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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
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HUMBER SCHOOLWEAR LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
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FOR |
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HUMBER SCHOOLWEAR LIMITED |
HUMBER SCHOOLWEAR LIMITED (REGISTERED NUMBER: 02265334) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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HUMBER SCHOOLWEAR LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Courtyard |
33 Duke Street |
Trowbridge |
Wiltshire |
BA14 8EA |
HUMBER SCHOOLWEAR LIMITED (REGISTERED NUMBER: 02265334) |
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STATEMENT OF FINANCIAL POSITION |
30 APRIL 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Fair value reserve | 8 |
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Retained earnings | 254,636 | 220,705 |
SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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HUMBER SCHOOLWEAR LIMITED (REGISTERED NUMBER: 02265334) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
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1. | STATUTORY INFORMATION |
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Humber Schoolwear Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The company is base at Unit 4 Sandown Centre, White Horse Business Centre, Trowbridge. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Debtors and creditors receivable / payable within one year |
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Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash |
generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its |
recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued |
amount where the impairment loss is a revaluation decrease. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position 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 |
statement of financial position 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. |
HUMBER SCHOOLWEAR LIMITED (REGISTERED NUMBER: 02265334) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Other operating income |
Rental income is measured at the fair value of the consideration received or receivable. The policies adopted for |
the recognition of rental income are as follows: |
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Rental and interest receivable income is recognised as the company's right to receive payment is established. |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2017 |
and 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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Fair value at 30 April 2018 is represented by: |
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£ |
Valuation in 1998 | 155,096 |
Valuation in 2015 | 77,964 |
Valuation in 2017 | 30,000 |
Cost | 255,014 |
518,074 |
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Investment properties were subject to valuation by the director, Mr Edward Kirk |
The methods and significant assumptions used to ascertain the fair value of the investment property of 55 Fore |
Street, Trowbridge and Unit 4 Sandown Centre, White Horse Industrial Estate, Trowbridge totalling |
£325,000 are as follows: |
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The basis of valuation for the property has been determined and assessed by looking at local comparable |
properties within an 8 mile radius of the location of the properties taking into consideration both sales prices and |
lettings and previous and current professional valuations. |
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In particular, 55 Fore Street , Trowbridge and Unit 4 SandownCentre, White Horse Industrial Estate were subject |
to valuations in 2013 by Davis & Davis based in Trowbridge, a professional valuer with recent experience in the |
location and class of investment property being revalued. A valuation was again undertaken in 2017. The |
methods and significant assumptions used to ascertain the fair value of £325,000 for those properties are |
informal professional opinion as to the current market values. |
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A further addition to investment property (£193,074) made during the previous year has not significantly changed |
in value and the market value in the opinion of the director is the same as original cost. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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HUMBER SCHOOLWEAR LIMITED (REGISTERED NUMBER: 02265334) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £0.50 | 100 | 100 |
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8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2017 |
and 30 April 2018 |
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