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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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PROPERTY LAND LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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FOR |
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PROPERTY LAND LIMITED |
PROPERTY LAND LIMITED (REGISTERED NUMBER: 03102994) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 6 |
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PROPERTY LAND LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Norman House |
8 Burnell Road |
Sutton |
Surrey |
SM1 4BW |
PROPERTY LAND LIMITED (REGISTERED NUMBER: 03102994) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PROPERTY LAND LIMITED (REGISTERED NUMBER: 03102994) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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PROPERTY LAND LIMITED (REGISTERED NUMBER: 03102994) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Property Land Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Rental income is recognised as the company's right to receive payment is established. |
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Tangible fixed assets |
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Investment Properties | - |
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Plant and machinery etc | - |
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Investment property |
Investment properties are initially recognised at cost and subsequently measured at fair value (based |
on open market value) with changes in fair value recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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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. |
PROPERTY LAND LIMITED (REGISTERED NUMBER: 03102994) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
Investment | machinery |
Properties | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2018 |
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Reclassification/transfer | ( |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
and 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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No depreciation is charged on assets in the course of construction. |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2018 |
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Revaluations | 514,333 |
Reclassification/transfer | 85,667 |
At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Fair value at 30 September 2019 is represented by: |
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Valuation in 2012 | 1,346,477 |
Valuation in 2013 | 100,000 |
Valuation in 2019 | 514,333 |
Cost | 639,190 |
2,600,000 |
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The investment properties were last revalued at 30 September 2019 by the directors, one of whom |
was a qualified surveyor and the other an estate agent. The valuation was stated at open market |
value. The directors are of the opinion that the gross valuation of the company's properties of |
£2,600,000 at 30 September 2019 is a fair valuation. |
PROPERTY LAND LIMITED (REGISTERED NUMBER: 03102994) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Other timing differences | 302,056 | 204,333 |
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Deferred |
tax |
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Balance at 1 October 2018 |
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Provided during year |
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Balance at 30 September 2019 |
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8. | RESERVES |
Revaluation |
reserve |
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At 1 October 2018 |
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Transfer between reserves | (97,723 | ) |
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At 30 September 2019 |
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The revaluation reserve represents the non-distributable element of reserves in respect of fair value |
gains and associated deferred tax provisions relating to the company's investment properties. |