| Pinecroft Investment Limited |
| Registered number: |
05128484 |
| Balance Sheet |
| as at 25 June 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Investment properties |
4 |
|
|
1,330,000 |
|
|
1,330,000 |
|
| Current assets |
| Debtors |
5 |
|
- |
|
|
43,736 |
| Cash at bank and in hand |
|
|
8,148 |
|
|
9 |
|
|
|
8,148 |
|
|
43,745 |
|
| Creditors: amounts falling due within one year |
6 |
|
(370,847) |
|
|
(382,205) |
|
| Net current liabilities |
|
|
|
(362,699) |
|
|
(338,460) |
|
| Total assets less current liabilities |
|
|
|
967,301 |
|
|
991,540 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(1,022,514) |
|
|
(1,002,335) |
|
|
|
| Net liabilities |
|
|
|
(55,213) |
|
|
(10,795) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
9 |
|
|
(32,791) |
|
|
(32,791) |
| Profit and loss account |
|
|
|
(22,522) |
|
|
21,896 |
|
| Shareholders' funds |
|
|
|
(55,213) |
|
|
(10,795) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Martin Keith Ross |
| Director |
| Approved by the board on 16 November 2023 |
|
| Pinecroft Investment Limited |
| Notes to the Accounts |
| for the year ended 25 June 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
Going concern |
|
The company's total liabilities exceed its total assets at the balance sheet date. The company continues to meet it's day to day working capital requirements through the support of the director's loan account. The director confirms that he will continue to support the company for the forseeable future and has therefore elected to prepare accounts under the going concern basis. |
|
|
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
The company's tangible assets consist of investment propeties. These are revalued to current fair market vale by the directors on a regular basis. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Exceptional items |
2021 |
|
2020 |
| £ |
£ |
|
Write off of group undertaking debt due to undertaking known |
|
to be in liquidation at date of preparing the accounts. |
43,736 |
|
- |
|
|
|
|
|
|
|
|
43,736 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 26 June 2020 |
1,330,000 |
|
Surplus on revaluation |
- |
|
At 25 June 2021 |
1,330,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 25 June 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 25 June 2021 |
1,330,000 |
|
At 25 June 2020 |
1,330,000 |
|
|
| 5 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Other debtors |
- |
|
43,736 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
1,863 |
|
- |
|
Trade creditors |
6,165 |
|
8,595 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
348,164 |
|
348,164 |
|
Taxation and social security costs |
5,275 |
|
5,275 |
|
Other creditors |
9,380 |
|
20,171 |
|
|
|
|
|
|
370,847 |
|
382,205 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
1,022,514 |
|
1,002,335 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2021 |
|
2020 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
1,009,377 |
|
1,002,335 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,009,377 |
|
1,002,335 |
|
|
|
|
|
|
|
|
|
|
The loan consists of a mortgage secured against the investment properties. |
|
|
| 9 |
Revaluation reserve |
2021 |
|
2020 |
| £ |
£ |
|
|
At 26 June 2020 |
(32,791) |
|
(32,791) |
|
|
At 25 June 2021 |
(32,791) |
|
(32,791) |
|
|
|
|
|
|
|
|
|
|
If the investment properties were accounted for under the historic cost accounting rules their |
|
vaue would be: |
|
|
|
|
|
|
1,362,791 |
|
1,362,791 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other information |
|
|
Pinecroft Investment Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Pinecroft |
|
Ravenswood Drive |
|
Camberley |
|
Surrey |
|
GU15 2BU |
