PP TRUSTS LIMITED 31/05/2022 iXBRL

PP TRUSTS LIMITED 31/05/2022 iXBRL

PP TRUSTS LTD - Company Information

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Company registration number: 09022355
PP TRUSTS LIMITED
Trading as PP Trusts Limited
Unaudited filleted financial statements
31 May 2022
PP TRUSTS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PP TRUSTS LIMITED
Directors and other information
Directors C.D. Tate
G.H. Alexander
Secretary C.A. Alexander
Company number 09022355
Registered office 163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
Business address Thrales End Business Centre
Thrales End Lane
Harpenden
Hertfordshire
AL5 3NS
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
PP TRUSTS LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of PP Trusts Limited
Year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PP Trusts Limited for the year ended 31 May 2022 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of PP Trusts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PP Trusts Limited and state those matters that we have agreed to state to the board of directors of PP Trusts Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PP Trusts Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that PP Trusts 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 loss of PP Trusts Limited. You consider that PP Trusts 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 PP Trusts 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.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
6 February 2023
PP TRUSTS LIMITED
Statement of financial position
31 May 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 7 520,638 496,297
Investments 8 50 50
_______ _______
520,688 496,347
Current assets
Debtors 9 48,003 30,253
Cash at bank and in hand 45,178 64,060
_______ _______
93,181 94,313
Creditors: amounts falling due
within one year 10 ( 134,113) ( 250,745)
_______ _______
Net current liabilities ( 40,932) ( 156,432)
_______ _______
Total assets less current liabilities 479,756 339,915
Creditors: amounts falling due
after more than one year 11 ( 298,410) ( 104,378)
Provisions for liabilities 12 ( 14,868) ( 14,868)
_______ _______
Net assets 166,478 220,669
_______ _______
Capital and reserves
Called up share capital 14 4 4
Revaluation reserve 214,842 214,842
Profit and loss account ( 48,368) 5,823
_______ _______
Shareholders funds 166,478 220,669
_______ _______
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2023 , and are signed on behalf of the board by:
C.D. Tate G.H. Alexander
Director Director
Company registration number: 09022355
PP TRUSTS LIMITED
Statement of changes in equity
Year ended 31 May 2022
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 June 2020 4 163,440 63,586 227,030
(Loss)/profit for the year 16,730 16,730
Other comprehensive income for the year:
Reclassification from profit and loss account to revaluation reserve - 51,402 ( 51,402) -
_______ _______ _______ _______
Total comprehensive income for the year - 51,402 ( 34,672) 16,730
Dividends paid and payable ( 23,091) ( 23,091)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 23,091) ( 23,091)
_______ _______ _______ _______
At 31 May 2021 and 1 June 2021 4 214,842 5,823 220,669
(Loss)/profit for the year ( 54,191) ( 54,191)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 54,191) ( 54,191)
_______ _______ _______ _______
At 31 May 2022 4 214,842 ( 48,368) 166,478
_______ _______ _______ _______
PP TRUSTS LIMITED
Notes to the financial statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 163-164 Moulsham Street, Chelmsford, Essex, CM2 0LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tax on loss/profit
Major components of tax income
2022 2021
£ £
Deferred tax:
Origination and reversal of timing differences ( 12,543) ( 22,871)
Revaluation of investment property - 12,058
_______ _______
Total deferred tax ( 12,543) ( 10,813)
_______ _______
Tax on loss/profit ( 12,543) ( 10,813)
_______ _______
6. Dividends
Equity dividends
2022 2021
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) - 23,091
_______ _______
7. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 June 2021 495,000 3,166 498,166
Additions 24,600 - 24,600
_______ _______ _______
At 31 May 2022 519,600 3,166 522,766
_______ _______ _______
Depreciation
At 1 June 2021 - 1,869 1,869
Charge for the year - 259 259
_______ _______ _______
At 31 May 2022 - 2,128 2,128
_______ _______ _______
Carrying amount
At 31 May 2022 519,600 1,038 520,638
_______ _______ _______
At 31 May 2021 495,000 1,297 496,297
_______ _______ _______
Investment property
The property was revalued on 31st May 2021 by Interbay surveyors.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 May 2022
Aggregate cost 289,890 289,890
Aggregate depreciation - -
_______ _______
Carrying amount 289,890 289,890
_______ _______
At 31 May 2021
Aggregate cost 265,290 265,290
Aggregate depreciation - -
_______ _______
Carrying amount 265,290 265,290
_______ _______
8. Investments
Other investments other than loans Total
£ £
Cost
At 1 June 2021 and 31 May 2022 50 50
_______ _______
Impairment
At 1 June 2021 and 31 May 2022 - -
_______ _______
Carrying amount
At 31 May 2022 50 50
_______ _______
At 31 May 2021 50 50
_______ _______
9. Debtors
2022 2021
£ £
Trade debtors 11,950 5,301
Other debtors 36,053 24,952
_______ _______
48,003 30,253
_______ _______
10. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 8,203
Social security and other taxes - 350
Other creditors 134,113 242,192
_______ _______
134,113 250,745
_______ _______
The bank loan is secured.
11. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 298,410 104,378
_______ _______
The bank loan is secured.
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 June 2021 and 31 May 2022 14,868 14,868
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in debtors (note 9) 35,414 22,871
Included in provisions (note 12) ( 14,868) ( 14,868)
_______ _______
20,546 8,003
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Revaluation of tangible assets ( 14,868) ( 14,868)
Unused tax losses 35,414 22,871
_______ _______
20,546 8,003
_______ _______
14. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary A shares shares of £ 1.00 each 2 2 2 2
Ordinary B shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
4 4 4 4
_______ _______ _______ _______