Company registration number 10496821 (England and Wales)
Pochin Properties Ltd
Unaudited financial statements
For the year ended 30 December 2023
Pochin Properties Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Pochin Properties Ltd
Statement of financial position
As at 30 December 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
812
Current assets
Debtors
4
209
74
Creditors: amounts falling due within one year
5
(7,898)
(5,785)
Net current liabilities
(7,689)
(5,711)
Total assets less current liabilities
(7,689)
(4,899)
Creditors: amounts falling due after more than one year
6
(27,615)
(27,615)
Net liabilities
(35,304)
(32,514)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(35,404)
(32,614)
Total equity
(35,304)
(32,514)
For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 22 November 2024
Mr D Pochin
Director
Company registration number 10496821 (England and Wales)
Pochin Properties Ltd
Notes to the financial statements
For the year ended 30 December 2023
- 2 -
1
Accounting policies
Company information
Pochin Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Orchard House, New Platt Lane, Cranage, Crewe, Cheshire, CW4 8HS.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on a basis other than that of a going concern.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Pochin Properties Ltd
Notes to the financial statements (continued)
For the year ended 30 December 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pochin Properties Ltd
Notes to the financial statements (continued)
For the year ended 30 December 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 31 December 2022
3,415
Disposals
(3,415)
At 30 December 2023
Depreciation and impairment
At 31 December 2022
2,603
Eliminated in respect of disposals
(2,603)
At 30 December 2023
Carrying amount
At 30 December 2023
At 30 December 2022
812
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
209
74
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,863
3,904
Trade creditors
1,254
Other creditors
2,781
1,881
7,898
5,785
Pochin Properties Ltd
Notes to the financial statements (continued)
For the year ended 30 December 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,615
27,615