PRIESTLEY INVESTMENTS (LEEDS) LIMITED Filleted accounts for Companies House (small and micro)

PRIESTLEY INVESTMENTS (LEEDS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10014954

PRIESTLEY INVESTMENTS (LEEDS) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2018

PRIESTLEY INVESTMENTS (LEEDS) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

PRIESTLEY INVESTMENTS (LEEDS) LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2018

	2018	2017
		(restated)
Note	£	£

Fixed assets

Tangible assets	4	715,000	339,735

Current assets

Debtors	5	122,320	8,966
Cash at bank and in hand		92,485	–
		---------	-------
		214,805	8,966

Creditors: amounts falling due within one year	6	577,336	355,370
		---------	---------
Net current liabilities		362,531	346,404
		---------	---------
Total assets less current liabilities		352,469	( 6,669)

Provisions	69,170	–
	---------	-------
Net assets/(liabilities)	283,299	( 6,669)
	---------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account - undistributable	306,095	–
Profit and loss account - distributable	( 22,797)	( 6,670)
	---------	-------
Shareholders funds/(deficit)	283,299	( 6,669)
	---------	-------

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 comprehensive income has not been delivered.

For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PRIESTLEY INVESTMENTS (LEEDS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2018

These financial statements were approved by the board of directors and authorised for issue on 28 November 2018 , and are signed on behalf of the board by:

N R Priestley
Director

Company registration number: 10014954

PRIESTLEY INVESTMENTS (LEEDS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite K Priestley House, 170 Elland Road, Leeds, LS11 8BU.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Revenue is recognised at the fair value of the consideration received or receivable and in which the services are rendered, stated net of discounts and of Value Added Tax. Revenue is recognised in the accounting period in which the services are rendered.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 are either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Tangible assets

	Investment property
	£
Cost or valuation
At 1 March 2017 (as restated)	339,735
Revaluations	375,265
	---------
At 28 February 2018	715,000
	---------
Depreciation
At 1 March 2017 and 28 February 2018	–
	---------
Carrying amount
At 28 February 2018	715,000
	---------
At 28 February 2017	339,735
	---------

5. Debtors

	2018	2017
		(restated)
	£	£
Trade debtors	–	51
Amounts owed by group undertakings and undertakings in which the company has a participating interest	122,117	268
Other debtors	203	8,647
	---------	-------
	122,320	8,966
	---------	-------

6. Creditors: amounts falling due within one year

	2018	2017
		(restated)
	£	£
Bank loans and overdrafts	577,336	250,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	105,370
	---------	---------
	577,336	355,370
	---------	---------

7. Prior period adjustments

The prior period adjustment of £69,622 relates to an adjustment between investment property, bank loans and inter company. The adjustment is a movement within the statement of financial position only and has no effect on the reserves.

8. Related party transactions

Transactions with directors are under normal market conditions and/or are not material.