Accounts filed on 30-06-2017

10. SHARE PREMIUM ACCOUNT

Share premium account


Registered number: 02799224






Pylle Limited


ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2017


Pylle Limited


ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2017





DIRECTORS
Mr JH Jackson



SECRETARY
Miss N Claydon


REGISTERED OFFICE
The Lodge
Park Road
Shepton Mallet
Somerset
BA4 5BS


COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 02799224


ACCOUNTS
FOR THEYEARENDED30 JUNE 2017



CONTENTS



		Page

Directors' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		4


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 30 June 2017

			2017		2016
	Notes		£		£

FIXED ASSETS
Tangible assets	2		1,363,966		1,350,047

CURRENT ASSETS
Debtors	4	13,544		12,130
Cash at bank and in hand		18,611		15,346
		32,155		27,476
CREDITORS: Amounts falling due within one year	5	28,707		28,113
NET CURRENT ASSETS / (LIABILITIES)			3,448		(637)
TOTAL ASSETS LESS CURRENT LIABILITIES			1,367,414		1,349,410


CREDITORS: Amounts falling due after more than one year	6		700,000		700,000


PROVISIONS FOR LIABILITIES AND CHARGES	8		799		7,120

NET ASSETS			666,615		642,290

CAPITAL AND RESERVES

Called up share capital	9		85,500		85,500
Share premium account	10		4,582		4,582
Profit and loss account			576,533		552,208
SHAREHOLDERS' FUNDS			666,615		642,290

For the year ending 30 June 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 7 March 2018 and signed on their behalf by



.............................
Mr JH Jackson
Director


NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2017

1. ACCOUNTING POLICIES




1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .




1b. Change In Accounting Policy
These financial statements for the year ended 30 June 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 July 2015.
The transition to FRS 102 Section 1A small entities has resulted in a small number of 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 in note 17 below.




1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and Fittings		reducing balance 25%




1d. Investment Properties
Investment properties are included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.




1e. Basis Of Accounting FRS 1021 a
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of sections 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.




1f. Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing differences.




2. TANGIBLE FIXED ASSETS

	Land And	Plant and
	Buildings	Machinery Etc.	Total
	£	£	£
Cost
At 1 July 2016	1,347,429	22,545	1,369,974
Revaluation	14,573	-	14,573
At 30 June 2017	1,362,002	22,545	1,384,547
Depreciation
At 1 July 2016	-	19,927	19,927
For the year	-	654	654
At 30 June 2017	-	20,581	20,581
Net Book Amounts
At 30 June 2017	1,362,002	1,964	1,363,966
At 30 June 2016	1,347,429	2,618	1,350,047
The fair value of the investment property is comprised of freehold and long leasehold investment properties in the Bedminster, Redfield and Easton areas of Bristol. The directors having considered the current economic climate and its effect on property prices, have valued the property at the balance sheet date on an untenanted basis and the properties are shown at this fair value.
During the year ended 30 June 2017, the revaluation in the year of £14,573 was credited to the profit and loss account in accordance with FRS 102.




3. INVESTMENT PROPERTIES

	Investment
	Properties	Total
	£	£
Fair value
At 1 July 2016	1,347,429	1,347,429
Revaluation	14,573	14,573
At 30 June 2017	1,362,002	1,362,002




4. DEBTORS	2017	2016
	£	£

Amounts falling due within one year:
Other debtors	13,544	12,130
	13,544	12,130




5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2017	2016
	£	£
Trade creditors	1,200	1,200
Taxation and social security	8,389	6,920
Other creditors	19,118	19,993
	28,707	28,113




6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2017	2016
	£	£
Bank loans and overdrafts	700,000	700,000
	700,000	700,000

The bank loan of £700,000 is secured by fixed charges over the investment property.


7. EMPLOYEES

	2017	2016
	No.	No.




8. PROVISIONS FOR LIABILITIES	2017	2016
	£	£
Deferred taxation	799	7,120
	799	7,120




9. SHARE CAPITAL	2017	2016
	£	£
Allotted, issued and fully paid:
36000 Equity Ordinary shares of £0.90 each	32400	32400
59000 Non-Equity Preference shares of £0.90 each	53100	53100
	85,500	85,500


In a winding up or other return of capital, the preference shares have priority to any other class of shares in so far as the payment for any arrears of preference dividends and an amount equal to the nominal value of each preference share, together with a premium of 76 pence per preference share.




11. RECONCILIATION ON ADOPTION OF FRS 102
On transition to FRS 102 the directors have applied the provisions of section 16 and have measured investment properties at fair value through profit and loss. This has resulted in a transfer between the revaluation reserve and the profit and loss reserve at 1 July 2015 of £403,609. In the year ended 30 June 2016, the increase in value of investment properties of £37,429 has been included in the profit and loss account. In accordance with section 19 of FRS 102 a related deferred tax liability of £3,804 was also included in the accounts at 1 July 2015, with a £3,316 increase in the provision in the year ended 30 June 2016.


Reconciliation of equity
	30 June 2016	1 July 2015
	£	£
Equity as reported under previous UK GAAP	649,410	618,103

Adjustments arising from transition to FRS 102:
Increase in fair value of investment property	-	-
Deferred tax provision on investment properties	(7,120)	(3,804)
Equity reported under FRS 102	642,290	614,299

Reconciliation of profit for the financial period
		2016
		£
Profit as reported under previous UK GAAP		33,878

Adjustments arising from transition to FRS 102:
Increase in fair value of investment property		37,429
Deferred tax provision on investment properties		(3,316)
Profit reported under FRS 102		67,991




12. RETAINED EARNINGS BREAKDOWN
Included in retained earnings is £454,812 (2016 - £433,918) of profits which are not available for distribution as they are unrealised.