Company Registration No. 06013150 (England and Wales)
PICADILLY CONSULTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
PICADILLY CONSULTANCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PICADILLY CONSULTANCY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,838
4,565
Investment properties
4
827,359
827,359
830,197
831,924
Current assets
Debtors
5
85
83
Cash at bank and in hand
205,085
173,727
205,170
173,810
Creditors: amounts falling due within one year
6
(1,322,650)
(1,323,246)
Net current liabilities
(1,117,480)
(1,149,436)
Total assets less current liabilities
(287,283)
(317,512)
Capital and reserves
Called up share capital
7
1
1
Fair value reserve
8
(350,469)
(350,469)
Profit and loss reserves
63,185
32,956
Total equity
(287,283)
(317,512)
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 December 2018 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 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.
The financial statements were approved and signed by the director and authorised for issue on 10 September 2019
Ms Irina Skittides
Director
Company Registration No. 06013150
PICADILLY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Picadilly Consultancy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
27 Mortimer Street, London, W1T 3BL.
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
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.
1.3
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.
Investment properties are stated at the open market value.
All other t
angible fixed assets are stated at cost or valuation less depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
straight line 10%
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
.
1.4
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.
The surplus or deficit on revaluation is recognised in the undistributable fair value reserve.
1.5
Taxation
The company migrated to Cyprus on 12 May 2010 where it is controlled and managed, therefore no provision for UK corporation tax has been made in these accounts.
PICADILLY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018 and 31 December 2018
17,265
Depreciation and impairment
At 1 January 2018
12,700
Depreciation charged in the year
1,727
At 31 December 2018
14,427
Carrying amount
At 31 December 2018
2,838
At 31 December 2017
4,565
4
Investment property
2018
£
Fair value
At 1 January 2018 and 31 December 2018
827,359
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2015 by Markaris, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
PICADILLY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
85
83
6
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
1,322,650
1,323,246
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share Capital of £1 each
1
1
8
Fair value reserve
2018
2017
£
£
At beginning and end of year
(350,469)
(350,469)