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REGISTERED NUMBER: 00563448 (England and Wales)















Financial Statements for the Year Ended 31 December 2021

for

PEMCHURCH PROPERTIES LIMITED

PEMCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 00563448)






Contents of the Financial Statements
for the year ended 31 December 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PEMCHURCH PROPERTIES LIMITED

Company Information
for the year ended 31 December 2021







DIRECTORS: J D Jones
Mrs E Jones
M M Jones



REGISTERED OFFICE: Bronwylfa
Llangunnor Road
Carmarthen
SA31 2PB



REGISTERED NUMBER: 00563448 (England and Wales)



SENIOR STATUTORY AUDITOR: Martin Waterworth FCA



AUDITOR: Martin Waterworth Limited
Statutory Auditor
Bronwylfa
Llangunnor Road
Carmarthen
SA31 2PB

PEMCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 00563448)

Statement of Financial Position
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,550,000 1,550,000

CURRENT ASSETS
Debtors 5 82,897 69,815
Cash at bank 678,539 788,945
761,436 858,760
CREDITORS
Amounts falling due within one year 6 27,774 8,485
NET CURRENT ASSETS 733,662 850,275
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,283,662

2,400,275

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Non-distributable fair value reserve 7 1,035,557 1,035,557
Retained earnings 7 1,218,105 1,334,718
SHAREHOLDERS' FUNDS 2,283,662 2,400,275

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:





J D Jones - Director


PEMCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 00563448)

Notes to the Financial Statements
for the year ended 31 December 2021

1. STATUTORY INFORMATION

Pemchurch Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Revenue comprises rents and services derived from the company's investment properties, all of which arise in the United Kingdom and are recognised on a receivable basis.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided at the rate expected to apply when property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
After reviewing the company's future plans, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

PEMCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 00563448)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021
and 31 December 2021 1,550,000
NET BOOK VALUE
At 31 December 2021 1,550,000
At 31 December 2020 1,550,000

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2011 1,940,000
Valuation in 2019 (190,000 )
Valuation in 2020 (200,000 )
1,550,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.21 31.12.20
£    £   
Cost 514,443 514,443

Investment property was valued on an open market basis on 15 April 2012 by CLC Chartered Surveyors .

In the opinion of CLC Chartered Surveyors (without carrying out a more recent formal valuation), the fair values of the properties are lower by approximately £390,000 from the last professional valuation undertaken by them in April 2012, to which the directors agree.

5. DEBTORS
31.12.21 31.12.20
£    £   
Amounts falling due within one year:
Trade debtors 64,467 36,733
Other debtors 10,092 14,944
74,559 51,677

Amounts falling due after more than one year:
Trade debtors 8,338 18,138

Aggregate amounts 82,897 69,815

PEMCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 00563448)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 5,667 -
Taxation and social security - 906
Other creditors 22,107 7,579
27,774 8,485

7. RESERVES
Non-distributable
fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2021 1,334,718 1,035,557 2,370,275
Deficit for the year (65,613 ) - (65,613 )
Dividends (51,000 ) - (51,000 )
At 31 December 2021 1,218,105 1,035,557 2,253,662

Should all of the investment properties be sold at their stated fair values, and given where applicable a March 1982 value of £430,000, no chargeable gains apply owing to indexation allowance. As such no amount is provided for deferred tax.

Under FRS102 surpluses on revaluation of investment properties brought forward have been transferred to a Fair Value Reserve. This is to distinguish these reserves as non-distributable rather than including them in their entirety in Retained Earnings.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Martin Waterworth FCA (Senior Statutory Auditor)
for and on behalf of Martin Waterworth Limited