Poole Properties Limited - Period Ending 2016-06-30

Registration number: 01377455

Poole Properties Limited
 
  Directors' Report and Unaudited Consolidated Financial Statements
 
 Year Ended 30 June 2016
 

Poole Properties Limited
Contents
Year Ended 30 June 2016

Company Information 1

Directors' Report 2

Consolidated Profit and Loss Account 3

Consolidated Statement of Total Recognised Gains and Losses 4

Consolidated Balance Sheet 5

Balance Sheet 6

Notes to the Financial Statements 7 to 13

Poole Properties Limited
Company Information
Year Ended 30 June 2016

Directors

A W Isaac D G Burt S J O Warner-Bore

Company secretary

A W Isaac

Registered office

22 Chancery Lane London WC2A 1LS

Bankers

C Hoare & Co. 37 Fleet Street London EC4P 4DQ

Page 1

Poole Properties Limited
Directors' Report
Year Ended 30 June 2016

The directors present their report and the consolidated financial statements for the year ended 30 June 2016.

Directors of the company

The directors who held office during the year were as follows:

A W Isaac

D G Burt

S J O Warner-Bore

Principal activity

The principal activity of the group is investing in listed investments.

 

Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 17 October 2016 and signed on its behalf by:

.........................................
A W Isaac
Director

Page 2

Poole Properties Limited
Consolidated Profit and Loss Account
Year Ended 30 June 2016

		Note			2016 £			2015 £
Turnover					-			-
Administrative expenses					(93,465)			(54,199)
Group operating loss					(93,465)			(54,199)
Loss on disposal of listed investments					(72,326)			(158,493)
Income from listed investments					607,201			495,288
Other interest receivable and similar income					242			444
Profit on ordinary activities before taxation					441,652			283,040
Tax on profit on ordinary activities		3			(17,428)			-
Profit for the financial year attributable to members of the parent company		9			424,224			283,040

The notes on pages 7 to 13 form an integral part of these financial statements.
Page 3

Poole Properties Limited
Consolidated Statement of Total Recognised Gains and Losses
Year Ended 30 June 2016

		Note			2016 £			2015 £
Profit for the financial year					424,224			283,040
Unrealised gain/(loss) on listed investments		4			123,043			(37,379)
Total recognised gains and losses relating to the year					547,267			245,661

The notes on pages 7 to 13 form an integral part of these financial statements.
Page 4

Poole Properties Limited
Consolidated Balance Sheet at 30 June 2016

		Note			2016						2015
	£			£			£			£
Fixed assets
Investments		4						12,335,419						12,002,756
								12,335,419						12,002,756
Current assets
Debtors		5			10,889						12,118
Cash at bank and in hand					211,186						471,493
					222,075						483,611
Creditors: Amounts falling due within one year		6			(44,863)						(13,491)
Net current assets								177,212						470,120
Net assets								12,512,631						12,472,876
Capital and reserves
Called up share capital		7			3,926						3,926
Share premium account		9			3,967,690						3,967,690
Capital redemption reserve		9			1,074						1,074
Revaluation reserve		9			120,927						(37,379)
Other reserves		9			24,027						24,027
Profit and loss account		9			8,394,987						8,513,538
Shareholders' funds								12,512,631						12,472,876

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ending 30 June 2016 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.

Approved by the Board on 17 October 2016 and signed on its behalf by:

.........................................
A W Isaac
Director

The notes on pages 7 to 13 form an integral part of these financial statements.
Page 5

Poole Properties Limited
(Registration number: 01377455)
Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Investments		4			12,335,519			12,410,802
Current assets
Debtors		5			10,889			8,372
Cash at bank and in hand					211,186			471,493
					222,075			479,865
Creditors: Amounts falling due within one year		6			(44,963)			(9,291,809)
Net current assets/(liabilities)					177,112			(8,811,944)
Net assets					12,512,631			3,598,858
Capital and reserves
Called up share capital		7			3,926			3,926
Share premium account		9			3,967,690			3,967,690
Capital redemption reserve		9			1,074			1,074
Revaluation reserve		9			(260,447)			(470,577)
Profit and loss account		9			8,800,388			96,745
Shareholders' funds					12,512,631			3,598,858

Approved by the Board on 17 October 2016 and signed on its behalf by:

.........................................
A W Isaac
Director

The notes on pages 7 to 13 form an integral part of these financial statements.
Page 6

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Financial Reporting Standard number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the group qualifies as a small group.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertaking.

No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006. Its profit for the financial year was £9,298,242 (2015 - £429,775).

Income recognition

Income in respect of interest is recognised on an accruals basis, and dividends in the period in which they are declared. Franked investment income is shown net of imputed tax credits.

Fixed asset investments

Listed investments are included in the balance sheet at market value. Realised gains and losses are taken to the profit and loss account. Unrealised gains and losses are taken to the investment revaluation reserve, except where losses are considered to be permanent, then they are charged to the profit and loss account.

