Company registration number 00580947 (England and Wales)
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
70,000
70,000
Investment properties
4
15,000
15,000
Investments
5
251
251
85,251
85,251
Current assets
Debtors falling due after more than one year
6
803,080
784,080
Debtors falling due within one year
6
1,469
857
Cash at bank and in hand
251,254
229,264
1,055,803
1,014,201
Creditors: amounts falling due within one year
7
(248,380)
(214,119)
Net current assets
807,423
800,082
Net assets
892,674
885,333
Capital and reserves
Called up share capital
8
655
615
Revaluation reserve
9
69,289
69,289
Profit and loss reserves
822,730
815,429
Total equity
892,674
885,333
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2022 and are signed on its behalf by:
A Patel
Director
Company Registration No. 00580947
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Loudwater (Troutstream) Estate Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Garage, Troutstream Way, Loudwater, Rickmansworth, Hertfordshire, WD3 4LA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The company's income is mainly derived from letting company property. Income is recognised on a receivable basis.
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
Freehold land and buildings are not depreciated
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs
.
Basic financial liabilities
Basic financial liabilitie
s
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2021 and 31 March 2022
70,000
Depreciation and impairment
At 1 April 2021 and 31 March 2022
Carrying amount
At 31 March 2022
70,000
At 31 March 2021
70,000
4
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
15,000
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
251
251
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
218
Prepayments and accrued income
1,469
639
1,469
857
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
6
Debtors
(Continued)
- 5 -
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
803,080
784,080
Total debtors
804,549
784,937
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
99
Taxation and social security
690
863
Other creditors
247,690
213,157
248,380
214,119
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
655
615
655
615
9
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
69,289
69,289
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ian Meaburn and the auditor was Myers Clark.
11
Related party transactions
LOUDWATER (TROUTSTREAM) ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
11
Related party transactions
(Continued)
- 6 -
Included in debtors is an amount of £334,147 (2021: £325,695) owed by Loudwater Freehold Estates Limited, a wholly owned subsidiary and £468,933 (2021: £458,385) owed by Loudwater (Trout Rise Farm) Limited, a wholly owned subsidiary.
Interest of £8,000 and £9,000 (same as 2021) has been charged on the property element of the loans to Loudwater Freehold Estates Limited and Loudwater (Trout Rise Farm) Limited respectively.