COMPANY REGISTRATION NUMBER:
02744236
Filleted Unaudited Financial Statements
|
|
Year ended 31 October 2018
Officers and professional advisers
|
1
|
|
|
Notes to the financial statements
|
4
|
|
|
31 October 2018
Fixed assets
Tangible assets
|
5
|
405,215
|
405,286
|
|
|
|
|
Current assets
Debtors
|
6
|
264
|
323
|
Cash at bank and in hand
|
2,211
|
3,016
|
|
-------
|
-------
|
|
2,475
|
3,339
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
69,711
|
73,139
|
|
--------
|
--------
|
Net current liabilities
|
67,236
|
69,800
|
|
---------
|
---------
|
Total assets less current liabilities
|
337,979
|
335,486
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
92,859
|
92,835
|
|
|
|
|
Provisions
|
15,591
|
17,805
|
|
---------
|
---------
|
Net assets
|
229,529
|
224,846
|
|
---------
|
---------
|
|
|
|
Capital and reserves
Called up share capital
|
6,003
|
6,003
|
Profit and loss account
|
223,526
|
218,843
|
|
---------
|
---------
|
Shareholders funds
|
229,529
|
224,846
|
|
---------
|
---------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.
For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Balance Sheet (continued)
|
|
31 October 2018
These financial statements were approved by the
board of directors
and authorised for issue on
30 July 2019
, and are signed on behalf of the board by:
Company registration number:
02744236
Notes to the Financial Statements
|
|
Year ended 31 October 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Coast House, Galahad Road, Beacon Park, Gorleston, Great Yarmouth, Norfolk, NR31 7RU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1).
5.
Tangible assets
|
Freehold property
|
Plant and machinery
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 November 2017 and 31 October 2018
|
405,000
|
1,704
|
406,704
|
|
---------
|
-------
|
---------
|
Depreciation
|
|
|
|
At 1 November 2017
|
–
|
1,418
|
1,418
|
Charge for the year
|
–
|
71
|
71
|
|
---------
|
-------
|
---------
|
At 31 October 2018
|
–
|
1,489
|
1,489
|
|
---------
|
-------
|
---------
|
Carrying amount
|
|
|
|
At 31 October 2018
|
405,000
|
215
|
405,215
|
|
---------
|
-------
|
---------
|
At 31 October 2017
|
405,000
|
286
|
405,286
|
|
---------
|
-------
|
---------
|
|
|
|
|
Tangible assets held at valuation
The freehold property was valued at 31 October 2012 by O A Chapman & Co. The director revalued the freehold property at 31 October 2014 and believed there to be an increase in value of £20,000. This revised valuation of the property was still considered to be accurate as at 31 October 2018
. On the historical cost basis, investment properties would have been included at £ 229,280
(2017 - £ 229,280
).
6.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Other debtors
|
264
|
323
|
|
----
|
----
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Other creditors
|
69,711
|
73,139
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
92,859
|
92,835
|
|
--------
|
--------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £92,825 (2017: £92,835) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are secured on the assets concerned.