Pickwick Hall Limited Filleted accounts for Companies House (small and micro)

Pickwick Hall Limited Filleted accounts for Companies House (small and micro)

PICKWICK HALL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13403758
Pickwick Hall Limited
Filleted Unaudited Financial Statements
31 December 2022
Pickwick Hall Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Pickwick Hall Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
419,421
418,423
Current assets
Debtors
6
5,280
1,693
Cash at bank and in hand
6,829
6,082
--------
-------
12,109
7,775
Creditors: amounts falling due within one year
7
314,464
300,214
---------
---------
Net current liabilities
302,355
292,439
---------
---------
Total assets less current liabilities
117,066
125,984
Creditors: amounts falling due after more than one year
8
152,660
147,219
---------
---------
Net liabilities
( 35,594)
( 21,235)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 35,694)
( 21,335)
--------
--------
Shareholders deficit
( 35,594)
( 21,235)
--------
--------
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.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pickwick Hall Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 23 August 2023 , and are signed on behalf of the board by:
Mr C Wadia
Director
Company registration number: 13403758
Pickwick Hall Limited
Notes to the Financial Statements
Year ended 31 December 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 128 City Road, London, United Kingdom, EC1V 2NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
These accounts have been prepared on a going concern basis. The director is satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to 1 (2021: 1).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2022
426,962
–
426,962
Additions
3,466
7,676
11,142
---------
-------
---------
At 31 December 2022
430,428
7,676
438,104
---------
-------
---------
Depreciation
At 1 January 2022
8,539
–
8,539
Charge for the year
8,609
1,535
10,144
---------
-------
---------
At 31 December 2022
17,148
1,535
18,683
---------
-------
---------
Carrying amount
At 31 December 2022
413,280
6,141
419,421
---------
-------
---------
At 31 December 2021
418,423
–
418,423
---------
-------
---------
6. Debtors
2022
2021
£
£
Trade debtors
3,950
–
Other debtors
1,330
1,693
-------
-------
5,280
1,693
-------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
–
5,804
Trade creditors
–
928
Other creditors
314,464
293,482
---------
---------
314,464
300,214
---------
---------
Fleet Mortgages Limited holds a fixed charge over the land and buildings known as 7 Southway, Guildford, which is held in freehold property.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
152,660
147,219
---------
---------
Fleet Mortgages Limited holds a fixed charge over the land and buildings known as 7 Southway, Guildford, which is held in freehold property.
9. Related party transactions
At the year end, the company owed £299,096 (2021: £292,016) to the director.