Company Registration No. 02948515 (England and Wales)
PORT CHARLOTTE PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
PORT CHARLOTTE PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PORT CHARLOTTE PROJECTS LIMITED
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,575
4,208
Investment properties
3
600,000
600,000
603,575
604,208
Current assets
Debtors
4
3,360
3,313
Investments
5
1,000
1,000
Cash at bank and in hand
15,636
34,953
19,996
39,266
Creditors: amounts falling due within one year
6
(2,537)
(7,093)
Net current assets
17,459
32,173
Total assets less current liabilities
621,034
636,381
Creditors: amounts falling due after more than one year
7
(173,077)
(170,585)
Provisions for liabilities
Deferred tax liability
35,226
36,630
(35,226)
(36,630)
Net assets
412,731
429,166
Capital and reserves
Called up share capital
2
2
Revaluation reserve
306,922
306,922
Profit and loss reserves
105,807
122,242
Total equity
412,731
429,166
PORT CHARLOTTE PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 12 November 2019 and are signed on its behalf by:
Mrs J G Reavey
Director
Company Registration No. 02948515
PORT CHARLOTTE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
1
Accounting policies
Company information
Port Charlotte Projects Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
14 Park Row, Nottingham, NG1 6GR.
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 services provided in the normal course of business
, and
is shown net of VAT
.
Revenue from
letting of properties
under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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.
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
15% on reducing balance
Computer and office equipment
15% on reducing balance
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
.
PORT CHARLOTTE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.5
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.
1.6
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
trade
debtors, other debtors, current investments and cash and bank balances, are
recognised
at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, includin
s other
creditorss,
that are
classified as debt, are
recognised at transaction price
.
1.7
Equity instruments
Share capital 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PORT CHARLOTTE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Tangible fixed assets
Fixtures and fittings
Computer and office equipment
Total
£
£
£
Cost
At 1 June 2018 and 31 May 2019
27,839
6,591
34,430
Depreciation and impairment
At 1 June 2018
24,966
5,256
30,222
Depreciation charged in the year
431
202
633
At 31 May 2019
25,397
5,458
30,855
Carrying amount
At 31 May 2019
2,442
1,133
3,575
At 31 May 2018
2,873
1,335
4,208
PORT CHARLOTTE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 6 -
3
Investment property
2019
£
Fair value
At 1 June 2018 and 31 May 2019
600,000
In the opinion of the directors, the investment properties are stated at open market value.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,495
1,495
Other debtors
1,865
1,818
3,360
3,313
5
Current asset investments
2019
2018
£
£
Other investments
1,000
1,000
6
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
-
4,450
Other taxation and social security
57
234
Other creditors
2,480
2,409
2,537
7,093
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
173,077
170,585
PORT CHARLOTTE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 7 -
8
Revaluation reserve
2019
2018
£
£
At beginning of year
306,922
278,277
Transfer with retained earnings
-
28,645
At end of year
306,922
306,922