REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED |
ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible fixed assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non distributable reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Ellis And Sons Third Amalgamated Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00354523 and registered office address is Shalden Park Steading, Shalden, Alton, Hampshire, GU34 4DS. |
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The functional currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The results are presented for the company as a single entity only, on a going concern basis. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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Turnover |
Turnover represents gross rental income, excluding value added tax. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less provision for permanent impairment. |
ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Basic financial assets, which include other 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. Financial assets classified as receivable within one year are not amortised. |
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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. |
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Basic financial liabilities, including other creditors, accruals and deferred income and amounts owed to group undertakings, 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 payments discounted at a market rate of interest. |
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Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Investment properties |
Investment property is carried at fair value and revaluation surpluses are recognised in the Profit and Loss Account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading. |
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Investment properties involving reversions may, in some cases, be sold and a replacement property purchased which is then subject to a continuing lease in favour of the vendor of the original property. In such cases, the substitute property is valued at the time of its purchase at its then reversion value. |
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Investments |
Fixed asset investments are stated at cost less provision for permanent impairment. |
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Going concern |
Based on current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Investment |
properties |
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COST OR VALUATION |
At 1 January 2019 |
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Disposals | ( |
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Surplus on revaluation |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The investment properties were valued on the tenanted open market value basis at 31 December 2019 by , Mrs L G Montgomery, a director of the company, to the value of £3,087,919 (2018: £3,465,850). The cost to the company of the investment properties at 31 December 2019 was £726,114 (2018: £863,883). |
ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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3,073,179 |
Disposals |
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At 31 December 2019 |
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3,037,996 |
PROVISIONS |
At 1 January 2019 | - | 2,440,869 | 2,440,869 |
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Provision written back | - | (552,120 | ) | (552,120 | ) |
At 31 December 2019 | - | 1,888,749 | 1,888,749 |
NET BOOK VALUE |
At 31 December 2019 |
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1,149,247 |
At 31 December 2018 |
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632,310 |
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The market value of listed investments at 31 December 2019 was £194,232 (2018: £180,616). |
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In the opinion of the directors, the aggregate value of the assets of the company consisting of shares in, or amounts owing from the subsidiary undertakings, is not less than the amounts at which those assets are stated or included in the company's balance sheet. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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Accruals and deferred income |
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8. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 382,703 | 418,324 |
ELLIS AND SONS THIRD AMALGAMATED |
PROPERTIES LIMITED (REGISTERED NUMBER: 00354523) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2019 |
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Provided during year | ( |
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Balance at 31 December 2019 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | CONTINGENT LIABILITIES |
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The company has given an unlimited guarantee to Handelsbanken AB (publ) in respect of all, and every sum of money which now, or at any time, shall remain due and unpaid to the bank on any account held by the company or any of its fellow subsidiaries. At 31 December 2019, the total amount of loans payable by its parent company and fellow subsidiaries, over and above the company's own stated liabilities to Handelsbanken AB (publ) was £Nil (2018: £Nil). |
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The bank loans are secured on various properties owned by Ellis & Sons Amalgamated Properties Limited, Ellis & Sons Third Amalgamated Properties Limited, Ellis Campbell Coxbridge Limited and Ellis & Sons Fourth Amalgamated Properties Limited, fellow subsidiaries of Bassett Trust Holdings Limited. |
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11. | ULTIMATE PARENT COMPANY |
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The company's immediate parent company is Ellis & Sons Amalgamated Properties Limited and the company's ultimate parent company is Bassett Trust Holdings Limited, a company incorporated in England and Wales. |