P M Slade And Son (Developments) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02809667 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

P M Slade And Son (Developments) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C J Slade

Mrs L E Slade

SECRETARY:

Mrs L E Slade

REGISTERED OFFICE:

A C Mole & Sons, Chartered Accountants

Stafford House

Blackbrook Park Avenue

TAUNTON

Somerset

TA1 2PX

REGISTERED NUMBER:

02809667 (England and Wales)

ACCOUNTANTS:

A C Mole

Chartered Accountants

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

SOLICITORS:

Clarke Willmott

Blackbrook Gate

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PG

FIXED ASSETS

Tangible assets

4

596

793

Investment property

5

1,000,000

1,000,000

1,000,596

1,000,793

CURRENT ASSETS

Debtors

6

3,355

3,481

Cash at bank

28,912

9,319

32,267

12,800

CREDITORS

Amounts falling due within one year

7

39,447

31,244

NET CURRENT LIABILITIES

(7,180

)

(18,444

)

TOTAL ASSETS LESS CURRENT LIABILITIES

993,416

982,349

PROVISIONS FOR LIABILITIES

70,548

53,617

NET ASSETS

922,868

928,732

CAPITAL AND RESERVES

Called up share capital

44,502

44,502

Fair value reserve

585,022

607,597

Retained earnings

293,344

276,633

SHAREHOLDERS' FUNDS

922,868

928,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2022 and were signed on its behalf by:

C J Slade - Director

1.	STATUTORY INFORMATION

P M Slade And Son (Developments) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 fair value of rents receivable, excluding value added tax.

Tangible fixed assets

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

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. In accordance with FRS 102, investment property is not depreciated.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost.

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 NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2020

and 30 June 2021

2,950

1,017

3,967

DEPRECIATION

At 1 July 2020

2,185

989

3,174

Charge for year

191

6

197

At 30 June 2021

2,376

995

3,371

NET BOOK VALUE

At 30 June 2021

574

22

596

At 30 June 2020

765

28

793

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

and 30 June 2021

1,000,000

NET BOOK VALUE

At 30 June 2021

1,000,000

At 30 June 2020

1,000,000

Investment properties are shown at fair value. All properties have been valued at open market value by Mr C Slade, a director. The directors consider that the validations provided are a reliable basis for these investment properties at the balance sheet date.

The historic cost equivalent value of the freehold properties at the balance sheet date amounted to £343,042 (2020 - £343,042).

Fair value at 30 June 2021 is represented by:

£

Valuation in 2018

370,800

Valuation in 2015

286,158

Cost

343,042

1,000,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

63

Amounts owed by group undertakings

3,355

3,215

Other debtors

-

203

3,355

3,481

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Taxation and social security

17,409

13,680

Other creditors

22,038

17,564

39,447

31,244

8.	SECURED DEBTS

Natwest Bank Plc has a legal mortgage dated 1 January 1994 over the assets of the company.

9.	OTHER FINANCIAL COMMITMENTS

The company has cross guarantees with its parent company, P M Slade & Son Limited, to its bankers. There were no amounts due at 30 June 2021 or 30 June 2020.