Registration number:
Priaulx Property Portfolio Limited
for the Year Ended 31 December 2017
Priaulx Property Portfolio Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Priaulx Property Portfolio Limited
Company Information
Directors |
Joanne L Priaulx Andrew G Priaulx |
Registered office |
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Accountants |
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Page 1 |
Priaulx Property Portfolio Limited
Directors' Report for the Year Ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Property Investment
Directors Responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Andrew G Priaulx
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Priaulx Property Portfolio Limited
for the Year Ended 31 December 2017
We report on the accounts for the year ended 31 December 2017 set out on pages 4 to 10
As a member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at rulebook.accaglobal.com/ .
Responsibilities of Directors
As described on page 2, the company's directors are responsible for the preparation of the accounts, and they consider that the company is exempt from an audit.
Basis of Opinion
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www. accaglobal.com/factsheet163.
Without performing an audit or detailed verification work our procedures consisted of comparing the accounts with the accounting records kept by the company, and making such limited enquiries of the officers of the company as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.
Opinion
In our opinion:
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the Accounts are in agreement with the accounting records kept by the Company under the Companies Act 2006 and generally accepted accounting principles. |
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having regard only to, and on the basis of, the information contained in those accounting records, the Accounts have been drawn up in a manner consistent with the accounting requirements specified in the Companies Act 2006; and the Financial Reporting Standard 102A - Small Entities and the company satisfied the conditions for exemption from an audit of the accounts for the year specified in 476 of the Act and did not at any time within that year, fall within any of the categories of companies not entitled to the exemption. |
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Chartered Certified Accountants
Northwood
Middlesex
HA6 2TR
Page 3 |
Priaulx Property Portfolio Limited
(Registration number:
9108958
)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 4 |
Priaulx Property Portfolio Limited
(Registration number:
9108958
)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Joanne L Priaulx
Director
Page 5 |
Priaulx Property Portfolio Limited
Statement of Changes in Equity for the Year Ended 31 December 2017
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2017 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
At 31 December 2017 |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 December 2016 |
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Page 6 |
Priaulx Property Portfolio Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Investment property
Page 7 |
Priaulx Property Portfolio Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 8 |
Priaulx Property Portfolio Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Revaluations |
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At 31 December 2017 |
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Depreciation |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Included within the net book value of land and buildings above is £1,154,995 (2016 - £1,090,335) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Freehold Residential Property was revalued on
Estimates as to fair value of the Freehold Residential Property were provided by the Directors based on advice received by Estate Agents local to the respective properties.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investment properties |
There has been no valuation of investment property by an independent valuer.
Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Page 9 |
Priaulx Property Portfolio Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
2017 |
2016 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Final dividend of £
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65,000 |
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Page 10 |