Company registration number 11022392 (England and Wales)
Panorama Estates Corporation Limited
Unaudited Financial Statements
For the year ended 30 June 2023
PAGES FOR FILING WITH REGISTRAR
Panorama Estates Corporation Limited
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 3
Panorama Estates Corporation Limited
Balance sheet
For the year ended 30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
500,001
732,732
Current assets
Debtors
4
69,793
Cash at bank and in hand
746
69,793
746
Creditors: amounts falling due within one year
5
(4,517)
(179,727)
Net current assets/(liabilities)
65,276
(178,981)
Net assets
565,277
553,751
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
564,277
552,751
Total equity
565,277
553,751
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 and signed by the director and authorised for issue on 11 March 2024
Mr P Mair
Director
Company registration number 11022392 (England and Wales)
Panorama Estates Corporation Limited
Notes to the Financial Statements
For the year ended 30 June 2023
- 2 -
1
Accounting policies
Company information
Panorama Estates Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the rental of properties.
1.3
Investment property
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Panorama Estates Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 July 2022
732,732
Disposals
(232,731)
At 30 June 2023
500,001
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 June 2022 by the director. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
69,793
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
4,517
22,609
Other creditors
157,118
4,517
179,727