| Parkcentre Properties Limited |
| Registered number: |
01398589 |
| Balance Sheet |
| as at 31 December 2017 |
|
| Notes |
31/12/17 |
31/1/17 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,870,001 |
|
|
982,417 |
|
| Current assets |
| Debtors |
4 |
|
500 |
|
|
- |
| Cash at bank and in hand |
|
|
36,763 |
|
|
49,840 |
|
|
|
37,263 |
|
|
49,840 |
|
| Creditors: amounts falling due within one year |
5 |
|
(28,975) |
|
|
(27,329) |
|
| Net current assets |
|
|
|
8,288 |
|
|
22,511 |
|
| Total assets less current liabilities |
|
|
|
1,878,289 |
|
|
1,004,928 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(594,934) |
|
|
(604,292) |
|
| Net assets |
|
|
|
1,283,355 |
|
|
400,636 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
7 |
|
|
1,037,584 |
|
|
- |
| Profit and loss account |
|
|
|
245,671 |
|
|
400,536 |
|
| Shareholders' funds |
|
|
|
1,283,355 |
|
|
400,636 |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
| Mrs Z Stekel |
| Director |
| Approved by the board on 27 December 2018 |
|
| Parkcentre Properties Limited |
| Notes to the Accounts |
| for the period from 1 February 2017 to 31 December 2017 |
|
| 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 is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from rents receivable, based on the rent quarter dates. |
|
|
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: |
|
|
Freehold and leasehold residential land and buildings |
Nil |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
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 major 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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
| 2 |
Employees |
31/12/17 |
31/1/17 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 February 2017 |
982,416 |
|
6,392 |
|
988,808 |
|
Additions |
887,584 |
|
- |
|
887,584 |
|
At 31 December 2017 |
1,870,000 |
|
6,392 |
|
1,876,392 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2017 |
- |
|
6,391 |
|
6,391 |
|
At 31 December 2017 |
- |
|
6,391 |
|
6,391 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2017 |
1,870,000 |
|
1 |
|
1,870,001 |
|
At 31 January 2017 |
982,416 |
|
1 |
|
982,417 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
31/12/17 |
31/1/17 |
| £ |
£ |
|
Historical cost |
982,416 |
|
982,416 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
982,416 |
|
982,416 |
|
|
|
|
|
|
|
|
|
|
The properties held were revalued during the year by Dreamview Estate Agents, a member of the National Association of Estates Agents and the directors believe these valuations to be fair estimates. |
|
| 4 |
Debtors |
31/12/17 |
31/1/17 |
| £ |
£ |
|
|
Other debtors |
500 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
31/12/17 |
31/1/17 |
| £ |
£ |
|
|
Other creditors |
28,975 |
|
27,329 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
31/12/17 |
31/1/17 |
| £ |
£ |
|
|
Other creditors |
594,934 |
|
604,292 |
|
|
|
|
|
|
|
|
|
|
Included in Other creditors is £554,934 (2017: £549,292) owing to the directors, Mr R. and Mrs Z. S. Stekel , and £40,000 (2017: £40,000) owing to the director, Mr D. Stekel. There was also a loan from Ms Y. Stekel-Gabbai of £15,000 at the 1 February 2017 that was repaid during the period. The Company pays interest at 9.75% (31 January 2017- 6% ) over Bank of England Base Rate on the loans due to R.Stekel and Mrs Z Stekel. The loans from the other directors are interest-free. There is no fixed date of repayment and the directors have confirmed that, although the loans are repayable on demand, they will only be repaid as and when cash flow permits. |
|
| 7 |
Revaluation reserve |
31/12/17 |
31/1/17 |
| £ |
£ |
|
|
Gain on revaluation of land and buildings |
887,584 |
|
- |
|
|
Deferred taxation arising |
150,000 |
|
- |
|
At 31 December 2017 |
1,037,584 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Events after the reporting date |
|
|
Following the period end, the company sold a property held as a fixed asset. |
|
| 9 |
Controlling party |
|
|
The company is controlled by the Stekel family who own the entire share capital of the company. |
|
| 10 |
Other information |
|
|
Parkcentre Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
4th Floor, Sutherland House |
|
70 - 78 West Hendon Broadway |
|
London |
|
NW9 7BT |
