REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
PEMCHURCH PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITOR: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable fair value reserve | 7 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
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 |
Other debtors |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
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 |
Taxation and social security |
Other creditors |
7. | RESERVES |
Non-distributable |
fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | 2,370,275 |
Deficit for the year | ( |
) | - | ( |
) |
Dividends | ( |
) | - | ( |
) |
At 31 December 2021 | 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. |
for and on behalf of |