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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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PP2 LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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PP2 LIMITED |
PP2 LIMITED (REGISTERED NUMBER: 07111472) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PP2 LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 |
44 Springfield Road |
Horsham |
West Sussex |
RH12 2PD |
PP2 LIMITED (REGISTERED NUMBER: 07111472) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 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 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 7 |
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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. |
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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
by: |
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PP2 LIMITED (REGISTERED NUMBER: 07111472) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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PP2 Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about PP2 Limited as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section |
398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Plant and machinery etc | 20% straight line over 5 years |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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 or deferred taxation assets and liabilities are not discounted. |
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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. |
PP2 LIMITED (REGISTERED NUMBER: 07111472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Taxation and social security |
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Other creditors |
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PP2 LIMITED (REGISTERED NUMBER: 07111472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2016 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date the company owed the directors £52,379 (2015: £1,498) and this is included within |
other creditors. |
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During the year the company paid £nil (2015: £341) in legal fees concerning the potential development, by PP2 |
Limited, of the director's property. |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date an amount of £192,753 (2015: £159,977) was due from Brighton Galleries Limited, |
whose sole director and shareholder is Alex Proud, who is the brother of Mr C W Proud. The loan is subject to |
interest, payable monthly, at 10% per annum. During the year interest of £15,848 (2015: £19,046) and |
repayments of £33,095 (2015: £164,669) were received. |
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At the balance sheet date an amount of £28,979 (2015: £nil) was due from Proud Estates Limited, whose sole |
director is Mrs Ulrike Proud, who is the Mother of Mr C W Proud. The loan is subject to interest, payable monthly, |
at 5% per annum. During the year interest of £770 (2015: £nil) was provided in the accounts. |
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At the balance sheet date an amount of £77,054 (2015: £nil) was due from Proud Publishing Limited, whose sole |
director is Mr Alex Proud, who is the Brother of Mr C W Proud. The loan is subject to interest, payable monthly, |
at 5% per annum. During the year interest of £2,031 (2015: £nil) was provided in the accounts. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is L M Proud. |
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11. | FIRST YEAR TRANSITION |
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The company's date of transition to FRS 102 was 1 January 2015. |
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No transitional adjustments have been made to the comparative figures and the company's financial position and |
performance have not been affected by the transition to FRS 102. There have been no significant changes to the |
accounting policies as a result of the new financial reporting framework. |