ACCOUNTS - Final Accounts preparation

PROUD PROPERTIES CORNWALL LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueWaste disposalfalse2016-08-18 10335436 2016-08-17 10335436 2016-08-18 2017-03-31 10335436 2017-03-31 10335436 c:Director1 2016-08-18 2017-03-31 10335436 d:Buildings 2016-08-18 2017-03-31 10335436 d:Buildings 2017-03-31 10335436 d:PlantMachinery 2016-08-18 2017-03-31 10335436 d:PlantMachinery 2017-03-31 10335436 d:CurrentFinancialInstruments 2017-03-31 10335436 d:Non-currentFinancialInstruments 2017-03-31 10335436 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 10335436 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 10335436 d:ShareCapital 2017-03-31 10335436 d:RetainedEarningsAccumulatedLosses 2017-03-31 10335436 c:OrdinaryShareClass1 2016-08-18 2017-03-31 10335436 c:OrdinaryShareClass1 2017-03-31 10335436 c:FRS102 2016-08-18 2017-03-31 10335436 c:AuditExempt-NoAccountantsReport 2016-08-18 2017-03-31 10335436 c:FullAccounts 2016-08-18 2017-03-31 10335436 c:PrivateLimitedCompanyLtd 2016-08-18 2017-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10335436

PROUD PROPERTIES CORNWALL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2017

PROUD PROPERTIES CORNWALL LIMITED

REGISTERED NUMBER:10335436

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

		2017
Note		£

FIXED ASSETS
Tangible assets	4		736,964
			736,964
CURRENT ASSETS
Debtors: amounts falling due within one year	5	4,193
Cash at bank and in hand		30
		4,223
Creditors: amounts falling due within one year	6	(233,223)
NET CURRENT (LIABILITIES)/ASSETS			(229,000)
TOTAL ASSETS LESS CURRENT LIABILITIES			507,964
Creditors: amounts falling due after more than one year	7		(524,000)

NET (LIABILITIES)/ASSETS			(16,036)

CAPITAL AND RESERVES
Called up share capital	8	100
Profit and loss account		(16,136)
		(16,036)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A R Proud

Director

Date: 12 December 2017

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PROUD PROPERTIES CORNWALL LIMITED

REGISTERED NUMBER:10335436

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2017

The notes on pages 3 to 6 form part of these financial statements.

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PROUD PROPERTIES CORNWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2017

1.	GENERAL INFORMATION

The company is a private company, limited by shares and registered in England.
The company's registered number is: 10335436.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

These financial statements have been prepared on a going concern basis. However, this basis may not be appropriate because as at the balance sheet date, its current liabilities exceeded current assets by £232,305. However, of creditors due within one year of £233,223, £195,520 is payable to the parent company, who have indicated their ongoing support for the company.

2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

				Freehold property	-	2%	straight line
				Plant and machinery	-	20%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

As the assets weren't brought into use by the period end, no depreciation has been charged in the period.

2.4

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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PROUD PROPERTIES CORNWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2017

2.ACCOUNTING POLICIES (continued)

2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

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PROUD PROPERTIES CORNWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2017

2.ACCOUNTING POLICIES (continued)

2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration.

4.	TANGIBLE FIXED ASSETS

	Freehold property	Plant and machinery	Total
	£	£	£
COST OR VALUATION
Additions	700,567	36,397	736,964
At 31 March 2017	700,567	36,397	736,964

At 31 March 2017	-	-	-
NET BOOK VALUE
At 31 March 2017	700,567	36,397	736,964

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PROUD PROPERTIES CORNWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2017

DEBTORS

					2017
					£


	Amounts owed by group undertakings	100
	Prepayments and accrued income	788
	Deferred taxation	3,305
		4,193

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2017
		£

	Bank loans	20,800
	Amounts owed to group undertakings	195,520
	Accruals and deferred income	16,903
		233,223

Included in creditors: amounts falling due within one year are £20,800 of secured liabilities.

7.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2017
		£

	Bank loans	524,000
		524,000

Secured loans

Included in creditors: amounts falling due after more than one year are £524,000 of secured liabilities

8.	SHARE CAPITAL
		2017
		£
	SHARES CLASSIFIED AS EQUITY

		ALLOTTED, CALLED UP AND FULLY PAID

		100 Ordinary shares of £1 each	100

Upon incorporation, 100 ordinary £1 shares were issued.

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