PETAL ESTATES LIMITED - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06140649 (England and Wales)

PETAL ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2016

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

3

-

619,480

CURRENT ASSETS

Debtors

4

345,289

139,255

Cash at bank and in hand

97,313

79,057

442,602

218,312

CREDITORS

Amounts falling due within one year

5

(616,144

)

(507,919

)

NET CURRENT LIABILITIES

(173,542

)

(289,607

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(173,542

)

329,873

CREDITORS

Amounts falling due after more than one year

6

(694,157

)

(572,796

)

NET LIABILITIES

(867,699

)

(242,923

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(867,799

)

(243,023

)

SHAREHOLDERS' FUNDS

(867,699

)

(242,923

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 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 director on 29th September 2017 and were signed by:

David Pearlman - Director

1.	STATUTORY INFORMATION

PETAL ESTATES LIMITED 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.

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 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.

3.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1st January 2016

619,480

Impairments

(619,480

)

At 31st December 2016

-

NET BOOK VALUE

At 31st December 2016

-

At 31st December 2015

619,480

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

22,675

-

Other debtors

322,614

139,255

345,289

139,255

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

(1

)

-

Other creditors

616,145

507,919

616,144

507,919

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

694,157

572,796