Company registration number:
for the Year Ended
Senator Corporation Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Senator Corporation Limited
(Registration number: 02718351)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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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Deferred tax liabilities |
(23,569) |
(23,569) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
430,630 |
430,630 |
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Other reserves |
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Profit and loss reserve |
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Total equity |
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Senator Corporation Limited
(Registration number: 02718351)
Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Senator Corporation Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The balance sheet shows net current liabilities as a result of a loan from a related company being used to fund the purchase of the property. Whilst the loan is technically repayable on demand it is the intention of the parties that the repayments are to be made on an informal basis out of rental income received on the property. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable in respect of rental income and is recognised in the period to which it relates.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Senator Corporation Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
20% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from tenants in respect of rent receivable in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Senator Corporation Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Investment properties |
2019 |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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The value of investment property is derived from observable current market prices for comparable real estate determined by the directors.
There has been no valuation of investment property by an independent valuer.
Debtors |
2019 |
2018 |
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Other debtors |
- |
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Total current trade and other debtors |
- |
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Senator Corporation Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Corporation tax |
19,686 |
19,049 |
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Other creditors |
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Reserves reconciliation |
Fair value reserve |
Other reserves |
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At 1 April 2018 |
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Movement in year : |
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At 31 March 2019 |
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Fair value reserve |
Other reserves |
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At 1 April 2017 |
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Movement in year : |
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Transfer of deferred tax on fair value adjustments |
8,144 |
- |
At 31 March 2018 |
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Senator Corporation Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Related party transactions |
Summary of transactions with parent
Parent and ultimate parent undertaking |
The ultimate controlling party is