Penarth Estates Holdings Limited Company accounts

Penarth Estates Holdings Limited Company accounts

PENARTH ESTATES HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 7090269
Penarth Estates Holdings Limited
Unaudited Financial Statements
30 November 2017
Penarth Estates Holdings Limited
Financial Statements
Year ended 30 November 2017
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Penarth Estates Holdings Limited
Directors' Report
Year ended 30 November 2017
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2017 .
Directors
The directors who served the company during the year were as follows:
Mr. R.J. Calcaterra
Mr. J.D. Devonald
Mr. R.T. Johns
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 August 2018 and signed on behalf of the board by:
Mr. J.D. Devonald
Company Secretary
Registered office:
56 Charles Street
Cardiff
CF10 2GG
Penarth Estates Holdings Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Penarth Estates Holdings Limited
Year ended 30 November 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 Penarth Estates Holdings Limited for the year ended 30 November 2017, which comprise the statement of income and retained earnings, 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Penarth Estates Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 21 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Penarth Estates Holdings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penarth Estates Holdings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Penarth Estates Holdings 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 Penarth Estates Holdings Limited. You consider that Penarth Estates Holdings 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 Penarth Estates Holdings 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.
CARSTON Chartered Accountants
1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ
31 August 2018
Penarth Estates Holdings Limited
Statement of Income and Retained Earnings
Year ended 30 November 2017
2017
2016
Note
£
£
Turnover
140,773
114,506
---------
---------
Gross profit
140,773
114,506
Administrative expenses
26,317
43,671
---------
---------
Operating profit
114,456
70,835
Interest payable and similar expenses
4
46,518
50,436
---------
---------
Profit before taxation
67,938
20,399
Tax on profit
10,890
–
--------
--------
Profit for the financial year and total comprehensive income
57,048
20,399
--------
--------
Retained earnings at the start of the year
41,059
20,660
--------
--------
Retained earnings at the end of the year
98,107
41,059
--------
--------
All the activities of the company are from continuing operations.
Penarth Estates Holdings Limited
Statement of Financial Position
30 November 2017
2017
2016
Note
£
£
£
Fixed assets
Investments
5
1,690,000
1,690,000
Current assets
Debtors
6
72,928
26,111
Cash at bank and in hand
43,972
58,375
---------
--------
116,900
84,486
Creditors: amounts falling due within one year
7
68,228
26,878
---------
--------
Net current assets
48,672
57,608
------------
------------
Total assets less current liabilities
1,738,672
1,747,608
Creditors: amounts falling due after more than one year
8
1,640,535
1,706,519
------------
------------
Net assets
98,137
41,089
------------
------------
Penarth Estates Holdings Limited
Statement of Financial Position (continued)
30 November 2017
2017
2016
Note
£
£
£
Capital and reserves
Called up share capital
30
30
Profit and loss account
98,107
41,059
--------
--------
Shareholders funds
98,137
41,089
--------
--------
These financial statements have been prepared 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'.
For the year ending 30 November 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 were approved by the board of directors and authorised for issue on 31 August 2018 , and are signed on behalf of the board by:
Mr. R.J. Calcaterra
Director
Company registration number: 7090269
Penarth Estates Holdings Limited
Notes to the Financial Statements
Year ended 30 November 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 56 Charles Street, Cardiff, CF10 2GG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover comprises amounts receivable in the ordinary course of business from the principal activities of the company, exclusive of value added tax and discounts where applicable.
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.
4. Interest payable and similar expenses
2017
2016
£
£
Interest on banks loans and overdrafts
46,518
50,436
--------
--------
5. Investments
Other investments other than loans
£
Cost
At 1 December 2016 and 30 November 2017
1,690,000
------------
Impairment
At 1 December 2016 and 30 November 2017
–
------------
Carrying amount
At 30 November 2017
1,690,000
------------
At 30 November 2016
1,690,000
------------
6. Debtors
2017
2016
£
£
Trade debtors
66,452
19,923
Other debtors
6,476
6,188
--------
--------
72,928
26,111
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
7,406
5,939
Corporation tax
10,890
–
Social security and other taxes
10,993
5,445
Other creditors
38,939
15,494
--------
--------
68,228
26,878
--------
--------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
1,640,535
1,706,519
------------
------------
9. Related party transactions
The company was under the control of Mr. R.J. Calcaterra , Mr. J.D. Devonald and Mr. R.T. Johns throughout the current year.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.