| PINEAPPLE INVESTMENTS LIMITED |
| Registered number: |
05016968 |
| Balance Sheet |
| as at 31 January 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
410,235 |
|
|
410,294 |
|
| Current assets |
| Debtors |
3 |
|
1,504 |
|
|
1,504 |
| Cash at bank and in hand |
|
|
1,175 |
|
|
6,739 |
|
|
|
2,679 |
|
|
8,243 |
|
| Creditors: amounts falling due within one year |
4 |
|
(124,722) |
|
|
(120,839) |
|
| Net current liabilities |
|
|
|
(122,043) |
|
|
(112,596) |
|
| Total assets less current liabilities |
|
|
|
288,192 |
|
|
297,698 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(65,576) |
|
|
(80,557) |
|
| Provisions for liabilities |
|
|
|
(26,071) |
|
|
(26,071) |
|
|
| Net assets |
|
|
|
196,545 |
|
|
191,070 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
6 |
|
|
104,282 |
|
|
104,282 |
| Profit and loss account |
|
|
|
92,163 |
|
|
86,688 |
|
| Shareholders' funds |
|
|
|
196,545 |
|
|
191,070 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr M I Patel |
| Director |
| Approved by the board on 22 October 2018 |
|
| PINEAPPLE INVESTMENTS LIMITED |
| Notes to the Accounts |
| for the year ended 31 January 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents rent receivable during the year. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% Reducing balance method |
|
|
Investment Properties |
|
Investment properties are revalued annually by the directors, and the revaluation surpluses/ (deficits) are incorporated in the financial statements. No depreciation is provided in respect of Investment Properties. This constitutes a departure from Companies Act 2006, which requires fixed assets to be depreciated over their useful lives. This departure is necessary to enable the financial statements to give a true and fair view. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
| 2 |
Tangible fixed assets |
|
|
|
|
Investment Property |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost/ (Valuation) |
Valuation |
|
At 1 February 2017 |
410,000 |
|
2,029 |
|
412,029 |
|
At 31 January 2018 |
410,000 |
|
2,029 |
|
412,029 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2017 |
- |
|
1,735 |
|
1,735 |
|
Charge for the year |
- |
|
59 |
|
59 |
|
At 31 January 2018 |
- |
|
1,794 |
|
1,794 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2018 |
410,000 |
|
235 |
|
410,235 |
|
At 31 January 2017 |
410,000 |
|
294 |
|
410,294 |
|
|
| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
1,504 |
|
1,504 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loan ( see note 5 below) |
14,571 |
|
14,161 |
|
Corporation tax |
2,497 |
|
2,641 |
|
Other creditors |
107,654 |
|
104,037 |
|
|
|
|
|
|
124,722 |
|
120,839 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loan |
65,576 |
|
80,557 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a charge over the company's fixed investment property. |
|
|
| 6 |
Revaluation reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 February 2017 |
104,282 |
|
96,282 |
|
Gain on revaluation of land and buildings |
- |
|
10,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
- |
|
(2,000) |
|
|
At 31 January 2018 |
104,282 |
|
104,282 |
|
|
|
|
|
|
|
|
|
|
This related to the gain on revaluation of the company's Investment Properties at 31 January 2018. |
|
The revaluation was done by the directors based on market value. There has been no change in |
|
value during the year. |
|
| 7 |
Other information |
|
|
PINEAPPLE INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
309 Hoe Street |
|
Walthamstow |
|
London |
|
E17 9BG |
|
| 9 |
Controlling Party |
|
The company was under the control of Mrs M Patel and Mr M Patel, both directors and |
|
shareholders of the company and members of their close family throughout the year. |
