480

1,167,581

NET CURRENT LIABILITIES

(1,699,047

)

(1,165,508

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,725,953

1,530,492

PROVISIONS FOR LIABILITIES

7

145,228

122,694

NET ASSETS

1,580,725

1,407,798

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

8

746,665

657,983

Retained earnings

8

834,059

749,814

SHAREHOLDERS' FUNDS

1,580,725

1,407,798

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 director acknowledges her 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 director and authorised for issue on 30th December 2021 and were signed by:

B.A. Millan - Director

1.	STATUTORY INFORMATION

Pine Homes Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

not provided

Long leasehold

-

not provided

No depreciation is charged on freehold and long leasehold properties. The residual values of the properties are regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

property

leasehold

Totals

£

£

£

Cost or valuation

At 1st April 2020

1,239,500

1,456,500

2,696,000

Additions

-

617,784

617,784

Revaluations

54,500

56,716

111,216

At 31st March 2021

1,294,000

2,131,000

3,425,000

Net book value

At 31st March 2021

1,294,000

2,131,000

3,425,000

At 31st March 2020

1,239,500

1,456,500

2,696,000

No depreciation is charged on freehold and long leasehold properties. The residual values of the properties are regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account.

Cost or valuation at 31st March 2021 is represented by:

Freehold

Long

property

leasehold

Totals

£

£

£

Valuation in 2021

520,089

371,803

891,892

Cost

773,911

1,759,197

2,533,108

1,294,000

2,131,000

3,425,000

All properties held at the balance sheet date were revalued at that date and the amount stated is the cumulative effect of all revaluations. The effect of the current year's revaluations after provision for deferred tax is stated in the movement in the Fair Value Reserve within the Note on Reserves.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

2,016

Other debtors

433

-

Prepayments

-

57

433

2,073

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,900

-

Corporation tax

18,962

41,729

Directors' current accounts

1,674,218

1,122,772

Accrued expenses

3,400

3,080

1,699,480

1,167,581

7.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

145,228

122,694

Deferred

tax

£

Balance at 1st April 2020

122,694

Deferred taxation on

property revaluations

22,534

Balance at 31st March 2021

145,228

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st April 2020

749,814

657,983

1,407,797

Profit for the year

84,245

84,245

Revaluation in year

-

88,682

88,682

At 31st March 2021

834,059

746,665

1,580,724

The fair value reserve relates solely to the unrealised gains on investment properties after provision for deferred tax.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the sum owed to the sole director, B.A. Millan, amounted to £1,674,218 (previous year - £1,122,772).

The company let some of its investment properties to the director during the year at their market rental values. The total sum paid to the company amounted to £24,840 (previous year - £24,410).

The company charged the director sums relating to the administration of her property portfolio amounting to £78,000 (previous year - £78,000).

The director let some of her own personal properties to the company during the year at their market rental values. The total sum paid to the director amounted to £35,257 (previous year - £59,538).

10.	RELATED PARTY DISCLOSURES

The controlling party is B.A. Millan by virtue of the fact that she has ownership of 100% of the issued ordinary share capital in the company.