Pamaber Properties Ltd
|
Registered number: |
SC147392
|
Balance Sheet |
as at 30 April 2018
|
|
Notes |
|
|
2018 |
|
|
2017 |
£ |
£ |
Fixed assets |
Tangible assets |
2 |
|
|
11,623 |
|
|
13,516 |
Investments |
3 |
|
|
2,001,012 |
|
|
1,998,182 |
|
|
|
|
2,012,635 |
|
|
2,011,698 |
|
Current assets |
Debtors |
4 |
|
3,430 |
|
|
9,313 |
Cash at bank and in hand |
|
|
107,998 |
|
|
65,354 |
|
|
|
111,428 |
|
|
74,667 |
|
Creditors: amounts falling due within one year |
5 |
|
(96,114) |
|
|
(93,812) |
|
Net current assets/(liabilities) |
|
|
|
15,314 |
|
|
(19,145) |
|
Total assets less current liabilities |
|
|
|
2,027,949 |
|
|
1,992,553 |
|
|
Provisions for liabilities |
|
|
|
(63,878) |
|
|
(69,040) |
|
|
Net assets |
|
|
|
1,964,071 |
|
|
1,923,513 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
427,002 |
|
|
427,002 |
Revaluation reserve |
6 |
|
|
833,190 |
|
|
828,028 |
Profit and loss account |
|
|
|
703,879 |
|
|
668,483 |
|
Shareholders' funds |
|
|
|
1,964,071 |
|
|
1,923,513 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
|
|
|
K Abernethy |
Director |
Approved by the board on 25 January 2019
|
|
Pamaber Properties Ltd
|
Notes to the Accounts |
for the year ended 30 April 2018
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes rental income earned from operating leases. Turnover from an operating lease is recognised on a straight line basis over the term of the lease.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets classed as fixtures and fittings and office equipment are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Fixtures and fittings |
15% on cost |
|
Office equipment |
33% on cost |
|
|
Freehold Investment Property |
|
Freehold investment properties, which include the value of capital enhancements, are initially measured at cost and subsequently measured, where fair value can be measured reliably, at fair value. Any changes in fair value are recognised in the profit and loss account. Valuations are undertaken by independent professional valuers on a timely basis. There has been no valuation carried out during the reporting period. Investment properties are not depreciated.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method, with the exception of Directors loans.
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of investment property gains and losses in the financial statements and their inclusion in tax assessments. Current and deferred tax assets and liabilities are not discounted.
|
|
|
Leased assets |
|
Rental income on the freehold investment property under the terms of the operating lease is recognised in the profit and loss account on a straight line basis over the term of the lease. Costs incurred with earning the lease income, including depreciation are recognised as expenses. There are no non-cancellable operating leases entered into by the company. All leases are in compliance with section 10 of the Private Housing (Tenancies) (Scotland) Act 2016.
|
|
|
2 |
Tangible fixed assets |
|
|
|
|
Fixtures and fittings |
|
Office equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 May 2017 |
64,085 |
|
1,499 |
|
65,584 |
|
Additions |
1,631 |
|
- |
|
1,631 |
|
At 30 April 2018 |
65,716 |
|
1,499 |
|
67,215 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2017 |
50,569 |
|
1,499 |
|
52,068 |
|
Charge for the year |
3,524 |
|
- |
|
3,524 |
|
At 30 April 2018 |
54,093 |
|
1,499 |
|
55,592 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2018 |
11,623 |
|
- |
|
11,623 |
|
At 30 April 2017 |
13,516 |
|
- |
|
13,516 |
|
|
3 |
Investments |
Freehold |
Investment |
Property |
£ |
|
Cost |
|
At 1 May 2017 |
1,998,182 |
|
Additions |
2,830 |
|
|
At 30 April 2018 |
2,001,012 |
|
|
4 |
Debtors |
2018 |
|
2017 |
£ |
£ |
|
|
Other debtors |
3,430 |
|
9,313 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
£ |
£ |
|
|
Trade creditors |
1,538 |
|
998 |
|
Taxation and social security costs |
9,407 |
|
8,395 |
|
Other creditors |
85,169 |
|
84,419 |
|
|
|
|
|
|
96,114 |
|
93,812 |
|
|
|
|
|
|
|
|
|
|
6 |
Revaluation reserve |
2018 |
|
2017 |
£ |
£ |
|
|
At 1 May 2017 |
828,028 |
|
817,830 |
|
Deferred taxation arising on the revaluation of land and buildings |
5,162 |
|
10,198 |
|
|
At 30 April 2018 |
833,190 |
|
828,028 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
At 1 May 2017 and 30 April 2018, there were Directors loans outstanding of £77,222 on the balance sheet. Amounts due to the Directors are interest-free and repayable on demand.
|
|
|
8 |
Other information |
|
|
Pamaber Properties Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
4 Circus Gardens |
|
Edinburgh |
|
EH3 6TN |