Pennine Property Management Limited - Period Ending 2015-04-05

Registration number: 04513410

Pennine Property Management Limited

Unaudited Abbreviated Accounts

for the Year Ended 5 April 2015
 

Pennine Property Management Limited
(Registration number: 04513410)
Abbreviated Balance Sheet at 5 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			6,587			8,787
Investments		2			87,590			50
					94,177			8,837
Current assets
Debtors					58,040			95,015
Cash at bank and in hand					16,255			7,751
					74,295			102,766
Creditors: Amounts falling due within one year					(128,655)			(34,799)
Net current (liabilities)/assets					(54,360)			67,967
Total assets less current liabilities					39,817			76,804
Provisions for liabilities					(1,317)			(1,757)
Net assets					38,500			75,047
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					38,498			75,045
Shareholders' funds					38,500			75,047

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Pennine Property Management Limited
(Registration number: 04513410)
Abbreviated Balance Sheet at 5 April 2015
......... continued

For the year ending 5 April 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 7 October 2015 and signed on its behalf by:

.........................................
Mr S J Robinson
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Pennine Property Management Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life.

Asset class	Amortisation method and rate
Goodwill	20% p.a straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% p.a reducing balance basis
Motor vehicles	25% p.a reducing balance basis

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Pennine Property Management Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 6 April 2014		6,000			21,465			50			27,515
Additions		-			-			119,447			119,447
At 5 April 2015		6,000			21,465			119,497			146,962
Depreciation
At 6 April 2014		6,000			12,678			-			18,678
Charge for the year		-			2,200			31,907			34,107
At 5 April 2015		6,000			14,878			31,907			52,785
Net book value
At 5 April 2015		-			6,587			87,590			94,177
At 5 April 2014		-			8,787			50			8,837

Page 4

Pennine Property Management Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Pennine Choice Lettings Ltd	England	Ordinary	75%	Property management
The Bee Hive (NW) Ltd	England	Ordinary	100%	Estate agents

The profit for the financial period of Pennine Choice Lettings Ltd was £5,767 and the aggregate amount of capital and reserves at the end of the period was £6,021.

The loss for the financial period of The Bee Hive (NW) Ltd was £8,252 and the aggregate amount of capital and reserves at the end of the period was £47,355.

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 5