P S J Properties Ltd - Accounts to registrar - small 17.1

REGISTERED NUMBER: 04650913 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

P S J Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P S Jessopp

Mrs A P Jessopp

SECRETARY:

Mr P S Jessopp

REGISTERED OFFICE:

107 North Street

Martock

Somerset

TA12 6EJ

REGISTERED NUMBER:

04650913 (England and Wales)

ACCOUNTANTS:

Read & Co.

107 North Street

Martock

Somerset

TA12 6EJ

BANKERS:

Natwest Commercial Bank

1st Floor

Lakeside House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Tangible assets

4

113,237

136,296

Investment property

5

8,558,288

8,416,963

8,671,525

8,553,259

CURRENT ASSETS

Debtors

6

6,000

201,154

Prepayments and accrued income

3,189

2,782

Cash at bank and in hand

99,125

68,537

108,314

272,473

CREDITORS

Amounts falling due within one year

7

1,357,458

1,477,688

NET CURRENT LIABILITIES

(1,249,144

)

(1,205,215

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,422,381

7,348,044

CREDITORS

Amounts falling due after more than one year

8

(236,989

)

(584,809

)

PROVISIONS FOR LIABILITIES

(21,515

)

(24,286

)

NET ASSETS

7,163,877

6,738,949

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

7,163,677

6,738,749

SHAREHOLDERS' FUNDS

7,163,877

6,738,949

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 April 2017 and were signed on its behalf by:

Mr P S Jessopp - Director

1.	STATUTORY INFORMATION

P S J Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the

directors believe that this policy of not providing depreciation or amortisation is necessary in order for the

financial statements to give a true and fair view, since the current value of investment properties and changes in

that current value are of prime importance rather than a calculation of systematic annual depreciation.

Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount

which would otherwise have been shown cannot be separately identified or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

402,056

Additions

1,112

Disposals

(21,128

)

At 31 December 2016

382,040

DEPRECIATION

At 1 January 2016

265,760

Charge for year

15,258

Eliminated on disposal

(12,215

)

At 31 December 2016

268,803

NET BOOK VALUE

At 31 December 2016

113,237

At 31 December 2015

136,296

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as

follows:

Plant and

machinery

etc

£

COST

At 1 January 2016

42,723

Transfer to ownership

(42,723

)

At 31 December 2016

-

DEPRECIATION

At 1 January 2016

24,700

Transfer to ownership

(24,700

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

18,023

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

8,416,963

Additions

141,325

At 31 December 2016

8,558,288

NET BOOK VALUE

At 31 December 2016

8,558,288

At 31 December 2015

8,416,963

.

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

6,000

201,154

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

210,600

326,752

Trade creditors

6,105

25,187

Taxation and social security

150,471

161,600

Other creditors

990,282

964,149

1,357,458

1,477,688

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans

236,989

511,392

Other creditors

-

73,417

236,989

584,809

Included within other loans due after more than one year is an amount of 210,600 which may become payable on

demand. However,the circumstances that would give rise to such a repayment are considered to be sufficiently

remote and the disclosure of this loan in the accounts is made in line with the main terms of the loan agreement.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank loans

447,589

838,144

The bank loans together with bank overdrafts and loan repayments falling due within one year are secured by a

legal charge with each loan being secured on the property it relates to.

One bank loan was taken out over a 5 year term and the other over a 3 year term .

Interest charged on one bank loan and the bank overdraft is at 1% above UK bank base rate and the other loan

which is at 2% above UK bank base rate.

Interest charged on the pension fund loan is 3% above UK bank base rate.

10.	RELATED PARTY DISCLOSURES

Transactions involving directors

The following is a summary of the directors' transactions with the company :

P S Jessopp

Dividends received from the company £Nil (2015 :£Nil )

Balance owing from the company at 31 December 2016 £500,000 (2014 : £590,000 )

Riders of Bridgwater Limited

Rent received by the company £75,000 (2015: £75,000 )

Balance owing from the company

at 31 December 2016 £Nil ( 2015 :£200,000)

Balance due to the company

at 31 December 2016 £Nil (2015 :£Nil )

Riders of Bridgwater Limited is an associated company, controlled by P S Jessopp.

In 2016 the company also had sales to Riders of Bridgwater Limited totalling £4,887 (2015 :£4,749 ) which

were on normal commercial terms.

Also the company purchased services from Riders of Bridgwater Ltd totalling £150,000 (2015 :£100,000 )

which were under normal commercial terms.

The company operates current accounts with the directors and the activity during the year was as follows:

P S JESSOPP

31.12.16

31.12.15

£

£

Amount owed to director at end of year

420,000

450,000

Amount owed to director at start of year

450,000

-

The amount owed to the director is interest free and repayable on demand.

MRS A P JESSOPP

31.12.16

31.12.15

£

£

Amount owed to director at end of year

80,000

140,000

Amount owed to director at start of year

140,000

-

The amount owed to the director is interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company was under the ultimate control of Mr P S Jessopp who is director and majority shareholder.