Registration number:
Pointexport Limited
for the Year Ended 30 September 2024
Pointexport Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Pointexport Limited
Company Information
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Directors |
D C Farley A J Sperrin I Nielsen Farley |
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Company secretary |
J Naish |
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Registered office |
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Accountants |
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Pointexport Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Principal activity
The principal activity of the company is that of property investment and the provision of property consultancy services
Directors of the company
The directors who held office during the year and up to the date of approval of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Events after the financial period
There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
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Pointexport Limited
Statement of Comprehensive Income
for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Revenue |
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Administrative expenses |
( |
( |
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Operating profit |
48,979 |
44,685 |
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(Loss)/gain on financial assets at fair value through profit and loss |
( |
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Interest payable and similar expenses |
( |
( |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
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( |
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(Loss)/profit for the financial year |
( |
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Pointexport Limited
(Registration number: 04411322)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Non-current assets |
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Investment property |
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Other financial assets |
538,836 |
631,103 |
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Current assets |
|||
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
|||
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Called up share capital |
3 |
3 |
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Other reserves |
53,276 |
122,476 |
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Retained earnings |
649,715 |
634,904 |
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Shareholders' funds |
702,994 |
757,383 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of Pointexport Limited were approved and authorised for issue by the
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Director
Pointexport Limited
Statement of Changes in Equity
for the Year Ended 30 September 2024
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 October 2023 |
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Loss for the year |
- |
- |
( |
( |
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Transfers |
- |
(69,200) |
69,200 |
- |
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At 30 September 2024 |
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 October 2022 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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Transfers |
- |
8,304 |
(8,304) |
- |
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At 30 September 2023 |
3 |
122,476 |
634,904 |
757,383 |
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024
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General information |
Pointexport Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Critical judgements and key sources of estimation uncertainties
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below.
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Valuation of Investment properties
The company's investment properties were revalued at the year end to fair value on the basis of market value. Market value represents the figure that would appear in a hypothetical contract of sale between a willing buyer and a willing seller. Market value is estimated without regard to costs of sale. Property valuation is inherently subjective and contains a number of assumptions upon which the directors have based their valuation of the company’s properties. The assumptions on which the valuation have been based include, but are not limited to, matters such as recent comparable market transactions on arm’s length terms, the tenure and tenancy details for the properties, ground conditions at the properties and the structural condition of the properties. Any variation in the valuations would have a material effect on the profit after tax and the net asset value of the company. The carrying amount at the year end is £790,140 (2023: £708,702).
Revenue recognition
Revenue represents revenue receivable from property related services to third parties during the year, and the value of consideration receivable from listed investments during the year, both net of value added tax. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Property, plant and equipment
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Computer equipment |
33.33% straight line |
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Investment property
Investment properties are valued annually by the Directors.
Other financial assets
Other financial assets comprise listed securities which are publicly traded and are initially recognised at cost and subsequently measured at fair value at each balance sheet date. Gains and losses arising from changes in fair values are recognised in the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash at bank and are subject to an insignificant risk of change in value.
Receivables
Trade and other receivables that are receivable within one year and do not constitute a financing
transaction are recorded at the undiscounted amount expected to be received, net of impairment.
Those that are receivable after more than one year or that constitute a financing transaction are
recorded initially at fair value less transaction costs and subsequently at amortised cost, net of
impairment.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from changes in tax rates and laws |
( |
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Tax (receipt)/expense in the income statement |
( |
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The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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(Loss)/profit before tax |
( |
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Corporation tax at standard rate |
( |
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Decrease from effect of different UK tax rates on some earnings |
( |
( |
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Total tax (credit)/charge |
( |
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Deferred tax
Deferred tax assets and liabilities
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2024 |
Liability |
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Financial assets at fair value through the income statement |
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2023 |
Liability |
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Financial assets at fair value through the income statement |
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Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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Property, plant and equipment |
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Computer equipment |
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Cost |
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At 1 October 2023 |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
- |
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At 30 September 2023 |
- |
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Investment properties |
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2024 |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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At 30 September 2023 |
708,702 |
The investment properties were revalued on 30 September 2024 by the directors on the basis of market value. Market value represents the figure that would appear in a hypothetical contract of sale between a willing buyer and a willing seller. Market value is estimated without regards to costs of sale.
There has been no valuation of investment property by an independent valuer.
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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Other financial assets |
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Listed investments |
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Non-current financial assets |
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Valuation |
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At 1 October 2023 |
631,103 |
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Fair value adjustments |
(92,267) |
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At 30 September 2024 |
538,836 |
The aggregate historical cost (reflecting any writedowns to recoverable amount) that would have been included had the listed investments not been revalued at 30 September 2024 was £467,800 (2023: £467,800)
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Payables |
Payables: amounts falling due within one year
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2024 |
2023 |
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Trade payables |
- |
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Corporation tax |
3,474 |
9,986 |
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Other loans |
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Directors current account |
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Accruals |
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Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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Provisions for liabilities |
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Deferred tax |
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At 1 October 2023 |
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Decrease in existing provisions |
( |
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At 30 September 2024 |
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The deferred tax liability above represent the deferred tax liability on the gain on listed investments recognised within equity.
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Other reserves represents the cumulative effect of revaluations of listed investments which are revalued to fair value at each reporting date. The reserves forms part of the company's non-distributable reserves.
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Final dividend of £Nil (2023 - £ |
- |
34,000 |
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Related party transactions |
Included in directors current accounts is £64,554 (2023: £1,250) owed to the directors. This loan is non-interest bearing and has no formal repayment schedule.
Pointexport Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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Ultimate controlling party |
The ultimate controlling party is D C and I N Farley by virtue of their ownership of the issued share capital of the company.
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Events after the financial period |
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Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pointexport Limited
for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pointexport Limited for the year ended 30 September 2024 as set out on pages 3 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising firm of Accountants, we are subject to ethical and other professional requirements.
This report is made solely to the Board of Directors of Pointexport Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pointexport Limited and state those matters that we have agreed to state to the Board of Directors of Pointexport Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pointexport Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pointexport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pointexport Limited. You consider that Pointexport Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Pointexport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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For and on behalf of
19 Cedar Road
Sutton
Surrey
SM2 5DA