Perry Hill Properties Ltd
Perry Hill Properties Ltd
Registered number: 07269233
Unaudited Financial Statements
For The Year Ended
30 June 2022
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Perry Hill Properties Ltd
Unaudited Financial Statements
For The Year Ended
30 June 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—6 |
Perry Hill Properties Ltd
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
07269233
For the year ending 30 June 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.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Fair Value Reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 163,565 | 143,152 | |||
Perry Hill Properties Ltd
Balance Sheet (continued)
As at
30 June 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
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Director
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The notes on pages 4 to 6 form part of these financial statements.
Perry Hill Properties Ltd
Statement of Changes in Equity
For The Year Ended
30 June 2022
Statement of Changes in Equity
| Share Capital | Fair Value Reserve | Profit and Loss Account | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| As at 1 July 2020 |
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122,340 |
| Profit for the year and total comprehensive income | - | - |
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20,812 |
| As at 30 June 2021 and 1 July 2021 |
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143,152 |
| Profit for the year and total comprehensive income | - | - |
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20,413 |
| As at
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163,565 |
Perry Hill Properties Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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 years 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 assets reflect 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.
Perry Hill Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 2)
3.
Tangible Assets
| Investment Properties | |
|---|---|
| £ | |
| Cost | |
| As at
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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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The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | |
|---|---|
| £ | |
| As at
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| At valuation | 505,000 |
| 505,000 | |
| As at
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| At cost | 505,000 |
| 505,000 | |
The investment property was valued at the year end by Mr M J Aldous, a RICS registered valuer and director of the company.
On a historical cost basis this property would have been included at the original cost plus improvements of £393,419.
Deferred taxation of £11,650 has been provided within the accounts based on the value of the property if sold.
4.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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Perry Hill Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
5.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Corporation tax |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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6.
Related Party Transactions
During the year, the directors provided an interest bearing loan to the company. At the year end, included in creditors was £558 (2021 - £558) owed to the directors and a further amount of £36,194 (2021 - £36,183) for interest owed (but not paid) on the loan.
Included in other creditors is £290,749 (2021 - £312,634) owed to a connected company under common control of a director.