REGISTERED NUMBER: 04761212 (England and Wales)

PYTHON CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

7,606

8,371

Investment property

5

3,210,294

3,204,904

3,217,900

3,213,275

Current assets

Debtors

6

23,799

22,066

Cash at bank

231,025

29,139

254,824

51,205

Creditors

Amounts falling due within one year

7

2,116,968

1,984,773

Net current liabilities

(1,862,144

)

(1,933,568

)

Total assets less current liabilities

1,355,756

1,279,707

Creditors

Amounts falling due after more than one year

8

(131,000

)

(131,000

)

Provisions for liabilities

(28,954

)

(59,771

)

Net assets

1,195,802

1,088,936

Capital and reserves

Called up share capital

100

100

Non-distributable reserves

9

248,029

248,029

Retained earnings

947,673

840,807

Shareholders' funds

1,195,802

1,088,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 July 2019 and were signed on its behalf by:

Mr Asjed Rafiq - Director

1.	Statutory information

Python Construction Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

04761212

Registered office:

Maitland Mill

Maitland Street

Preston

PR1 5XR

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes. Grants are credited to deferred revenue. Revenue

from the sale of goods is recognised when the significant risks and rewards of ownership have

transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured

reliably; it is probable that the associated economic benefits will flow to the entity and the costs

incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the

contractual provisions of the instrument. Basic financial instruments are initially recognised at the

transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at

the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Debt instruments are subsequently measured at amortised cost.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the

undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal

does not result in a carrying amount of the financial asset that exceeds what the carrying amount

would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the

acquisition date, allocated to each of the cash-generating units that are expected to benefit from the

synergies of the combination, irrespective of whether other assets or liabilities of the company are

assigned to those units.

3.	Employees and directors

The average number of employees during the year was 4 (2017 - 4 ) .

4.	Tangible fixed assets

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 November 2017

7,057

6,400

13,457

Additions

1,142

-

1,142

At 31 October 2018

8,199

6,400

14,599

Depreciation

At 1 November 2017

3,486

1,600

5,086

Charge for year

707

1,200

1,907

At 31 October 2018

4,193

2,800

6,993

Net book value

At 31 October 2018

4,006

3,600

7,606

At 31 October 2017

3,571

4,800

8,371

5.	Investment property

Total

£

Cost or valuation

At 1 November 2017

3,204,904

Additions

5,390

At 31 October 2018

3,210,294

Net book value

At 31 October 2018

3,210,294

At 31 October 2017

3,204,904

Cost or valuation at 31 October 2018 is represented by:

£

Valuation in 2006

306,209

Cost

2,904,085

3,210,294

If investment properties had not been revalued they would have been included at the following

historical cost:

2018

2017

£

£

Cost

2,904,085

2,898,695

The investment properties were valued on an open market basis on 31 October 2018 by the directors .

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

7,211

7,685

Other debtors

16,588

14,381

23,799

22,066

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

12,071

13,293

Taxation and social security

6,138

5,442

Other creditors

2,098,759

1,966,038

2,116,968

1,984,773

8.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Other creditors

131,000

131,000

9.

Reserves

Non-distributable

reserves

£

At 1 November 2017

and 31 October 2018

248,029

10.	Related party disclosures

At 31 October 2018 company owed £1,688,729 to the directors (2017: £1,488,427). No interest has

been charged to the company in respect of this loan which is repayable on demand and classified in

creditors due within one year.

Mr Asjed Rafiq is also a director and shareholder, and Mr Mohammad Rafiq is a shareholder in Rixil

Import Export Limited. At 31 October 2018 company owed £52,420 to Rixil Import Export Limited

(2017: £120,000). The loan is unsecured, interest free and repayable on demand.