Pyrogon Limited - Period Ending 2017-04-30

Registration number: 07597503

Pyrogon Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2017

Wincham Accountants Limited
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

Pyrogon Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Abridged Profit and Loss Account	4
Statement of Comprehensive Income	5
Abridged Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Abridged Financial Statements	8 to 13

Pyrogon Limited

Company Information

Directors

Mr Ian Hall Mrs Maureen Hall

Company secretary

Wincham Accountants Limited

Registered office

Wincham House Back Lane Greenfield Farm Trad Estate Congleton Cheshire CW12 4TR

Accountants

Wincham Accountants Limited Wincham House Back Lane Greenfield Farm Trad Estate Congleton Cheshire CW12 4TR

Page 1

Pyrogon Limited

Directors' Report for the Year Ended 30 April 2017

The directors present their report and the abridged financial statements for the year ended 30 April 2017.

Directors of the company

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

Mr Ian Hall

Mrs Maureen Hall

Principal activity

The principal activity of the company is that of Property Management

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 31 May 2017 and signed on its behalf by:

.........................................
Mr Ian Hall
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pyrogon Limited
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pyrogon Limited for the year ended 30 April 2017 as set out on pages 4 to 13 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

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

It is your duty to ensure that Pyrogon Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pyrogon Limited. You consider that Pyrogon 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 accounts of Pyrogon 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 accounts.

......................................

Wincham Accountants Limited
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

31 May 2017

Page 3

Pyrogon Limited

Abridged Profit and Loss Account for the Year Ended 30 April 2017

	Note	Total 30 April 2017 £	Total 30 April 2016 £
Gross profit/(loss)		-	-
Administrative expenses		(3,224)	(3,379)
Loss before tax	3	(3,224)	(3,379)
Loss for the financial year		(3,224)	(3,379)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 4

Pyrogon Limited

Statement of Comprehensive Income for the Year Ended 30 April 2017

	Note	2017 £	2016 £
Loss for the year		(3,224)	(3,379)
Total comprehensive income for the year		(3,224)	(3,379)

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 5

Pyrogon Limited

(Registration number: 07597503)
Abridged Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	66,577	66,577
Creditors: Amounts falling due within one year		(14,884)	(11,660)
Total assets less current liabilities		51,693	54,917
Creditors: Amounts falling due after more than one year		(10,038)	(10,038)
Accruals and deferred income		(576)	(576)
Net assets		41,079	44,303
Capital and reserves
Called up share capital		61,530	61,530
Profit and loss account		(20,451)	(17,227)
Total equity		41,079	44,303

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 31 May 2017 and signed on its behalf by:
 

.........................................

Mr Ian Hall

Director

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 6

Pyrogon Limited

Statement of Changes in Equity for the Year Ended 30 April 2017

	Share capital £	Profit and loss account £	Total £
At 1 May 2016	61,530	(17,227)	44,303
Loss for the year	-	(3,224)	(3,224)
Total comprehensive income	-	(3,224)	(3,224)
At 30 April 2017	61,530	(20,451)	41,079

	Share capital £	Profit and loss account £	Total £
At 1 May 2015	61,530	(13,848)	47,682
Loss for the year	-	(3,379)	(3,379)
Total comprehensive income	-	(3,379)	(3,379)
At 30 April 2016	61,530	(17,227)	44,303

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 7

Pyrogon Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

These financial statements were authorised for issue by the Board on 31 May 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover (shown as other operating income) represents the amount receivable in respect of property rental.

Foreign currency transactions and balances

Foreign currency transactions are recorded at the exchange rate ruling on the date of transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the retranslation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the profit and loss account.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged across the expected economic life of the assets with reference to the residual values

Asset class	Depreciation method and rate
Freehold Property	No Depreciation

Page 8

Pyrogon Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2017

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for as follows:

No depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation 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.

The directors recognize that the value of the property at the year-end may be lower than cost but given current market conditions believe prices will recover and that no restatement is necessary.

Trade creditors

Included in creditors are loans from directors which are interest free and repayable over more than one year.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
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.
 
 

Page 9

Pyrogon Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2017

3	Loss before tax

Arrived at after charging/(crediting)

2017 £

2016 £

4	Tangible assets

	Total £
Cost or valuation
At 1 May 2016	66,577
At 30 April 2017	66,577
Depreciation
Carrying amount
At 30 April 2017	66,577
At 30 April 2016	66,577

Included within the net book value of land and buildings above is £66,577 (2016 - £66,577) in respect of freehold land and buildings.
 

5	Related party transactions

Transactions with directors

2017	At 1 May 2016 £	Other payments made to company by director £	At 30 April 2017 £
Mr Ian Hall
Directors Loan Account	21,699	3,224	24,923

2016	At 1 May 2015 £	Other payments made to company by director £	At 30 April 2016 £
Mr Ian Hall
Directors Loan Account	17,675	4,024	21,699

Loans from related parties

Page 10

Pyrogon Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2017

2017	Key management £
At start of period	21,699
Advanced	3,244
At end of period	24,943

2016

6	Transition to FRS 102

This is the first time adoption to FRS 102.

Balance Sheet at 1 May 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		66,578	-	-	66,578
Creditors: Amounts falling due within one year		(8,858)	-	-	(8,858)
Total assets less current liabilities		57,720	-	-	57,720
Creditors: Amounts falling due after more than one year		(10,038)	-	-	(10,038)
Net assets		47,682	-	-	47,682
Capital and reserves
Called up share capital		61,530	-	-	61,530
Profit and loss account		(13,848)	-	-	(13,848)
Total equity		47,682	-	-	47,682

Page 11

Pyrogon Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2017

Balance Sheet at 30 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		66,578	-	-	66,578
Creditors: Amounts falling due within one year		(12,238)	-	-	(12,238)
Total assets less current liabilities		54,340	-	-	54,340
Creditors: Amounts falling due after more than one year		(10,037)	-	-	(10,037)
Net assets		44,303	-	-	44,303
Capital and reserves
Called up share capital		61,530	-	-	61,530
Profit and loss account		(17,227)	-	-	(17,227)
Total equity		44,303	-	-	44,303

Page 12

Pyrogon Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2017

Profit and Loss Account for the year ended 30 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		-	-	-	-
Administrative expenses		3,379	-	-	3,379
Operating profit		3,379	-	-	3,379
Profit before tax		3,379	-	-	3,379
Profit for the financial year		3,379	-	-	3,379

Page 13

Pyrogon Limited

Detailed Profit and Loss Account for the Year Ended 30 April 2017

	2017 £	2016 £
Turnover (analysed below)	-	-
Administrative expenses
Establishment costs (analysed below)	(1,412)	(1,021)
General administrative expenses (analysed below)	(1,765)	(2,342)
Finance charges (analysed below)	(47)	(16)
	(3,224)	(3,379)
Operating loss	(3,224)	(3,379)
Loss before tax	(3,224)	(3,379)

This page does not form part of the statutory financial statements.

Page 14

Pyrogon Limited

Detailed Profit and Loss Account for the Year Ended 30 April 2017

2017 £

2016 £

Establishment costs
Rates	(916)	(765)
Water rates	(261)	-
Light, heat and power	(235)	(256)
	(1,412)	(1,021)

General administrative expenses
Travel and subsistence	(769)	(956)
Rail, air and taxi fares	-	(390)
Accountancy fees	(576)	(576)
Legal and professional fees	(420)	(420)
	(1,765)	(2,342)

Finance charges
Bank charges	(47)	(16)

This page does not form part of the statutory financial statements.

Page 15