COMPANY REGISTRATION NO. 05388576 (England and Wales)
PENTWYN PROPERTY MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
PENTWYN PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PENTWYN PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
50,175
56,720
Tangible assets
4
6,519
9,205
56,694
65,925
Current assets
Debtors
5
5,178
35,143
Cash at bank and in hand
29,852
45,927
35,030
81,070
Creditors: amounts falling due within one year
6
(104,042)
(153,368)
Net current liabilities
(69,012)
(72,298)
Total assets less current liabilities
(12,318)
(6,373)
Provisions for liabilities
(1,239)
(1,749)
Net liabilities
(13,557)
(8,122)
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(13,757)
(8,322)
Total equity
(13,557)
(8,122)
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 March 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 19 November 2019 and are signed on its behalf by:
Mr A N Bidmead
Director
Company Registration No. 05388576
PENTWYN PROPERTY MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2017
200
4,299
4,499
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
44,743
44,743
Dividends
-
(60,011)
(60,011)
Capital contribution
-
2,647
2,647
Balance at 31 March 2018
200
(8,322)
(8,122)
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
85,565
85,565
Dividends
-
(91,000)
(91,000)
Balance at 31 March 2019
200
(13,757)
(13,557)
PENTWYN PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Pentwyn Property Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Broad Street, Ross On Wye, Herefordshire, England, HR9 7EA.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company
made
a
profit
for the year of £
85,565
(201
8
: £
44,743
), at 31st March 201
9,
T
he company's
liabilities
exceeded its
assets
by £
13,557
. The company is reliant on the continued support of other group creditors. Having made appropriate enquires the directors are not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future; as a result the directors are satisfied that the going concern basis of accounting remains appropriate..
1.3
Turnover
Turnover represents amounts receivable for commissions for property services provided in the normal course of business, net of trade discounts and VAT.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for the services provided.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
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:
Computer equipment
25% on cost
PENTWYN PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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
.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
PENTWYN PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2018 - 18).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
65,447
Amortisation and impairment
At 1 April 2018
8,727
Amortisation charged for the year
6,545
At 31 March 2019
15,272
Carrying amount
At 31 March 2019
50,175
At 31 March 2018
56,720
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2018
16,429
Additions
633
At 31 March 2019
17,062
Depreciation and impairment
At 1 April 2018
7,224
Depreciation charged in the year
3,319
At 31 March 2019
10,543
Carrying amount
At 31 March 2019
6,519
At 31 March 2018
9,205
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
5,178
35,143
PENTWYN PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
5
Debtors
(Continued)
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
8,761
9,741
Corporation tax
22,116
11,399
Other taxation and social security
42,519
41,969
Other creditors
30,646
90,259
104,042
153,368
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
62 Ordinary A of £1 each
62
62
62 Ordinary B of £1 each
62
62
56 Ordinary C of £1 each
56
56
20 Ordinary D of £1 each
20
20
200
200
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
26,326
39,068
9
Related party transactions
The company has an existing loan
with
Bidmead Cook Limited, a company of common directors. At the year end there was a balance outstanding of £
20,676
(201
8
: £
79,641
) being included in creditors amounts falling due within one year.
PENTWYN PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
10
Directors' transactions
Dividends totalling £91,000 (2018 - £60,011) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors
-
35,000
(29,965)
5,035
35,000
(29,965)
5,035