Company Registration No. 06194482 (England and Wales)
PANORAMIC LEASE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
PANORAMIC LEASE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PANORAMIC LEASE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
499,497
499,497
Current assets
Debtors
4
4,327
5,212
Cash at bank and in hand
47,052
58,020
51,379
63,232
Creditors: amounts falling due within one year
6
(59,991)
(60,890)
Net current (liabilities)/assets
(8,612)
2,342
Total assets less current liabilities
490,885
501,839
Creditors: amounts falling due after more than one year
5
(247,330)
(263,245)
Net assets
243,555
238,594
Capital and reserves
Called up share capital
7
29
29
Profit and loss reserves
243,526
238,565
Total equity
243,555
238,594
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PANORAMIC LEASE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2019 and are signed on its behalf by:
D J Lovatt
Director
Company Registration No. 06194482
PANORAMIC LEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Panoramic Lease Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
152 Grosvenor Road, London, SW1 3JL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable.
1.3
Tangible fixed assets
Depreciation is not provided on the headlease asset held by the company. The headlease term is 125 years from 1999. The property is maintained to ensure that the value does not diminish over time. The maintenance costs are charged to the service charge expenditure account in the year incurred.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial assets and liabilities of a kind which would be classified as Basic Financial Instruments. Basic Financial Instruments are initially recorded at cost and are subsequently measured at settlement value.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and
any
deferred tax.
2
Dividends
2019
2018
£
£
Final paid
54,350
39,600
PANORAMIC LEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2018 and 31 March 2019
499,497
Depreciation and impairment
At 1 April 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
499,497
At 31 March 2018
499,497
The company acquired the headlease interest in The Panoramic on 28 September 2007 for a net cost of £499,497.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
4,327
5,212
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
247,330
263,245
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
1,003
-
Corporation tax
13,913
14,045
Rents paid in advance
36,777
35,607
Other creditors
5,285
8,045
Accruals
3,013
3,193
59,991
60,890
PANORAMIC LEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
7 Founder shares of £1 each
7
7
22 ordinary shares of £1 each
22
22
29
29