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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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THE CAMBRIDGE PROPERTY COMPANY LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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for |
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THE CAMBRIDGE PROPERTY COMPANY LIMITED |
THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THE CAMBRIDGE PROPERTY COMPANY LIMITED |
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Company Information |
for the Year Ended 31 March 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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11 Slayleigh Avenue |
Sheffield |
South Yorkshire |
S10 3RA |
THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Non-distributable reserves | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Balance Sheet - continued |
31 March 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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THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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The Cambridge Property Company Limited is a
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England and Wales. 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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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company adopted FRS 102 in the current year and an explanation of how the transition to FRS |
102 has affected the reported financial position and performance is given in the financial statements. |
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Turnover |
Turnover comprises rental income from the letting out of investment properties, excluding value |
added tax. Rental income is recognised in accordance with the underlying leases to each investment |
property. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment properties, for which fair value can be measured reliably without undue cost or effort, are |
measured at fair value at each reporting date, with changes in fair value recognised in the statement of |
income. |
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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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THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less |
impairment. |
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Debtors and creditors due within one year |
Debtors and creditors with no stated interest rate, which are due within one year, are stated at the |
transaction price. Any losses arising from impairment are recognised in the statement of |
comprehensive income within administrative expenses. |
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Impairment |
At each balance sheet date, assets are reviewed to determine whether there is any indication that any |
of the individual assets have suffered an impairment. If such indication exists, the recoverable amount |
of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. |
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the |
statement of comprehensive income. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2016 |
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Additions |
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Revaluations | 477,881 |
At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Cost or valuation at 31 March 2017 is represented by: |
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Valuation in 2015 | 113,102 |
Valuation in 2017 | 500,000 |
Cost | 1,976,898 |
2,590,000 |
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The company's investment property portfolio was valued on an open market basis by the company's |
funding provider, The Mortgage Works (UK) Plc, except for the land and property at Archer Road, |
Sheffield, which was valued by Mark Jenkinson & son. The director believes the valuations fairly |
reflect the market value of the whole investment property portfolio at the year end. |
THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans and overdrafts |
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Corporation tax |
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Other creditors |
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Directors' current accounts |
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Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | RESERVES |
Non-distributable |
reserves |
£ |
At 1 April 2016 |
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Transfer from distributable |
reserve |
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At 31 March 2017 |
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THE CAMBRIDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03455779) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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10. | FIRST YEAR ADOPTION |
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The company has adopted FRS 102 for the first time in the year ended 31 March 2017. The effect of |
transition from the previous financial reporting framework to FRS 102 is outlined as follows: |
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a) Changes in accounting policies and effect on disclosures |
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Investment properties are recorded in the statement of income, whereas, under previous UK GAAP, |
these changes were recorded in the statement of total recognised gains and losses. Deferred tax is |
recognised on a timing difference plus approach, whereas previous UK GAAP required a timing |
difference approach. Consequently, deferred tax has been recognised on all fair value measurements |
on investment property. |
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b) Reconciliation of equity shareholders' funds |
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There were no adjustments to previously reported equity shareholders' funds at the date of transition |
to FRS 102. |
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c) Reconciliation of comparative period profit and loss |
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Adjustment to the previously reported profit and loss, under the previous reporting framework in the |
comparative period, was the movement in investment property valuation of £2,073, which reduced |
reported profits from £19,128 to £17,055, the profit reported under FRS 102. |
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