Company No:
Contents
DIRECTORS | R F Lowe |
The Hon S J Plummer | |
REGISTERED OFFICE | 1st Floor 6 Porter Street |
Baker Street | |
W1U 6DD | |
London | |
United Kingdom | |
COMPANY NUMBER | 00422429(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming Bath Limited |
Minerva House | |
Lower Bristol Road | |
Bath | |
BA2 9ER |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Speen Property Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Speen Property Trust Limited. You consider that Speen Property Trust Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Speen Property Trust 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 financial statements.
Chartered Accountants
Lower Bristol Road
Bath
BA2 9ER
2020 | 2019 | |||
Note | £ | £ | ||
restated | ||||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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8,107,101 | 5,778,735 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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708,245 | 2,440,602 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 437,175 | 2,077,217 | ||
Total assets less current liabilities | 8,544,276 | 7,855,952 | ||
Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Speen Property Trust Limited (registered number:
The Hon S J Plummer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Speen Property Trust Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor 6 Porter Street, Baker Street, W1U 6DD, London, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Speen Property Trust Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Although there are net current assets of £437,175 at the Statement of Financial Position date the Directors have carefully considered the recent COVID-19 events and has with these in mind considered the ability to continue as a going concern and believes this to be the appropriate basis on which to prepare the accounts.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fixtures and fittings - 15% reducing balance
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2020 | 2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Total | |
£ | £ | |
Cost/Valuation | ||
At 26 March 2019 |
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At 25 March 2020 |
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Accumulated depreciation | ||
At 26 March 2019 |
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Charge for the financial year |
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At 25 March 2020 |
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Net book value | ||
At 25 March 2020 |
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At 25 March 2019 |
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Investment property | |
£ | |
Valuation | |
As at 26 March 2019 |
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Additions | 1,913,169 |
Fair value movement | 415,389 |
As at 25 March 2020 |
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The investment property were valued by the directors at the year end on an open market and existing use basis.
If the investment property had been accounted for under the historical cost accounting rules, it would have been measured with cost of £2,459,116 (2019: £545,947).
Investment property restated in the comparative period. The impact is further discussed in note 10.
2020 | 2019 | |
£ | £ | |
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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Other debtors |
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2020 | 2019 | |
£ | £ | |
Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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2020 | 2019 | |
£ | £ | |
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2020 | 2019 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
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9,500 | 9,500 |
Of the profit and loss account balance of £8,021,143 at 25.03.2020, £5,490,104 represents non-distributable reserves as a result of the fair value gains on investment property.
Retained earnings were restated in the comparative period this is further discussed in note 10.
At the end of the year the company was owed £236,501 (2019: £1,810,381) by an entity under common control. The loan interest free and there is no fixed date of repayment.
At the year end, the company was owed £230 (2019: £230) from a director. The loan interest free and there is no fixed date of repayment.
During the year the company paid dividends to the directors of £Nil (2019: £40,000).
Investment property
The accounts have been restated to reflect the reclassification of freehold property to investment property prior to 2019. The change has resulted in profits available for distribution at 25 March 2018 increasing by £592,152 due to depreciation on Long-Term leasehold property being reversed and retained earnings increasing by £4,808,574 due to a reclassification of the revaluation reserve.