Company Registration No. 03143657 (England and Wales)
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company continued to be that of a residents property management company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M S Clift
G W Ainscow
P J Gotham
R G White
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G W Ainscow
Director
8 October 2020
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
71,865
72,950
Investment properties
4
326,088
326,088
397,953
399,038
Current assets
Debtors
5
17,146
7,639
Cash at bank and in hand
120,152
92,912
137,298
100,551
Creditors: amounts falling due within one year
6
(33,938)
(18,968)
Net current assets
103,360
81,583
Total assets less current liabilities
501,313
480,621
Capital and reserves
Called up share capital
42
42
Share premium account
104,459
104,459
Other reserves
9,850
9,850
Profit and loss reserves
386,962
366,270
Total equity
501,313
480,621
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 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
.
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 8 October 2020 and are signed on its behalf by:
G W Ainscow
Director
Company Registration No. 03143657
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
St Margaret's Court (Rottingdean) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 20, St Margaret's Court, High Street, Rottingdean, Brighton, BN2 7HS.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
rents, ground rents and sundry fee income.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Freehold buildings
nil/50 years straight line
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.
The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash at bank and in hand
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.
1.6
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.
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2019 and 31 March 2020
72,950
Depreciation and impairment
At 1 April 2019
-
Depreciation charged in the year
1,085
At 31 March 2020
1,085
Carrying amount
At 31 March 2020
71,865
At 31 March 2019
72,950
ST MARGARET'S COURT (ROTTINGDEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
326,088
Investment property comprises the head leasehold of 10-22 St. Margaret's, High Street, Rottingdean
, BN2 7HR
.
The fair value of the investment property at 31 March 2019 has been arrived at
,
on an open market basis by reference to market evidence of transaction prices for similar properties
,
by the directors of the company.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
17,146
7,639
6
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
5,108
5,589
Other taxation and social security
-
1,000
Other creditors
28,830
12,379
33,938
18,968