PHAR Property Limited
PHAR Property Limited
Registered number: 08477701
Unaudited ABRIDGED Financial Statements
For The Year Ended
30 April 2022
PHAR Property Limited
Unaudited Financial Statements
For The Year Ended
30 April 2022
Unaudited Financial Statements
Contents | |
Page | |
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Abridged Balance Sheet | 1—2 |
Notes to the Abridged Financial Statements | 3—5 |
PHAR Property Limited
Abridged Balance Sheet
As at
30 April 2022
Abridged Balance Sheet
Registered number:
08477701
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 April 2022 in accordance with section 444(2A) of the Companies Act 2006.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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Investments | 4 |
( |
( |
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CURRENT ASSETS | |||||
Debtors |
( |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | (722,699) | (508,573) | |||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
( |
( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 5 |
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Revaluation reserve | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 88,952 | 76,727 | |||
PHAR Property Limited
Abridged Balance Sheet (continued)
As at
30 April 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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Director
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Director
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The notes on pages 3 to 5 form part of these financial statements.
PHAR Property Limited
Notes to the Abridged Financial Statements
For The Year Ended
30 April 2022
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises of the invoiced value of rental revenue earned during the year.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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1.4.
Investment Properties
Investment properties should not be subject to periodic charges for depreciation on the basis set out in SSAP 12, except for properties held on lease which should be depreciated on the basis set out in SSAP 12 at least over the period when the unexpired term is 20 years or less.
Investment properties should be included in the balance sheet at their open market value.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2021: NIL)
PHAR Property Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2022
3.
Tangible Assets
Total | |
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£ | |
Cost | |
As at
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Additions |
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As at
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Depreciation | |
As at
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Provided during the period |
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As at
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Net Book Value | |
As at
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As at
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Revalution of investment properties
The revaluation of these properties were carried out by the Directors at the company's year end. This revaluation, in the Directors' opinion, represents the properties open market value at the year end date.
4.
Investments
Total | |
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£ | |
Cost | |
As at
|
(7,391) |
As at
|
(7,391) |
Provision | |
As at
|
- |
As at
|
- |
Net Book Value | |
As at
|
(7,391) |
As at
|
(7,391) |
6.
Reserves
Revaluation Reserve | |
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£ | |
As at
|
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As at
|
|
PHAR Property Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2022
7.
Related Party Transactions
Included within the creditors, amounts falling due within one year, is £350,286 (2021: £249,915) due to the director Mrs H Nunn. This amount represents an interest free loan repayable on demand.
Included within the creditors, amounts falling due within one year, is £357,852 (2021: £255,366) due to the director Mr A Clements. This amount represents an interest free loan repayable on demand.
Included within the creditors, amounts falling due within one year, is £14,561 (2021: £3,292) due to the director Mrs P Clements. This amount represents an interest free loan repayable on demand.
Included within the creditors, amounts falling due within one year, is £257,378 due to Lodge Information Services Ltd a company under the control of Mr A Clements. This amount represents an interest free loan repayable on demand.
Included within the rental income received is £12,600 from the Director, Mrs P Clements. This rent, in the opinion of all the Directors, was paid at the open market rate.
Included within the rental income received is £3,600 from Lodge Information Services Ltd, a company controlled by the Director, Mr A Clements.
Included within the rental income received is £2,400 from the Director, Mr A Clements. This rent, in the opinion of all the Directors, was paid at the open market rate.
8.
Ultimate Controlling Party
The Company does not have an ultimate controlling party.
9.
General Information
PHAR Property Limited
Registered number
08477701
is a limited by shares company incorporated in England & Wales. The Registered Office is c/o Lodge Information Services Ltd, Main Road, Woodham Ferrers, Essex, CM3 8RP.