Pitlochry Investments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05742087 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

PITLOCHRY INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I A Pearson

A J Guyan

REGISTERED OFFICE:

Ground Floor, Finchale House

Belmont Business Park

Durham

DH1 1TW

REGISTERED NUMBER:

05742087 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

3

314

654

Investment property

4

550,000

550,000

550,314

550,654

CURRENT ASSETS

Debtors

5

593

564

Cash at bank

26,934

19,935

27,527

20,499

CREDITORS

Amounts falling due within one year

6

15,650

15,817

NET CURRENT ASSETS

11,877

4,682

TOTAL ASSETS LESS CURRENT LIABILITIES

562,191

555,336

PROVISIONS FOR LIABILITIES

62

130

NET ASSETS

562,129

555,206

CAPITAL AND RESERVES

Called up share capital

7

450,000

450,000

Retained earnings

8

112,129

105,206

SHAREHOLDERS' FUNDS

562,129

555,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 1 August 2017 and were signed on its behalf by:

I A Pearson - Director

A J Guyan - Director

1.	STATUTORY INFORMATION

Pitlochry Investments 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 as modified by the revaluation of certain assets.

Turnover

Turnover is derived from rents due on the company's investment property. Income is recognised as the company

became entitled to receive it under the terms of the lease.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

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.

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

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

3,402

DEPRECIATION

At 1 April 2016

2,748

Charge for year

340

At 31 March 2017

3,088

NET BOOK VALUE

At 31 March 2017

314

At 31 March 2016

654

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

550,000

NET BOOK VALUE

At 31 March 2017

550,000

At 31 March 2016

550,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2015

550,000

If Investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

450,000

450,000

Investment property was valued on an open market basis on 31 March 2017 by the director of the company .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

593

564

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

6,227

6,191

Other creditors

9,423

9,626

15,650

15,817

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

450,000

Ordinary

£1

450,000

450,000

8.

RESERVES

Included within retained earnings is £100,000 of non distributable reserves, which relates to the revaluation of

the investment property to fair value, which under FRS 102 Section 1A is recognised through the profit and loss

account.

9.	FIRST YEAR ADOPTION

These financial statements for year ended 31 March 2017 are the first financial statements prepared under

Financial Reporting Standard "FRS 102 Section 1A". The date of transition to FRS 102 Section 1A is 1 April

2015.

The transition to FRS 102 Section 1A has required some compulsory changes in accounting policies to those

used previously.

The nature of these changes and their impact on opening equity and profit for the comparative period are

explained below and detailed on the reconciliation on pages 10 - 12 of the full financial statements.

Investment Property

Under FRS 102 Section 1A the revaluation of Investment Properties is recognised through the Profit and Loss

account rather than through the Statement of Recognised Gains and Losses. As the revaluation of the Investment

Property has been previously included in the revaluation reserve, FRS 102 Section 1A requires a transfer to

retained earnings. This has resulted in an initial increase of £100,000 in retained earnings, at 1 April 2015.