Company Registration No. 06952572 (England and Wales)
PURO PROPERTY PARTNERSHIP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PURO PROPERTY PARTNERSHIP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PURO PROPERTY PARTNERSHIP LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,045
77,331
Investment properties
4
1,223,139
1,221,641
1,232,184
1,298,972
Current assets
Debtors
5
3,753
1,667
Cash at bank and in hand
7,134
7,941
10,887
9,608
Creditors: amounts falling due within one year
6
(820,152)
(545,511)
Net current liabilities
(809,265)
(535,903)
Total assets less current liabilities
422,919
763,069
Creditors: amounts falling due after more than one year
7
(364,746)
Provisions for liabilities
(72,969)
(50,686)
Net assets
349,950
347,637
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
349,948
347,635
Total equity
349,950
347,637
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
PURO PROPERTY PARTNERSHIP LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2020
30 November 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 August 2021
I K Southworth
Director
Company Registration No. 06952572
PURO PROPERTY PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 3 -
1
Accounting policies
Company information
Puro Property Partnership Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, WA16 8ZR.
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 have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Notwithstanding the net current liabilities position, a
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
, noting that the company's principal creditor is the Director shareholder, who will not make demand for settlement to the detriment of the company's ability to meet other liabilities as they fall due.
As stated in Note 6, the bank loan, presented as a current liability, has been refinanced post year end with the majority of capital repayments falling due in greater than one year.
Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
1.5
Investment properties
Investment propert
ies are
initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently they are measured
at
the director's assessment of open market value
a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
PURO PROPERTY PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2019 - 0).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2019
7,640
6,619
143,280
157,539
Disposals
(141,280)
(141,280)
At 30 November 2020
7,640
6,619
2,000
16,259
Depreciation and impairment
At 1 December 2019
3,728
1,425
75,055
80,208
Depreciation charged in the year
782
779
6,019
7,580
Eliminated in respect of disposals
(80,574)
(80,574)
At 30 November 2020
4,510
2,204
500
7,214
Carrying amount
At 30 November 2020
3,130
4,415
1,500
9,045
At 30 November 2019
3,912
5,194
68,225
77,331
PURO PROPERTY PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 5 -
4
Investment property
2020
£
Fair value
At 1 December 2019
1,221,641
Additions
1,498
At 30 November 2020
1,223,139
The 2015 valuations were made by the directors on an open market for existing use basis. In the director's opinion the open market value of the properties is not materially different to the above.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,000
Other debtors
1,753
1,667
3,753
1,667
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
364,746
Obligations under finance leases
58,597
Trade creditors
243
5,767
Other taxation and social security
7,754
1,647
Other creditors
447,409
479,500
820,152
545,511
Bank loans are secured by a fixed and floating charge over the property and undertaking of the company.
Subsequent to the balance sheet date the bank loan has been refinanced, with the majority of the capital element falling due in greater than one year from the balance sheet date.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans
364,746
PURO PROPERTY PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 6 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
9
Non-distributable profits reserve
Included within profit and loss reserves are non-distributable profits totalling £292,197 (2019: £311,148).
10
Events after the reporting date
Purchase of property
On 22 December 2020 the company purchased a property for consideration of £395,000.
11
Related party transactions
Included within other creditors is an amount of £446,359 due to I K Southworth (2019: £473,790). The amount is interest free and repayable on demand.