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Unaudited Financial Statements for the Year Ended 30 June 2017 |
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Shankhill Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 June 2017 |
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Shankhill Limited |
Shankhill Limited (Registered number: 03259476) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Shankhill Limited |
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Company Information |
for the Year Ended 30 June 2017 |
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DIRECTOR: |
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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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32 Dragon Street |
Petersfield |
Hampshire |
GU31 4JJ |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Shankhill Limited |
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The following reproduces the text of the report prepared for the director in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act |
2006, the company is only required to file a Balance Sheet. Readers are cautioned that the |
Income Statement and certain other primary statements and the Report of the Director are |
not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for |
your approval the financial statements of Shankhill Limited for the year ended 30 June 2017 which |
comprise the Income Statement, Balance Sheet and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Shankhill Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shankhill Limited and state those matters that we have agreed to state to the director of Shankhill Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shankhill Limited and its director for our work or for this report. |
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It is your duty to ensure that Shankhill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shankhill Limited. You consider that Shankhill Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Shankhill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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32 Dragon Street |
Petersfield |
Hampshire |
GU31 4JJ |
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Shankhill Limited (Registered number: 03259476) |
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Balance Sheet |
30 June 2017 |
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30.6.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
Shankhill Limited (Registered number: 03259476) |
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Balance Sheet - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Shankhill Limited (Registered number: 03259476) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Shankhill Limited is a
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The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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FRS 102 has been adopted for the first time when preparing these financial statements. The |
date of transition was 1 July 2015 and the last financial statements were prepared under the |
previous financial reporting framework for the year ended 30 June 2016. There has been no |
impact on the accounts as a result of the transition. |
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Turnover |
Turnover is comprised of rental income from residential properties. |
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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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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 balance sheet 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 balance sheet 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. |
Shankhill Limited (Registered number: 03259476) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 July 2016 |
and 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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Fair value at 30 June 2017 is represented by: |
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£ |
Valuation in 2002 | 140,094 |
Valuation in 2003 | 325,000 |
Valuation in 2004 | 65,000 |
Valuation in 2005 | 30,000 |
Valuation in 2013 | 125,822 |
Cost | 516,584 |
1,202,500 |
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The last independent valuation was undertaken on 3rd October 2013 by Mr S Holland BSc |
(Hons) MRICS MCIArb from Chesterton Humberts. In the directors opinion there has been |
no significant change in value between the date of the last valuation and 30th June 2017. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Shankhill Limited (Registered number: 03259476) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Bank loans |
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Other creditors |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.17 | 30.6.16 |
£ | £ |
Bank loans |
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The company's bank loan is secured by way of a charge over the investment property |
portfolio. |
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8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2016 |
and 30 June 2017 |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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As at 30th June 2017 the company owed Mr P S Gaynor, the sole director of the company, |
£296,087 (2016: 296,087). |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr. P Gaynor. |