Company Registration No. 11463494 (England and Wales)
PRECISION PROPERTY PORTFOLIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
PRECISION PROPERTY PORTFOLIO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PRECISION PROPERTY PORTFOLIO LTD
BALANCE SHEET
AS AT 31 JULY 2019
31 July 2019
- 1 -
2019
Notes
£
£
Fixed assets
Investment properties
2
57,401
Current assets
Debtors
3
1,470
Cash at bank and in hand
891
2,361
Creditors: amounts falling due within one year
4
(21,481)
Net current liabilities
(19,120)
Total assets less current liabilities
38,281
Creditors: amounts falling due after more than one year
5
(41,250)
Net liabilities
(2,969)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(3,069)
Total equity
(2,969)
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 31 July 2019 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.
PRECISION PROPERTY PORTFOLIO LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2019
31 July 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2020 and are signed on its behalf by:
B Thurston
Director
Company Registration No. 11463494
PRECISION PROPERTY PORTFOLIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Precision Property Portfolio Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Chandler Grove, Treeton, Rotherham, S60 5TY.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
Cash and cash equivalents
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.
1.4
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.
PRECISION PROPERTY PORTFOLIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Investment property
2019
£
Fair value
At 13 July 2018
-
Additions
57,401
At 31 July 2019
57,401
The value of the investment property has been arrived at on the basis of it's cost. No open market valuation by reference to market evidence of transaction prices for similar properties was made at the reporting date.
3
Debtors
2019
Amounts falling due within one year:
£
Other debtors
1,470
PRECISION PROPERTY PORTFOLIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
4
Creditors: amounts falling due within one year
2019
£
Other creditors
21,481
5
Creditors: amounts falling due after more than one year
2019
£
Other creditors
41,250
The borrowers of this balance hold a charge over the property with full title guarantee by way of legal mortgage as continuing security for the amount owed and all other debt.
6
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
Upon incorporation 100 Ordinary Shares of £1 were issued for cash at par.
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2019
Amounts due to related parties
£
Director loan account
21,001