Company Registration No. 10210618 (England and Wales)
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
2
595,651
459,305
Cash at bank and in hand
853
138,074
596,504
597,379
Creditors: amounts falling due within one year
3
(189,895)
(157,735)
Net current assets
406,609
439,644
Creditors: amounts falling due after more than one year
4
(480,000)
(480,000)
Net liabilities
(73,391)
(40,356)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(73,392)
(40,357)
Total equity
(73,391)
(40,356)
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 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
The financial statements were approved and signed by the director and authorised for issue on 30 June 2020
Dr M Li
Director
Company Registration No. 10210618
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
1
Accounting policies
Company information
Pacific Crest Property Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 4m Crossley Park, Heaton Chapel, Stockport, England, SK4 5BF.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
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. During the first period of trading since incorporation, loans from a third party were provided to assist in the company's start-up and initial business activities. Further loans have been provided in the year to assist the company in meeting its liabilities.
true
At the time of filing these financial statements, the pandemic of Covid-19 is creating an uncertainty on the effect on the general macro-economy. The director has carefully considered the potential implications of Covid-19 on the company’s business environment. No staff members are directly employed by the company, so there has been no requirement to make use of the furlough scheme. The Company has not taken any grants or long term loans made available following the pandemic.
Despite the current circumstances the director and related parties will provide continuing support and believe that the company’s financial resources and contingency planning is sufficient to ensure the ability of the company to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
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.
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies (Continued)
- 3 -
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.6
All borrowing costs are recognised in the statement of comprehensive income in the period in which they are incurred.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
595,651
459,305
3
Creditors: amounts falling due within one year
2019
2018
£
£
Other taxation and social security
-
40
Other creditors
119,351
119,350
Accruals and deferred income
70,544
38,345
189,895
157,735
4
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
480,000
480,000
Other creditors includes a long term loan which attracts interest of 6% per annum and is not repayable before 2032.
The total interest accrued on this loan as at 30 June 2019 is £68,429 (2018 - £36,900).
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
5
Related party transactions
As at the balance sheet date, Wise Zone Ltd, a company related by common director Dr M Li, owed Pacific Crest Property Management Limited a total of £104,000 (2018 - £104,000), this amount is included within other debtors falling due within one year.
As at the balance sheet date, Oxford Park Ltd, a company related by common director Dr M Li, owed Pacific Crest Property Management Limited a total of £136,300 (2018 - £Nil), this amount is included within other debtors falling due within one year.
It has been contracted between both companies that the repayment terms of these loans are not fixed and the loans are repayable on demand with no interest chargeable over the term.
6
Directors' transactions
During the year, the company operated a loan account with Director Dr M Li. At the balance sheet date, the company owed Dr M Li £99,999 (2018: £99,999), this is included within other creditors due within one year.
The loan is repayable on demand and no interest was charged during the period.