Company Registration No. 07219377 (England and Wales)
PUBPROP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 APRIL 2022
29 April 2022
PAGES FOR FILING WITH REGISTRAR
PUBPROP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PUBPROP LIMITED
BALANCE SHEET
AS AT 29 APRIL 2022
29 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,256
3,135
Investment properties
4
9,806,661
7,992,879
9,810,917
7,996,014
Current assets
Debtors
5
437,373
287,922
Investments
6
1,828,500
Cash at bank and in hand
150,785
327,062
588,158
2,443,484
Creditors: amounts falling due within one year
7
(291,183)
(958,294)
Net current assets
296,975
1,485,190
Total assets less current liabilities
10,107,892
9,481,204
Creditors: amounts falling due after more than one year
8
(6,597,841)
(5,540,331)
Provisions for liabilities
9
(709,643)
(835,981)
Net assets
2,800,408
3,104,892
Capital and reserves
Called up share capital
100
100
Share premium account
21
21
Profit and loss reserves
10
2,800,287
3,104,771
Total equity
2,800,408
3,104,892
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 29 April 2022 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.
The member has 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.
PUBPROP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 APRIL 2022
29 April 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 April 2023
DR Bowler
Director
Company Registration No. 07219377
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2022
- 3 -
1
Accounting policies
Company information
Pubprop Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Pattern Road, London, SW18 3RH.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33.3% Reducing balance
Fixtures, fittings and equipment
15% Straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 April 2021
13,941
Additions
3,063
At 29 April 2022
17,004
Depreciation and impairment
At 30 April 2021
10,806
Depreciation charged in the year
1,942
At 29 April 2022
12,748
Carrying amount
At 29 April 2022
4,256
At 29 April 2021
3,135
4
Investment property
2022
£
Fair value
At 30 April 2021
7,992,879
Additions
1,813,782
At 29 April 2022
9,806,661
Investment property comprises of eight properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director DR Bowler, who wholly owns the company. The valuation was made on a fair value basis by reference to market evidence of transaction prices for similar properties.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
70,010
36,888
Other debtors
338,221
218,501
Prepayments and accrued income
29,142
32,533
437,373
287,922
6
Current asset investments
2022
2021
£
£
Other investments
1,828,500
The current asset investment of £nil (2021: £1,828,500) related to residential property which was sold during the year.
7
Creditors: amounts falling due within one year
2022
2021
£
£
Secured bank loan (see note below)
17,617
16,516
Trade creditors
41,991
Corporation tax
81,525
43,030
Other taxation and social security
111,760
108,689
Other creditors
38,290
790,059
291,183
958,294
The secured bank loans and other creditors are secured by fixed charges over the properties of the company.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
10,667
17,759
Other creditors
6,587,174
5,522,572
6,597,841
5,540,331
The long-term loans and other creditors are secured by fixed charges over the properties of the company.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2022
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors which fall due between two and five years are as follows:
2022
2021
£
£
Payable by instalments
41,771
58,592
Payable other than by instalments
6,556,070
5,481,739
6,597,841
5,540,331
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Tax losses
(28,585)
-
Investment property revalution
738,228
835,981
709,643
835,981
2022
Movements in the year:
£
Liability at 30 April 2021
835,981
Credit to profit or loss
(126,338)
Liability at 29 April 2022
709,643
10
Non-distributable profits reserve
The company has £2,656,706 (2021: £3,047,720) of non distributable retained earnings and £257,580 (2021: £57,051) of distributable retained earnings.
11
Directors' transactions
At the year end the director owed £311,342 to the company (2021: £171,503)
During the year, interest of £5,836 (2021: £13,953) was charged on a loan based upon an approved interest rate of 2%.