Registration number:
PRH Lettings Limited
for the Year Ended 31 August 2018
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP
PRH Lettings Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
PRH Lettings Limited
Company Information
Director |
Mrs Theresa Frances James |
Company secretary |
Mrs Theresa Frances James |
Registered office |
|
Accountants |
|
Page 1 |
PRH Lettings Limited
(Registration number: 06667569)
Balance Sheet as at 31 August 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 August 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
PRH Lettings Limited
(Registration number: 06667569)
Balance Sheet as at 31 August 2018
Approved and authorised by the
.........................................
Mrs Theresa Frances James
Director
Page 3 |
PRH Lettings Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Page 4 |
PRH Lettings Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
The cost of work in progress comprises direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
PRH Lettings Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 September 2017 |
|
|
At 31 August 2018 |
|
|
Amortisation |
||
At 1 September 2017 |
|
|
Amortisation charge |
|
|
At 31 August 2018 |
|
|
Carrying amount |
||
At 31 August 2018 |
- |
- |
At 31 August 2017 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 September 2017 |
|
|
At 31 August 2018 |
|
|
Depreciation |
||
At 1 September 2017 |
|
|
Charge for the year |
|
|
At 31 August 2018 |
|
|
Carrying amount |
||
At 31 August 2018 |
|
|
At 31 August 2017 |
|
|
Page 6 |
PRH Lettings Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Stocks |
2018 |
2017 |
|
Work in progress |
|
|
Debtors |
2018 |
2017 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Page 7 |
PRH Lettings Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Loans and borrowings |
2018 |
2017 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
|
|
Related party transactions |
Transactions with director |
2018 |
At 1 September 2017 |
Advances to director |
Repayments by director |
At 31 August 2018 |
Mrs Theresa Frances James |
||||
Interest-free loan, repayable on demand |
36,871 |
|
( |
|
2017 |
At 1 September 2016 |
Advances to director |
Repayments by director |
At 31 August 2017 |
Mrs Theresa Frances James |
||||
Interest-free loan, repayable on demand |
20,617 |
|
( |
|
Summary of transactions with other related parties
(Spouse of Mrs T.F. James)
Page 8 |