Properties for Pensions Limited 31/03/2018 iXBRL

Properties for Pensions Limited 31/03/2018 iXBRL

PROPERTIES FOR PENSIONS LIMITED - Company Information

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Company registration number: 05386347
Properties for Pensions Limited
Trading as Properties for Pensions Limited
Unaudited filleted financial statements
31 March 2018
Properties for Pensions Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Properties for Pensions Limited
Directors and other information
Director Mr Kenneth Smith
Secretary Dierdre Bush
Company number 05386347
Registered office 95 Boston Road
Sleaford
Lincolnshire
NG34 7HP
Properties for Pensions Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 220,000 220,000
_______ _______
220,000 220,000
Current assets
Debtors 5 100 100
Cash at bank and in hand 14,982 40,658
_______ _______
15,082 40,758
Creditors: amounts falling due
within one year 6 ( 19,991) ( 21,307)
_______ _______
Net current (liabilities)/assets ( 4,909) 19,451
_______ _______
Total assets less current liabilities 215,091 239,451
Creditors: amounts falling due
after more than one year 7 ( 15,021) ( 20,058)
Provisions for liabilities ( 7,251) ( 7,251)
_______ _______
Net assets 192,819 212,142
_______ _______
Capital and reserves
Called up share capital 160,600 175,600
Revaluation reserve 17,054 17,054
Capital redemption reserve ( 14,855) ( 3,318)
Profit and loss account 30,020 22,806
_______ _______
Shareholders funds 192,819 212,142
_______ _______
For the year ending 31 March 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 December 2018 , and are signed on behalf of the board by:
Mr Kenneth Smith
Director
Company registration number: 05386347
Properties for Pensions Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 April 2016 160,000 12,837 ( 3,318) 17,480 186,999
Profit for the year 5,326 5,326
Other comprehensive income for the year:
Revaluation of tangible assets 4,217 4,217
_______ _______ _______ _______ _______
Total comprehensive income for the year - 4,217 - 5,326 9,543
Issue of shares 15,600 15,600
_______ _______ _______ _______ _______
Total investments by and distributions to owners 15,600 - - - 15,600
_______ _______ _______ _______ _______
At 31 March 2017 and 1 April 2017 175,600 17,054 ( 3,318) 22,806 212,142
Profit for the year 7,214 7,214
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 7,214 7,214
Issue of shares 55,650 55,650
Redemption of shares ( 70,650) ( 11,537) - ( 82,187)
_______ _______ _______ _______ _______
Total investments by and distributions to owners ( 15,000) - ( 11,537) - ( 26,537)
_______ _______ _______ _______ _______
At 31 March 2018 160,600 17,054 ( 14,855) 30,020 192,819
_______ _______ _______ _______ _______
Properties for Pensions Limited
Notes to the financial statements
Year ended 31 March 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 95 Boston Road, Sleaford, Lincolnshire, NG34 7HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents the gross rental income received from the investmemnt properties during the accounting period.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period .
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 0 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially 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.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2017 and 31 March 2018 220,000 220,000
_______ _______
Depreciation
At 1 April 2017 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 220,000 220,000
_______ _______
At 31 March 2017 220,000 220,000
_______ _______
Investment property
Investment properties are included in the balance sheet at their open market value. This treatment is contrary to the Companies Act which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company .
Tangible assets held at valuation
The freehold properties were revalued at the year end by Will Elkington, an independent residential valuer at Newton Fallowelll, on an open market basis.
5. Debtors
2018 2017
£ £
Other debtors 100 100
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 14,245 17,405
Trade creditors 4,054 2,495
Corporation tax 1,692 1,407
_______ _______
19,991 21,307
_______ _______
7. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 15,021 20,058
_______ _______