Pied Piper Services Limited - Limited company accounts 17.3

REGISTERED NUMBER: 01976590 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Pied Piper Services Limited

Page

Company Information

1

Report of the Director

2

Chartered Accountants' Report

3

Income Statement

4

Statement of Financial Position

5

Notes to the Financial Statements

6

Reconciliation of Equity

9

Reconciliation of Profit

11

DIRECTOR:

Mrs P D Parkin

REGISTERED OFFICE:

Endeavour House

78 Stafford Road

Wallington

Surrey

SM6 9AY

REGISTERED NUMBER:

01976590 (England and Wales)

ACCOUNTANTS:

PB Partners LLP

Endeavour House

78 Stafford Road

Wallington

Surrey

SM6 9AY

The director presents her report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was property rental.

DIRECTOR

Mrs P D Parkin held office during the whole of the period from 1 April 2016 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs P D Parkin - Director

20 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Pied Piper Services Limited for the year ended 31 March 2017 which comprise the Income

Statement, Statement of Financial Position and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Pied Piper Services Limited in accordance with the terms of our engagement letter dated 1 March 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Pied Piper Services Limited and state those matters that we have agreed to state to the director of Pied Piper Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pied Piper Services Limited director for our work or for this report.

It is your duty to ensure that Pied Piper Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pied Piper Services Limited. You consider that Pied Piper Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pied Piper Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PB Partners LLP

Endeavour House

78 Stafford Road

Wallington

Surrey

SM6 9AY

20 December 2017

TURNOVER

27,903

37,200

Administrative expenses

18,706

17,665

OPERATING PROFIT

9,197

19,535

Interest receivable and similar income

45

59

PROFIT BEFORE TAXATION

9,242

19,594

Tax on profit

1,848

3,918

PROFIT FOR THE FINANCIAL YEAR

7,394

15,676

FIXED ASSETS

Tangible assets

3

-

-

Investment property

4

900,000

900,000

900,000

900,000

CURRENT ASSETS

Debtors

5

1,508

1,629

Cash at bank

31,121

43,516

32,629

45,145

CREDITORS

Amounts falling due within one year

6

206,583

226,493

NET CURRENT LIABILITIES

(173,954

)

(181,348

)

TOTAL ASSETS LESS CURRENT LIABILITIES

726,046

718,652

PROVISIONS FOR LIABILITIES

110,599

110,599

NET ASSETS

615,447

608,053

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

7

539,979

539,979

Retained earnings

75,466

68,072

SHAREHOLDERS' FUNDS

615,447

608,053

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 director acknowledges her 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 December 2017 and were signed by:

Mrs P D Parkin - Director

1.	STATUTORY INFORMATION

Pied Piper Services 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.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1A "Small Entities". The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A "Small Entities" has resulted in changes to the accounting policies used

previously. The nature of these changes had no impact on opening equity and profit for the comparative period

but have impacted on the closing comparative figures.

Turnover

Revenue represents rental income receivable.

Tangible fixed assets

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

Office equipment

-

25% per annum 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.

Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred

taxation is provided on these gains at the future tax rate expected to apply when the property may be sold.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

Office

equipment

£

COST

At 1 April 2016

and 31 March 2017

3,040

DEPRECIATION

At 1 April 2016

and 31 March 2017

3,040

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

900,000

NET BOOK VALUE

At 31 March 2017

900,000

At 31 March 2016

900,000

On the transition to FRS 102 1A the fair value of the land and buildings was deemed to be £900,000.

Fair value at 31 March 2017 is represented by:

£

Valuation in 2008

363,457

Valuation in 2013

287,121

Cost

249,422

900,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Prepayments

1,508

1,629

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

441

3,623

Corporation tax

1,848

3,918

Directors' current accounts

203,294

217,952

Accruals and deferred income

1,000

1,000

206,583

226,493

7.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

539,979

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director.

9.	FIRST YEAR ADOPTION

There were no adjustments to opening profit and equity at the date of transition; however, due to the change in

accounting policy for investment properties, there were changes to the comparative figures.

FIXED ASSETS

Investment property

900,000

-

900,000

CURRENT ASSETS

Debtors

1,629

-

1,629

Cash at bank

43,516

-

43,516

45,145

-

45,145

CREDITORS

Amounts falling due within one year

(226,493

)

-

(226,493

)

NET CURRENT LIABILITIES

(181,348

)

-

(181,348

)

TOTAL ASSETS LESS CURRENT LIABILITIES

718,652

-

718,652

PROVISIONS FOR LIABILITIES

-

(110,599

)

(110,599

)

NET ASSETS

718,652

(110,599

)

608,053

CAPITAL AND RESERVES

Called up share capital

2

-

2

Revaluation reserve

650,578

(650,578

)

-

Fair value reserve

-

539,979

539,979

Retained earnings

68,072

-

68,072

SHAREHOLDERS' FUNDS

718,652

(110,599

)

608,053

FIXED ASSETS

Investment property

900,000

-

900,000

CURRENT ASSETS

Debtors

1,629

-

1,629

Cash at bank

43,516

-

43,516

45,145

-

45,145

CREDITORS

Amounts falling due within one year

(226,493

)

-

(226,493

)

NET CURRENT LIABILITIES

(181,348

)

-

(181,348

)

TOTAL ASSETS LESS CURRENT LIABILITIES

718,652

-

718,652

PROVISIONS FOR LIABILITIES

-

(110,599

)

(110,599

)

NET ASSETS

718,652

(110,599

)

608,053

CAPITAL AND RESERVES

Called up share capital

2

-

2

Revaluation reserve

650,578

(650,578

)

-

Fair value reserve

-

539,979

539,979

Retained earnings

68,072

-

68,072

SHAREHOLDERS' FUNDS

718,652

(110,599

)

608,053

TURNOVER

37,200

-

37,200

Administrative expenses

(17,665

)

-

(17,665

)

OPERATING PROFIT

19,535

-

19,535

Interest receivable and similar income

59

-

59

and

PROFIT BEFORE TAXATION

19,594

-

19,594

Tax on profit

(3,918

)

-

(3,918

)

PROFIT FOR THE FINANCIAL YEAR

15,676

-

15,676