Picasso Investments (PlantationWharf)Ltd - Limited company accounts 11.7

REGISTERED NUMBER: 05255785 (England and Wales)

PICASSO INVESTMENTS (PLANTATION WHARF)

LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2013 TO 30 JUNE 2014

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

C P Oliver

J M E Lawes

S C Loggie

SECRETARY:

C P Oliver

REGISTERED OFFICE:

21A Kingly Street

London

W1B 5QA

REGISTERED NUMBER:

05255785 (England and Wales)

ACCOUNTANTS:

Bessler Hendrie

Chartered Accountants

Albury Mill

Mill Lane

Chilworth

Guildford

Surrey

GU4 8RU

The directors present their report with the financial statements of the company for the period 1 January 2013 to 30 June 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2013 to the date of

this report.

C P Oliver

J M E Lawes

S C Loggie

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

C P Oliver - Director

30 September 2015

TURNOVER

-

-

OPERATING PROFIT

2

-

-

Income from shares in group undertakings

597,591

-

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

597,591

-

Tax on profit on ordinary activities

3

-

-

PROFIT FOR THE FINANCIAL PERIOD

597,591

-

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the current period or previous year.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the profit for the current period.

FIXED ASSETS

Investments

5

483,990

483,990

CURRENT ASSETS

Debtors

6

36,110

1,373

CREDITORS

Amounts falling due within one year

7

-

(8,000

)

NET CURRENT ASSETS/(LIABILITIES)

36,110

(6,627

)

TOTAL ASSETS LESS CURRENT LIABILITIES

520,100

477,363

CAPITAL AND RESERVES

Called up share capital

8

520,100

520,100

Profit and loss account

9

-

(42,737

)

SHAREHOLDERS' FUNDS

13

520,100

477,363

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 September 2015 and were signed on its behalf by:

C P Oliver - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention.

The company did not trade throughout the period ended 30 June 2014 and the year ended 31 December

2012.

Preparation of consolidated financial statements

The financial statements contain information about Picasso Investments (Plantation Wharf) Limited as an

individual company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated

financial statements.

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.

Fixed asset investments

Fixed asset investments are stated at cost less any provision for diminution in value.

2.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.1.13

to

Year Ended

30.6.14

31.12.12

£

£

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the period ended 30 June 2014 nor for

the year ended 31 December 2012.

Factors that may affect future tax charges

There are tax losses to carry forward at 31 December 2013 of £9,252 (2012: £9,252).

4.

DIVIDENDS

Period

1.1.13

to

Year Ended

30.6.14

31.12.12

£

£

Interim

554,854

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2013

and 30 June 2014

483,990

NET BOOK VALUE

At 30 June 2014

483,990

At 31 December 2012

483,990

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Cinnamon (Plantation Wharf) Limited

Nature of business: Property developers

%

Class of shares:

holding

Ordinary

100.00

2014

2012

£

£

Aggregate capital and reserves

1,001

-

Profit for the period/year

1,001

285,114

Picasso Investments (TT) Limited

Nature of business: Property developers

%

Class of shares:

holding

Ordinary

100.00

2014

2012

£

£

Aggregate capital and reserves

1

8,919

Profit for the period/year

588,673

8,853

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2012

£

£

Amounts owed by group undertakings

-

1,373

Other debtors

36,110

-

36,110

1,373

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2012

£

£

Other creditors

-

8,000

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

2012

value:

£

£

520,100

Ordinary

£1

520,100

520,100

9.

RESERVES

Profit

and loss

account

£

At 1 January 2013

(42,737

)

Profit for the period

597,591

Dividends

(554,854

)

At 30 June 2014

-

10.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Cube Asset Management Limited, a company registered in

England and Wales. This arose following the transfer of the entire share capital of Picasso Investments

(Plantation Wharf) Limited on 23 August 2013.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions provided by the provisions of Financial Reporting

Standard No. 8: Related Party Disclosures, and has not disclosed transactions with fellow group

undertakings on the basis that the company is a wholly owned subsidiary of the group.

At the period end, the company was owed £36,110 (2012: £1,373) by Picasso Investments Limited, its

former parent entity which has common directors with Picasso Investments (Plantation Wharf) Limited.

This amount is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

At the year end, the ultimate controlling party comprises the directors and shareholders of Cube Asset

Management Limited, C P Oliver, S C Loggie and J M E Lawes.

13.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2014

2012

£

£

Profit for the financial period

597,591

-

Dividends

(554,854

)

-

Net addition to shareholders' funds

42,737

-

Opening shareholders' funds

477,363

477,363

Closing shareholders' funds

520,100

477,363