REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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PINEVIEW THAXTED LIMITED |
REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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FOR |
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PINEVIEW THAXTED LIMITED |
PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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Page |
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Abridged Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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ABRIDGED BALANCE SHEET |
31ST DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
5 |
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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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Fair value reserve | 8 |
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Retained earnings | 8 |
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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. |
PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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ABRIDGED BALANCE SHEET - continued |
31ST DECEMBER 2021 |
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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 and authorised for issue on
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PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Pineview Thaxted Limited is a
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Registered number: |
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Registered office: |
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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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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
if there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed.The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss. |
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Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried ar amortised cost, using the effective interest rate method. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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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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PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 -
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2021 |
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Additions |
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At 31st December 2021 |
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NET BOOK VALUE |
At 31st December 2021 |
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At 31st December 2020 |
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Fair value at 31st December 2021 is represented by: |
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Valuation in 2015 | 2,900,000 |
Valuation in 2016 | 365,000 |
Cost | 350,000 |
3,615,000 |
PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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4. | INVESTMENT PROPERTY - continued |
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If the investment property had not been revalued it would have been included at the following historical cost: |
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31.12.21 | 31.12.20 |
£ | £ |
Cost | 2,042,051 | 1,692,051 |
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The investment property was valued on an open market value basis on 11th May 2017 by Strutt & Parker LLP . |
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5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.12.21 | 31.12.20 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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6. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 1,467,000 | 1,467,000 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
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The bank loan is secured by a fixed and floating charge over all of the assets of the company together with a specific charge over the investment property; and the personal guarantees of the directors. |
PINEVIEW THAXTED LIMITED (REGISTERED NUMBER: 07456236) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1st January 2021 | ( |
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1,457,837 |
Deficit for the year | ( |
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Investment property | 393,237 | (393,237 | ) | - |
At 31st December 2021 |
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1,377,109 |
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The fair value reserve is a non-distributable reserve. |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed £198,966 to Pineview Limited and £165,000 to Pineview Stansted Limited. Both of these companies are controlled by Mr R Thurley and Mr C Green, two directors of the company. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is under the immediate and ultimate control of the three directors. |