Pili Pala Properties Ltd - Accounts to registrar - small 17.1

Pili Pala Properties Ltd

Financial Statements for the Year Ended 31 July 2016

DIRECTORS:

K W Griffiths

S M Griffiths

REGISTERED OFFICE:

64 Merthyr Road

Pontypridd

Rhondda Cynon Taff

CF37 4DD

REGISTERED NUMBER:

08403359 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors and members in

respect of the company's annual unaudited financial statements. In accordance with the

Companies Act 2006, the company is only required to file a Balance Sheet. Readers are

cautioned that the Income Statement and certain other primary statements and the Report

of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of Pili Pala Properties Ltd for the year ended 31 July 2016

which comprise the Income Statement, Other Comprehensive Income, Balance Sheet and the

related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pili Pala Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pili Pala Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Pili Pala Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pili Pala Properties Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pili Pala Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pili Pala Properties Ltd. You consider that Pili Pala Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pili Pala Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

12 April 2017

FIXED ASSETS

Tangible assets

2

5,888

2,823

Investment property

3

415,149

371,472

421,037

374,295

CURRENT ASSETS

Debtors

4

-

2,500

Cash at bank

491

757

491

3,257

CREDITORS

Amounts falling due within one year

5

76,005

111,959

NET CURRENT LIABILITIES

(75,514

)

(108,702

)

TOTAL ASSETS LESS CURRENT LIABILITIES

345,523

265,593

CREDITORS

Amounts falling due after more than one year

6

(247,295

)

(254,265

)

PROVISIONS FOR LIABILITIES

(9,153

)

-

NET ASSETS

89,075

11,328

CAPITAL AND RESERVES

Called up share capital

10

10

Non-distributable reserve

36,798

-

Retained earnings

52,267

11,318

SHAREHOLDERS' FUNDS

89,075

11,328

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 12 April 2017 and were signed on its behalf by:

K W Griffiths - Director

1.	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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income from investment properties due in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% straight line

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.

The company's properties are held for long term investments. No depreciation is provided in

respect of the freehold properties which is contrary to Companies Act 2006.

Deferred tax

Full provision is made for deferred taxation resulting from material timing differences

between the recognition of gains and losses in the accounts and their recognition for tax

purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which

are expected to apply in the periods when the timing differences will reverse.

2.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 August 2015

3,196

Additions

3,903

At 31 July 2016

7,099

DEPRECIATION

At 1 August 2015

373

Charge for year

838

At 31 July 2016

1,211

NET BOOK VALUE

At 31 July 2016

5,888

At 31 July 2015

2,823

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2015

371,472

Additions

1,577

Revaluations

42,100

At 31 July 2016

415,149

NET BOOK VALUE

At 31 July 2016

415,149

At 31 July 2015

371,472

Cost or valuation at 31 July 2016 is represented by:

£

Valuation in 2016

42,100

Cost

373,049

415,149

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors & prepayments

-

2,500

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loan

6,725

6,559

Other creditors & accruals

69,280

105,400

76,005

111,959

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

163,090

170,060

Other creditors

84,205

84,205

247,295

254,265

7.	POST BALANCE SHEET EVENTS

The company completed on the acquisition of an investment property costing circa £325,000

in August 2016.

8.	FIRST YEAR ADOPTION OF FRS102

A deferred tax charge and related liability, not provided for previously due to an exemption

available under previous accounting standards, is included in the accounts in relation to the

revaluation of investment properties to fair value.

As FRS 102 does not permit a revaluation reserve on investment properties, the

accumulated revaluation gains on the properties, and the related deferred tax charges, have

been charged to the profit and loss account, and then subsequently transferred to a new

non-distributable reserve, in order to preserve the distinction between distributable and

non-distributable reserves.