REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
PARMAR AND SONS PROPERTY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
PARMAR AND SONS PROPERTY LIMITED |
PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
PARMAR AND SONS PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PARMAR AND SONS PROPERTY LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Parmar and Sons Property Limited for the year ended 31 March 2018 which comprise the |
Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the |
company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Parmar and Sons Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parmar and Sons Property Limited and state those matters that we have agreed to state to the Board of Directors of Parmar and Sons Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parmar and Sons Property Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Parmar and Sons Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Parmar and Sons Property Limited. You consider that Parmar and Sons Property Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Parmar and Sons Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325) |
BALANCE SHEET |
31 MARCH 2018 |
31/3/18 | 31/3/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325) |
BALANCE SHEET - continued |
31 MARCH 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | STATUTORY INFORMATION |
Parmar and Sons Property Limited is a |
The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income receivable. Turnover is recognised when the company has a right to |
consideration. |
Investment property |
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at |
fair value at each reporting date with changes in fair value recognised in profit or loss. Under pervious UK |
GAAP, investment property was valued on an open market basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
Additions |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
In the opinion of the directors the fair value of the investment properties as at 31 March 2018 is not significantly |
difference to that stated above. |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Trade debtors |
Other debtors |
PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Amounts owed to participating interests | 505,000 | 500,000 |
Directors' current accounts | 158,693 | 98,477 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 630,424 | 434,033 |
The bank loans are secured by a legal charge over the investment properties and by way of personal guarantees |
of the directors. The loans are interest only, fully repayable between 25 to 35 years period and the rates of |
interest charged are between 3.99% and 6.33% above the bank base rate. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/18 | 31/3/17 |
value: | £ | £ |
Ordinary share capital | £1 each | 100 | 100 |
8. | RELATED PARTY DISCLOSURES |
Included within creditors falling due within one year is a balance of £505,000 (31.03.2016: £500,000) payable to |
SP Risk Systems Limited, a company which director has beneficial interest. The amount is interest free loan. |
9. | ULTIMATE CONTROLLING PARTY |
Directors are the ultimate controlling party, as they owns majority of the issued share capital. |