Company Registration No. 07219377 (England and Wales)
PUBPROP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 APRIL 2021
29 April 2021
PAGES FOR FILING WITH REGISTRAR
PUBPROP LIMITED
COMPANY INFORMATION
Director
DR Bowler
Secretary
Ms AC Gleisner
Company number
07219377
Registered office
12 Pattern Road
London
SW18 3RH
Accountants
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
PUBPROP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PUBPROP LIMITED
BALANCE SHEET
AS AT
29 APRIL 2021
29 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,135
1,769
Investment properties
5
7,992,879
7,932,826
Investments
6
120
7,996,014
7,934,715
Current assets
Debtors falling due after more than one year
7
20,000
Debtors falling due within one year
7
287,922
828,940
Investments
8
1,828,500
820,000
Cash at bank and in hand
327,062
254,374
2,443,484
1,923,314
Creditors: amounts falling due within one year
9
(958,294)
(1,789,417)
Net current assets
1,485,190
133,897
Total assets less current liabilities
9,481,204
8,068,612
Creditors: amounts falling due after more than one year
10
(5,540,331)
(3,759,915)
Provisions for liabilities
11
(835,981)
(556,774)
Net assets
3,104,892
3,751,923
Capital and reserves
Called up share capital
100
100
Share premium account
21
21
Profit and loss reserves
12
3,104,771
3,751,802
Total equity
3,104,892
3,751,923
PUBPROP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 APRIL 2021
29 April 2021
- 2 -
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 2021 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 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.
The financial statements were approved and signed by the director and authorised for issue on 27 April 2022
DR Bowler
Director
Company Registration No. 07219377
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2021
- 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 modified to include the revaluation of
investment properties and certain financial instruments at fair value, The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The
director has
a reasonable expectation that the company will continue in operational existence for the foreseeable future
and for at least twelve months from the signing of these financial statements
. However, t
he director is
aware
that the recent COVID-19 Coronavirus pandemic
has made predicting the future performance of the company less easy.
1.3
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.
1.4
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
1.5
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
1.7
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.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 30 April 2020
125,000
Disposals
(125,000)
At 29 April 2021
Amortisation and impairment
At 30 April 2020
125,000
Disposals
(125,000)
At 29 April 2021
Carrying amount
At 29 April 2021
At 29 April 2020
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2021
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 April 2020
11,265
Additions
2,676
At 29 April 2021
13,941
Depreciation and impairment
At 30 April 2020
9,496
Depreciation charged in the year
1,310
At 29 April 2021
10,806
Carrying amount
At 29 April 2021
3,135
At 29 April 2020
1,769
5
Investment property
2021
£
Fair value
At 30 April 2020
7,932,826
Additions
1,497,539
Transfer to current assets
(1,828,500)
Revaluations
391,014
At 29 April 2021
7,992,879
Investment property comprises of
six
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.
6
Fixed asset investments
2021
2020
£
£
Investments
120
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2021
6
Fixed asset investments
(Continued)
- 7 -
Fixed asset investments not carried at market value
On 29 September 2020, The Goose, a wholly owned dormant subsidiary was dissolved which has resulted in the removal of the investment held from these financial statements.
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 30 April 2020 & 29 April 2021
120
Carrying amount
At 29 April 2021
-
At 29 April 2020
120
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
36,888
192,567
Other debtors
218,501
598,246
Prepayments and accrued income
32,533
38,127
287,922
828,940
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
20,000
Total debtors
287,922
848,940
8
Current asset investments
2021
2020
£
£
Other investments
1,828,500
820,000
The current asset investment of £1,828,500 (2020: £820,000) relates to residential (2020 commercial) property which was sold post year end.
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2021
- 8 -
9
Creditors: amounts falling due within one year
2021
2020
£
£
Secured bank loan (see note below)
16,516
6,304
Amounts owed to group undertakings
200
Corporation tax
43,030
192,567
Other taxation and social security
108,689
59,290
Other creditors
790,059
1,531,056
958,294
1,789,417
The
secured bank
loans and other creditors are secured by fixed charges over the properties of the company.
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
17,759
25,232
Other creditors
5,522,572
3,734,683
5,540,331
3,759,915
The long-term loans and other creditors are secured by fixed charges over the properties of the company.
Creditors which fall due between two and five years are as follows:
2021
2020
£
£
Payable by instalments
59,592
25,232
Payable other than by instalments
5,481,739
3,734,683
5,541,331
3,759,915
PUBPROP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2021
- 9 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
-
337
Tax losses
-
(6,975)
Investment property revalution
835,981
563,412
835,981
556,774
2021
Movements in the year:
£
Liability at 30 April 2020
556,774
Charge to profit or loss
279,207
Liability at 29 April 2021
835,981
12
Non-distributable profits reserve
The company has £
3,047,720
(20
20:
£
2,909,736
) of non distributable retained earnings and £
57,051
(20
20:
£
842,066
) of distributable retained earnings.
13
Directors' transactions
At the year end the director owed £171,503 to the company (2020: £592,515)
During the year, interest of £
13,953
(20
20:
£
6,038
) was charged on
a
loan based upon an approved interest rate
of 2.25%
.
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DR Bowler
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