ANGLESEY CLASSIC STORAGE LIMITED
Company Registration No. 03109195 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
ANGLESEY CLASSIC STORAGE LIMITED
COMPANY INFORMATION
Directors
Mr C F Pritchard
Mr J C Pritchard
Secretary
Mr J C Pritchard
Company number
03109195
Registered office
Units 8-9
Handel House
Whitehouse Court
Cannock
Staffordshire
WS11 0BH
Accountants
Dyke Yaxley Limited
8 Hollinswood Court
Stafford Park 1
Telford
Shropshire
TF3 3DE
ANGLESEY CLASSIC STORAGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ANGLESEY CLASSIC STORAGE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
900,000
900,000
Current assets
Debtors
3
135,797
138,909
Cash at bank and in hand
2,278
4,509
138,075
143,418
Creditors: amounts falling due within one year
4
(314,385)
(326,261)
Net current liabilities
(176,310)
(182,843)
Total assets less current liabilities
723,690
717,157
Provisions for liabilities
(61,936)
(64,766)
Net assets
661,754
652,391
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
480,125
480,125
Profit and loss reserves
181,529
172,166
Total equity
661,754
652,391
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 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 .
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.
ANGLESEY CLASSIC STORAGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 May 2017 and are signed on its behalf by:
Mr J C Pritchard
Director
Company Registration No. 03109195
ANGLESEY CLASSIC STORAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2015
100
480,125
169,543
649,768
Year ended 31 December 2015:
Profit and total comprehensive income for the year
-
-
2,623
2,623
Balance at 31 December 2015
100
480,125
172,166
652,391
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
9,363
9,363
Balance at 31 December 2016
100
480,125
181,529
661,754
ANGLESEY CLASSIC STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Anglesey Classic Storage Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 8-9, Handel House, Whitehouse Court, Cannock, Staffordshire, WS11 0BH.
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.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Anglesey Classic Storage Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Turnover
Turnover represents the invoiced value of rents receivable, net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
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.
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.
ANGLESEY CLASSIC STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.5
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.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ANGLESEY CLASSIC STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
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. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Investment property
2016
£
Fair value
At 1 January 2016 and 31 December 2016
900,000
The investment property was last valued in December 2014 by Vail Williams a RICS registered valuer.
The valuation was prepared in accordance with the RICS Valuation - Professional Standards and adopts both the investment and comparable methods of valuation. The valuation is also based on the historical knowledge and experience of valuing similar properties in the same area.
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
4,099
1,995
Amounts due from group undertakings
128,105
124,842
Other debtors
3,593
12,072
135,797
138,909
ANGLESEY CLASSIC STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
4
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
5,327
10,670
Amounts due to group undertakings and undertakings in which the company has a participating interest
293,298
314,664
Corporation tax
2,938
-
Other taxation and social security
6,447
-
Other creditors
6,375
927
314,385
326,261
5
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
6
Financial commitments, guarantees and contingent liabilities
The total amount of commitments, guarantees and contingencies is £19,177.
7
Parent company
The company is a wholly owned subsidiary of Anglesey Group Estates Limited, incorporated in England & Wales, whose registered office is Unit 8-9 Handel House, Whitehouse Court, Cannock, Staffordshire WS11 0BH.
The company is under the control of C F Pritchard and P E Pritchard by virtue of their majority shareholding in the ordinary share capital of the parent company.
8
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
ANGLESEY CLASSIC STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
8
Reconciliations on adoption of FRS 102
(Continued)
- 8 -
Reconciliation of equity
1 January
31 December
2015
2015
Notes
£
£
Equity as reported under previous UK GAAP
748,437
742,639
Adjustments to prior year (note )
-
(2)
As restated
748,437
742,637
Adjustments arising from transition to FRS 102:
Deferred tax charge
1
-
1,415
Deferred tax on transition
1
(66,181)
(66,181)
Provision of inter-company balance
2
(32,488)
(25,480)
Equity reported under FRS 102
649,768
652,391
Reconciliation of (loss)/profit for the financial period
2015
Notes
£
Loss as reported under previous UK GAAP
(5,800)
Adjustments arising from transition to FRS 102:
Deferred tax charge
1
1,415
Deferred tax on transition
1
-
Provision of inter-company balance
2
7,008
Profit reported under FRS 102
2,623
Notes to reconciliations on adoption of FRS 102
1. Deferred tax
Deferred tax has been calculated on investment properties held by the company.
2. Provision for inter-company balances
Provision is made against intercompany debts where the borrowing company has insufficient liquid assets to cover the debt.
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