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Company registration number: 11718001
Companies House
Pershore Investments (Residential) Limited
Unaudited filleted financial statements
31 December 2021
Pershore Investments (Residential) Limited
Contents
Statement of financial position
Notes to the financial statements
Pershore Investments (Residential) Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 235,090 235,090
_______ _______
235,090 235,090
Current assets
Debtors 6 100 100
Cash at bank and in hand 18,763 11,498
_______ _______
18,863 11,598
Creditors: amounts falling due
within one year 7 ( 104,440) ( 91,886)
_______ _______
Net current liabilities ( 85,577) ( 80,288)
_______ _______
Total assets less current liabilities 149,513 154,802
Creditors: amounts falling due
after more than one year 8 ( 153,110) ( 157,662)
_______ _______
Net liabilities ( 3,597) ( 2,860)
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account ( 3,697) ( 2,960)
_______ _______
Shareholder deficit ( 3,597) ( 2,860)
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 July 2022 , and are signed on behalf of the board by:
Mr M J Gartlan
Director
Company registration number: 11718001
Pershore Investments (Residential) Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Portland Road, Edgbaston, Birmingham, West Midlands, B16 9HN and the address of the business is Four Hills, Throckmorton Road, Hill, Pershore, Worcestershire, WR10 2PP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2020: 0).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 January 2021 and 31 December 2021 235,090 235,090
_______ _______
Depreciation
At 1 January 2021 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 235,090 235,090
_______ _______
At 31 December 2020 235,090 235,090
_______ _______
6. Debtors
2021 2020
£ £
Called up share capital not paid 100 100
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 4,552 4,385
Accruals and deferred income 2,098 3,460
Director loan accounts 22,800 22,800
Other creditors 74,990 61,241
_______ _______
104,440 91,886
_______ _______
The bank loan is secured by a charge over the fixed assets of the company.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 153,110 157,662
_______ _______
The bank loan is secured by a charge over the fixed assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £ 133,077 (2020 £ 138,373 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is a mortgage advance provided by Precise Mortgages for a term of 25 years, at an intial interest rate of 3.79% for the first 5 years and then reverting to a variable interest rate, which is a margin above LIBOR and will not go below a floor of 5.18%, for the remaining term.
9. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______