Company registration number 06194482 (England and Wales)
PANORAMIC LEASE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PANORAMIC LEASE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
PANORAMIC LEASE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
499,497
499,497
Current assets
Debtors
5
14,168
7,368
Cash at bank and in hand
64,618
65,510
78,786
72,878
Creditors: amounts falling due within one year
7
(60,017)
(63,229)
Net current assets
18,769
9,649
Total assets less current liabilities
518,266
509,146
Creditors: amounts falling due after more than one year
6
(180,904)
(196,710)
Net assets
337,362
312,436
Capital and reserves
Called up share capital
29
29
Profit and loss reserves
337,333
312,407
Total equity
337,362
312,436
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 2023 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.
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.
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 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 December 2023 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 2023
- 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 amounts 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 and cash equivalents 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and any deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
PANORAMIC LEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Dividends
2023
2022
£
£
Final paid
39,400
40,900
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
499,497
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
499,497
At 31 March 2022
499,497
The company acquired the headlease interest in The Panoramic on 28 September 2007 for a net cost of £499,497.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,168
7,368
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
180,904
196,710
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
14,835
13,709
Rents paid in advance
36,344
41,222
Other creditors
5,685
5,285
Accruals
3,153
3,013
60,017
63,229