Company Registration No. 00430867 (England and Wales)
TELFORD PLACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
TELFORD PLACE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TELFORD PLACE LIMITED
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
Richard Place Dobson page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
815,602
827,878
Current assets
Stocks
-
246,922
Debtors
4
20,994
51,032
Cash at bank and in hand
49,828
1,379
70,822
299,333
Creditors: amounts falling due within one year
5
(57,136)
(375,950)
Net current assets/(liabilities)
13,686
(76,617)
Total assets less current liabilities
829,288
751,261
Creditors: amounts falling due after more than one year
6
(280,980)
(195,322)
Net assets
548,308
555,939
Capital and reserves
Called up share capital
23,050
23,050
Share premium account
4,500
4,500
Capital redemption reserve
14,839
14,839
Other reserves
7,925
7,925
Profit and loss reserves
497,994
505,625
Total equity
548,308
555,939
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TELFORD PLACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
2019
2018
Notes
£
£
£
£
Richard Place Dobson page 2
The financial statements were approved by the board of directors and authorised for issue on 26 July 2020 and are signed on its behalf by:
A M Appleton
Director
Company Registration No. 00430867
TELFORD PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
Richard Place Dobson page 3
1
Accounting policies
Company information
Telford Place Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Foxfield Buncton Lane, Bolney, Haywards Heath, West Sussex, RH17 5RE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
TELFORD PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
Richard Place Dobson page 4
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
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.
Classification of financial liabilities
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
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.
1.8
Equity instruments
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
TELFORD PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
Richard Place Dobson page 5
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
5
9
TELFORD PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
Richard Place Dobson page 6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2018
1,048,918
155,450
1,204,368
Disposals
-
(20,721)
(20,721)
At 31 July 2019
1,048,918
134,729
1,183,647
Depreciation and impairment
At 1 August 2018
221,040
155,450
376,490
Depreciation charged in the year
12,276
-
12,276
Eliminated in respect of disposals
-
(20,721)
(20,721)
At 31 July 2019
233,316
134,729
368,045
Carrying amount
At 31 July 2019
815,602
-
815,602
At 31 July 2018
827,878
-
827,878
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
44,019
Other debtors
20,994
7,013
20,994
51,032
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
13,718
183,782
Trade creditors
-
60,473
Taxation and social security
6,629
37,870
Other creditors
36,789
93,825
57,136
375,950
TELFORD PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
Richard Place Dobson page 7
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
280,980
195,322
Amounts included above which fall due after five years are as follows:
Payable by instalments
113,237
131,353
7
Loans and overdrafts
2019
2018
£
£
Bank loans
294,698
208,391
Bank overdrafts
-
170,713
294,698
379,104
Payable within one year
13,718
183,782
Payable after one year
280,980
195,322
All bank lending as disclosed above is secured by way of fixed and floating charges over the assets of the company.
8
Events after the reporting date
The company has ceased trading and has disposed of the land and buildings. The directors intend for the company to now be wound up.
The directors have considered the impact of the Coronavirus (COVID-19) pandemic and the resulting widespread lockdown measures imposed in the UK and Worldwide and have concluded that whilst it has resulted in uncertainty it has had no significant impact on the figures or disclosures in the 2019 accounts nor upon their plans for the company.