Pastmi Properties Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05641089 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 NOVEMBER 2016

FOR

PASTMI PROPERTIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

M J Young

SECRETARY:

S D Young

REGISTERED OFFICE:

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

REGISTERED NUMBER:

05641089 (England and Wales)

ACCOUNTANTS:

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

FIXED ASSETS

Tangible assets

2

9,563

13,041

Investment property

3

541,142

550,705

554,183

CURRENT ASSETS

Debtors

1,150

Cash at bank

8,350

13,745

9,500

14,895

CREDITORS

Amounts falling due within one year

4

(37,794

)

(42,633

)

NET CURRENT LIABILITIES

(28,294

)

(27,738

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

522,411

526,445

CREDITORS

Amounts falling due after more than one
year

4

(337,976

)

(368,565

)

NET ASSETS

184,435

157,880

CAPITAL AND RESERVES

Called up share capital

5

30

Profit and loss account

184,405

157,850

SHAREHOLDERS' FUNDS

184,435

157,880

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 June 2017 and were signed by:

M J Young - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents rents receivable, excluding value added tax.

Investment property

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

changes in market value is transferred to a revaluation reserve.

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ("the

FRSSE"), investment properties are revalued annually and the aggregate surplus or deficit is

transferred to revaluation reserve, except where a deficit on an individual investment property is

expected to be permanent in which case it is charged (or credited, where a deficit is reversed) to the

profit and loss account of the period.

The Companies Act 2006 ("the Act") requires all properties to be depreciated. However this

requirement conflicts with the generally accepted accounting principle set out in the FRSSE. The

directors consider that, because these properties are not held for consumption, but for their investment

potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the

FRSSE in order to give a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been

reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified,

because depreciation is only one of the many factors reflected in the annual valuation and the amount

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

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

49,950

DEPRECIATION

At 1 December 2015

36,909

Charge for year

3,478

At 30 November 2016

40,387

NET BOOK VALUE

At 30 November 2016

9,563

At 30 November 2015

13,041

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 December 2015

and 30 November 2016

541,142

NET BOOK VALUE

At 30 November 2016

541,142

At 30 November 2015

541,142

The director regards the current value of the property, which was purchased during the period to 30

November 2006, to be consistent with its original cost.

4.

CREDITORS

Creditors include an amount of £ 275,594 (30.11.15 - £ 293,456 ) for which security has been given.

They also include the following debts falling due in more than five years:

30.11.16

30.11.15

£

Repayable by instalments

188,000

204,345

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.16

30.11.15

value:

£

30

Ordinary

£1

30

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M J Young, by virtue of his directorship and ownership of 100% of

the issued equity share capital.

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

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

the financial statements of Pastmi Properties Limited for the year ended 30 November 2016 on pages to

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 director of Pastmi Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pastmi Properties Limited and state those matters that we have agreed to state to the director of Pastmi Properties Limited 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 Pastmi Properties Limited director for our work or for this report.

It is your duty to ensure that Pastmi Properties Limited 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 Pastmi Properties Limited. You consider that Pastmi Properties Limited 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 Pastmi Properties Limited. 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.

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

20 June 2017