Promm Property Limited Small abridged accounts

PROMM PROPERTY LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Promm Property Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08497697

Promm Property Limited

Filleted Unaudited Abridged Financial Statements

30 April 2017

Promm Property Limited

Abridged Financial Statements

Year ended 30 April 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Promm Property Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		1,339,107	630,607

Current assets

Debtors	–	200
Cash at bank and in hand	22,624	201,605
	--------	---------
	22,624	201,805

Creditors: amounts falling due within one year	676,724		502,034
	---------		---------
Net current liabilities		654,100	300,229
		------------	---------
Total assets less current liabilities		685,007	330,378

Creditors: amounts falling due after more than one year		878,374	386,935

Provisions

Taxation including deferred tax	36,740	11,312
	---------	---------
Net liabilities	( 156,627)	( 45,245)
	---------	---------

Promm Property Limited

Abridged Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 156,629)	( 45,247)
	---------	--------
Members deficit	( 156,627)	( 45,245)
	---------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 30 October 2017 , and are signed on behalf of the board by:

Mr M S Henshaw	Mrs K C Selmon
Director	Director

Mr E Promm
Director

Company registration number: 08497697

Promm Property Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Thurstonfield, Carlisle, Cumbria, CA5 6HQ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements in applying accounting policies No significant judgements were required in the process of applying the company's accounting policies for these financial statements. Key sources of estimation uncertainty Accounting estimates, by definition, will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are summarised below: Useful lives of tangible fixed assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives of the assets. The useful lives and residual values are reassessed annualy and amended when necessary to reflect current estimates. See note 15 for the carrying value of the tangible fixed assets, and note 3 for the useful lives.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

4. Tangible assets

	£
Cost
At 1 May 2016	630,607
Additions	708,500
	------------
At 30 April 2017	1,339,107
	------------
Depreciation
At 1 May 2016 and 30 April 2017	–
	------------
Carrying amount
At 30 April 2017	1,339,107
	------------
At 30 April 2016	630,607
	------------

5. Related party transactions

The company is a 50% owned subsidiary of Caroline Martin Property Ltd and Lion UK Prime Estates Ltd. There is no overall controlling party. At the year end the company owed Mrs K C Selmon £ 49,445 (2016 - £37,109) and this is included in Other Creditors. Mrs Selmon is a company director, and is also a director and 50% shareholder of Caroline Martin Property Ltd. At the year end the company owed Mr M S Henshaw £ 762 (2016 - £Nil) and this is included in Other Creditors. Mr Henshaw is a company director, and is also a director and 50% shareholder of Caroline Martin Property Ltd. At the year end the company owed Mr E Promm £ 600,312 (2016 - £422,341) and this is included in Other Creditors. Mr Promm is a company director, and is also a director and 100% shareholder of Lion UK Prime Estates Ltd. During the year management charges of £ 5,858 (2016 - £2,839) were paid to Pomegranate Property Management Ltd , a company that is controlled by Mr Henshaw and Mrs Selmon. At the year-end £ 622 (2016 - £Nil) was outstanding regarding these charges.

6. Controlling party

The company is a 50% subsidiary of Caroline Martin Property Limited and a 50% subsidiary of Lion UK Prime Estates Limited, companies registered in England & Wales.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.