Preston City Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05844929 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th April 2017

for

Preston City Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Bretherton

Mrs V Bretherton

SECRETARY:

Mrs V Bretherton

REGISTERED OFFICE:

Black Bull House

353-355 Station Road

Bamber Bridge

Preston

Lancashire

PR5 6EE

REGISTERED NUMBER:

05844929 (England and Wales)

ACCOUNTANTS:

Robin Oatridge & Co Limited

Chartered Certified Accountants

Black Bull House

353-355 Station Road

Bamber Bridge

Preston

Lancashire

PR5 6EE

FIXED ASSETS

Tangible assets

4

137,743

100,774

Investments

5

10,000

10,000

147,743

110,774

CURRENT ASSETS

Stocks

477,000

650,000

Cash at bank

109

136

477,109

650,136

CREDITORS

Amounts falling due within one year

6

61,273

75,633

NET CURRENT ASSETS

415,836

574,503

TOTAL ASSETS LESS CURRENT LIABILITIES

563,579

685,277

CREDITORS

Amounts falling due after more than one year

7

425,000

635,000

NET ASSETS

138,579

50,277

CAPITAL AND RESERVES

Called up share capital

100

2

Retained earnings

138,479

50,275

SHAREHOLDERS' FUNDS

138,579

50,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 14th November 2017 and were signed on its behalf by:

Mr D J Bretherton - Director

1.	STATUTORY INFORMATION

Preston City Properties 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 represents net invoiced sales, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1st May 2016

91,650

18,550

1,000

111,200

Additions

39,150

-

-

39,150

Disposals

-

(1,500

)

-

(1,500

)

At 30th April 2017

130,800

17,050

1,000

148,850

DEPRECIATION

At 1st May 2016

-

9,715

711

10,426

Charge for year

-

1,187

73

1,260

Eliminated on disposal

-

(579

)

-

(579

)

At 30th April 2017

-

10,323

784

11,107

NET BOOK VALUE

At 30th April 2017

130,800

6,727

216

137,743

At 30th April 2016

91,650

8,835

289

100,774

5.	FIXED ASSET INVESTMENTS

The following was a subsidiary undertaking of the company:

Preston City Property Services Limited - holding 100% of issued share capital (purchased 5th April 2016).

At the end of its latest financial year (31st August 2016) Preston City Property Services Limited had aggregate

capital and reserves of £5,556 (2015 - £16,356).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

3,133

-

Taxation and social security

19,323

2,690

Other creditors

38,817

72,943

61,273

75,633

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

425,000

635,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Stock

347,000

330,000

9.	RELATED PARTY DISCLOSURES

Preston City Property Services Limited is 100% owned subsidiary of Preston City Properties Limited. As at 30th

April 2017 the company owed Preston City Property Services Limited £3,133 in the form of a loan, no interest

was charged on the loan (2016 - nil and nil).

See note 9 regarding security provided by the company on the bank loan of the directors.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr D J and Mrs V Bretherton.