Company Registration No. 10210618 (England and Wales)
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,382
Current assets
Debtors
4
857,608
595,651
Cash at bank and in hand
766,859
853
1,624,467
596,504
Creditors: amounts falling due within one year
5
(289,445)
(189,895)
Net current assets
1,335,022
406,609
Total assets less current liabilities
1,338,404
406,609
Creditors: amounts falling due after more than one year
6
(1,470,000)
(480,000)
Net liabilities
(131,596)
(73,391)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(131,597)
(73,392)
Total equity
(131,596)
(73,391)
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 2020 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.
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on
30 June 2021
2021-06-30
Dr M Li
Director
Company Registration No. 10210618
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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:
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents
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.
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
1.7
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.
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.
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.
1.8
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.
1.9
All borrowing costs are recognised in the statement of comprehensive income in the period in which they are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2019
Additions
3,979
At 30 June 2020
3,979
Depreciation and impairment
At 1 July 2019
Depreciation charged in the year
597
At 30 June 2020
597
Carrying amount
At 30 June 2020
3,382
At 30 June 2019
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
857,608
595,651
5
Creditors: amounts falling due within one year
2020
2019
£
£
Deferred income
6,906
Other creditors
119,351
119,351
Accruals and deferred income
163,188
70,544
289,445
189,895
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,470,000
480,000
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
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 2020 is £92,432 (2019 - £68,429).
PACIFIC CREST PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
7
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 (2019 - £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 £113,100 (2019 - £136,300), 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.
8
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 (2019: £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.