Snape & Son (Bilston) Limited is a private company limited by shares incorporated in England and Wales . The registered office is .
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
Basic financial assets, which include debtors and cash 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.
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, including creditors , bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
The average monthly number of persons (including directors) employed by the company during the year was as follows:
20 22 20 21
Average number of employees
The investment property was assessed on behalf of the directors by the surveyor Andrew Oliver
MRICS on 2 June 2014. More recently, the director, Mr E B Farrar, qualified MRICS chartered surveyor
has valued the property at fair value as at the balance sheet date. The valuation was made on an open
market value basis by reference to market evidence of transaction prices for similar properties.
The company owns a n investment property for rental purposes. Rental income earned during the year was £82,392 (20 21 : £ 78,901 ) (subject to review in accordance with the terms of the lease) and direct operating expenses arising on the properties in the period was £ 8,496 (20 21 : £ 8,655 ). All of the properties have committed tenants for the next 4 years. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the property at the expiry of the lease period.
There are fixed and floating charges over the company's property held by a bank lender in respect of a balance of £29,331 (2021: £29,222) included within other creditors.
There are fixed and floating charges over the company's property held by a bank lender in respect of a balance of £118,358 (2021: £146,650) included within other creditors.
J W G Snape
A shareholder and relative of E G C Snape.
During the year, J W G Snape was repaid £5,000 (2021: £Nil), and charged the company loan interest of £847 (2021: £956). At the balance sheet date, the company owed J W G Snape £17,046 (2021: £21,199).
E G C Snape
A director of the company.
During the year, E G C Snape was repaid £5,000 (2021:£12,000), and charged the company loan interest of £8,693 (2021: £8,738). At the balance sheet date, the company owed E G C Snape £207,358 (2021: £203,665).
During the year, the company incurred costs of £500 (2021: £500) from E Snape, in relation to director's fees.
E B Farrar
A director of the company.
During the year, E B Farrar was repaid £5,000 (2021: £10,000) and charged the company loan interest of £4,024 (2021: £4,204). At the balance sheet date, the company owed E B Farrar £94,102 (2021: £95,078).
R Milner
A director of the company
During the year, the company incurred costs of £500 (2021: £500) from R Milner, in relation to director's fees.
J M Snape
A relative of the director.
During the year, J M Snape was repaid £7,000 (2021: £Nil), and charged the company loan interest of £1,256 (2021: £1,404). At the balance sheet date, the company owed J M Snape £28,305 (2021: £34,049).
Beacon Property Consultancy Ltd
Shares a common director with the company
During the period, the company incurred costs of £500 (2021: £500) from Beacon Property Consultancy Ltd in relation to director's fees.