Property For London (P4L) Limited 31/07/2017 iXBRL

PROPERTY FOR LONDON (P4L) LIMITED - Company Information

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Company registration number: 03406290

Property For London (P4L) Limited

Unaudited filleted financial statements

31 July 2017

Property For London (P4L) Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Property For London (P4L) Limited

Directors and other information


	Directors	J D Jarvis
		G Hamilton
		J Ram
		E C Wipson


	Secretary	J D Jarvis


	Company number	03406290


	Registered office	655 Commercial Road
		London
		E14 7LW


	Business address	655 Commercial Road
		Tower Hamlets
		London
		E14 7LW

Property For London (P4L) Limited

Statement of financial position

31 July 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets		719,549		720,715
Investments	5	100		100
		_______		_______
			719,649		720,815

Current assets
Debtors	6	139,880		183,982
Cash at bank and in hand		22,477		12,117
		_______		_______
		162,357		196,099
Creditors: amounts falling due
within one year	7	( 381,971)		( 447,753)
		_______		_______
Net current liabilities			( 219,614)		( 251,654)
			_______		_______
Total assets less current liabilities			500,035		469,161


Provisions for liabilities			( 682)		( 912)

			_______		_______
Net assets			499,353		468,249
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			499,253		468,149
			_______		_______
Shareholders funds			499,353		468,249
			_______		_______

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 March 2018 , and are signed on behalf of the board by:

J D Jarvis

Director

Company registration number: 03406290

Property For London (P4L) Limited

Notes to the financial statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 655 Commercial Road, London, E14 7LW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the Company's business. These risks are limited by the Company's financial management policies and practices which include substantially transacting the company's business in Sterling, only dealing with clients who have demonstrated creditworthiness and by retaining sufficient reserves and entering into banking arrangements that facilitate the mitigation of risk.

4. Tangible assets

	Freehold and leasehold properties	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 August 2016 and 31 July 2017	716,050	18,427	734,477
	_______	_______	_______
Depreciation
At 1 August 2016	-	13,762	13,762
Charge for the year	-	1,166	1,166
	_______	_______	_______
At 31 July 2017	-	14,928	14,928
	_______	_______	_______
Carrying amount
At 31 July 2017	716,050	3,499	719,549
	_______	_______	_______
At 31 July 2016	716,050	4,665	720,715
	_______	_______	_______

5. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 August 2016 and 31 July 2017	100	100
	_______	_______
Impairment
At 1 August 2016 and 31 July 2017	-	-
	_______	_______
Carrying amount
At 31 July 2017	100	100
	_______	_______
At 31 July 2016	100	100
	_______	_______

6. Debtors

	2017	2016
	£	£
Other debtors	139,880	183,982
	_______	_______

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	4,744	4,554
Corporation tax	7,843	14,505
Other creditors	369,384	428,694
	_______	_______
	381,971	447,753
	_______	_______

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2017
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	J D Jarvis	( 421,835)	72,000	( 349,835)
		_______	_______	_______

2016
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	J D Jarvis	( 523,543)	101,708	( 421,835)
		_______	_______	_______

9. Related party transactions

As at 31 July 2017, the company owed £18,499 to Docklife Trading Limited, a company under common control and the company was owed£139,880 by its subsidiary company, Canary Docklife Limited.

10. Controlling party

The company was controlled throughout the year and the previous years by its director, Mr J. D. Jarvis.