PRAETORIAN_PROPERTIES_LIM - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 3 - 8 form an integral part of these financial statements.

For the financial Period ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

Praetorian Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Airport House, Suite 43-45 Purley Way, Croydon, Surrey, CR0 0XZ.

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 section 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.

These financial statements for the Period ended 31 December 2017 are the first financial statements of Praetorian Properties Limited prepared in accordance with FRS 102 Section 1A small entities, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small entities was 1 November 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 12.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

The entity has extended the year end by 2 months to 31 December 2017 to align the company's financial year with the calendar year and therefore the comparative amounts presented in the financial statements are not entirely comparable.

Turnover represents amounts receivable for rent receivable net of VAT for the period.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The tax expense represents the sum of the tax currently payable and deferred tax.

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

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have obtained professional valuations for all properties held by the company.

The valuations for the property portfolio as at 31 December 2017 totalled £15,985,000.

As security for loans advanced by Svenska Handelsbanken AB (PUBL) the following charges have been granted:

Fixed charge over the estates or interest in any freehold or leasehold property in England and Wales belonging to the company.

Floating charge over all the company’s undertaking, property, rights and assets other than any property, rights or assets charged by way of a fixed charge.

The director considers the carrying value of trade and other receivables approximate to their fair values.

The director considers the carrying amounts of current liabilities approximate to their fair values.

As security for loans advanced by Svenska Handelsbanken AB (PUBL) the following charges have been granted:

Fixed charge over the estates or interest in any freehold or leasehold property in England and Wales belonging to the company.

Floating charge over all the company’s undertaking, property, rights and assets other than any property, rights or assets charged by way of a fixed charge.

The director considers the carrying amounts of long term liabilities approximate to their fair values.

As security for loans advanced by Svenska Handelsbanken AB (PUBL) the following charges have been granted:

Fixed charge over the estates or interest in any freehold or leasehold property in England and Wales belonging to the company.

Floating charge over all the company’s undertaking, property, rights and assets other than any property, rights or assets charged by way of a fixed charge.

The revaluation reserve includes the provision made for deferred tax on revaluation of £869,265 (2016 - £370,702)

At the balance sheet date included in other debtors were amounts due from 171 Brighton Limited of £225,000 (2016 - £Nil), Mr R Davis is a director of 171 Brighton Limited.

The ultimate controlling party is Mr R Davis, the managing director and holder of 100% of the issued share capital.

The financial statements for the Year Ended 31 October 2016 included property at revalued amounts without providing for deferred tax.

The financial statements for the Period Ended 31 December 2017 therefore include transitional adjustments in this respect with a deferred tax provision of £370,702.