Deferred tax

Deferred tax has not been recognised in respect of the gains and losses arising on the revaluation of the listed investments as, by the balance sheet date, the company had not entered into a binding agreement to sell any of these.

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 group after deducting all of its liabilities.

End of note

Page 7

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

2	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration		21,750			18,000

End of note

3

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
UK Corporation tax charge		17,428			-

The company is a Close Investment Holding Company, with the effect that the full rate of tax is chargeable on taxable profits.

Chargeable gains realised during the year have been offset against capital losses. If revalued assets were sold at current market prices, capital profits of £120,927 would arise (2015 - losses of £37,379).

Factors that may affect future tax charges

The future tax charge may be reduced by the availability of capital losses in the group, totalling £443,867 at 30 June 2016 (2015 - £416,352).

End of note

Page 8

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

4	Investments held as fixed assets

Other investments

		Listed investments £			Total £
Market value
At 1 July 2015		12,002,756			12,002,756
Revaluation		123,043			123,043
Additions		3,214,982			3,214,982
Disposals		(3,005,362)			(3,005,362)
At 30 June 2016		12,335,419			12,335,419
Net book value
At 30 June 2016		12,335,419			12,335,419

The cost of listed investments at 30 June 2016 was £12,214,492 (2015 - £12,040,135).

Company

		2016 £			2015 £
Shares in group undertakings and participating interests		100			408,046
Other investments		12,335,419			12,002,756
		12,335,519			12,410,802

Shares in group undertakings and participating interests

		Subsidiary undertakings £			Total £
Cost
At 1 July 2015		408,046			408,046
At 30 June 2016		408,046			408,046
Provision for impairment
Charge for the year		(407,946)			(407,946)
Net book value
At 30 June 2016		100			100

Page 9

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

Other investments

		Listed investments £			Total £
Market value
At 1 July 2015		12,002,756			12,002,756
Revaluation		123,043			123,043
Additions		3,214,982			3,214,982
Disposals		(3,005,362)			(3,005,362)
At 30 June 2016		12,335,419			12,335,419
Net book value
At 30 June 2016		12,335,419			12,335,419
At 30 June 2015		12,002,756			12,002,756

Details of undertakings

Details of the investments in which the group 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
Buris Limited	United Kingdom	Ordinary shares	100%	Non - trading

End of note

5

Debtors

Group

Company

		2016 £			2015 £			2016 £			2015 £
Other debtors		-			4,201			-			455
Prepayments and accrued income		10,889			7,917			10,889			7,917
		10,889			12,118			10,889			8,372

End of note

Page 10

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

6	Creditors: Amounts falling due within one year

Group

Company

		2016 £			2015 £			2016 £			2015 £
Amounts owed to group undertakings		-			-			100			9,278,318
Corporation tax		17,428			-			17,428			-
Accruals and deferred income		27,435			13,491			27,435			13,491
		44,863			13,491			44,963			9,291,809

End of note

7	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		3,926			3,926			3,926			3,926

End of note

8

Dividends

		2016 £			2015 £
Dividends paid
Prior year final dividend paid		252,890			229,900
Current year interim dividend paid		254,622			127,311
		507,512			357,211

 

The directors have also proposed a final dividend for the year ended 30 June 2016 of £41.67 per share. This dividend is subject to approval by the shareholders at the Annual General Meeting on 8 November 2016 and accordingly has not been included as a liability in these financial statements.

End of note

Page 11

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

9

Reserves

Group

		Share premium account £			Capital redemption reserve £			Revaluation reserve £			Other reserves £			Profit and loss account £			Total £
At 1 July 2015		3,967,690			1,074			(37,379)			24,027			8,513,538			12,468,950
Profit for the year		-			-			-			-			424,224			424,224
Dividends		-			-			-			-			(507,512)			(507,512)
Transfer of realised profits		-			-			35,263			-			(35,263)			-
Unrealised gain on listed investments		-			-			123,043			-			-			123,043
At 30 June 2016		3,967,690			1,074			120,927			24,027			8,394,987			12,508,705

Page 12

Poole Properties Limited
Notes to the Financial Statements
Year Ended 30 June 2016

Company

		Share premium account £			Capital redemption reserve £			Revaluation reserve £			Profit and loss account £			Total £
At 1 July 2015		3,967,690			1,074			(470,577)			96,745			3,594,932
Profit for the year		-			-			-			9,298,242			9,298,242
Dividends		-			-			-			(507,512)			(507,512)
Transfer of realised profits		-			-			87,087			(87,087)			-
Unrealised gain on listed investments		-			-			123,043			-			123,043
At 30 June 2016		3,967,690			1,074			(260,447)			8,800,388			12,508,705

End of note

10	Related party transactions

During the year the company made the following related party transactions:

A W Isaac and D G Burt , directors of the company . During the year the company paid total dividends of £54,164 (2015 - £38,123) to the directors . At the balance sheet date the amount due to A W Isaac and D G Burt was £nil ( 2015 - £nil ) .

The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.

End of note

Page 13