Company Registration No. 03535938 (England and Wales)
CHESHIRE PROPERTY COMPANY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
CHESHIRE PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CHESHIRE PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
444
612
Investment properties
4
100,000
100,000
100,444
100,612
Current assets
Debtors
5
25,924
14,960
Creditors: amounts falling due within one year
6
(81,438)
(80,639)
Net current liabilities
(55,514)
(65,679)
Total assets less current liabilities
44,930
34,933
Creditors: amounts falling due after more than one year
7
(86,139)
(86,512)
Provisions for liabilities
(15,926)
(15,926)
Net liabilities
(57,135)
(67,505)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(57,235)
(67,605)
Total equity
(57,135)
(67,505)
CHESHIRE PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
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 30 November 2017 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 31 August 2018 and are signed on its behalf by:
Mr P Faulkner
Director
Company Registration No. 03535938
CHESHIRE PROPERTY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 November 2016:
Balance at 1 December 2015
100
79,631
(156,117)
(76,386)
Effect of transition to FRS 102
-
(79,631)
63,705
(15,926)
As restated
100
-
(92,412)
(92,312)
Year ended 30 November 2016:
Profit and total comprehensive income for the year
-
-
24,807
24,807
Balance at 30 November 2016
100
-
(67,605)
(67,505)
Year ended 30 November 2017:
Profit and total comprehensive income for the year
-
-
10,370
10,370
Balance at 30 November 2017
100
-
(57,235)
(57,135)
CHESHIRE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 4 -
1
Accounting policies
Company information
Cheshire Property Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Alpha House, 4 Greek Street, Stockport, Cheshire, SK3 8AB.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of Cheshire Property Company 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 December 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, being that of
property rental, inspection and mortgage underwriting
.
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:
Plant and machinery
33 1/3% reducing balance basis
Fixtures, fittings & equipment
20% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
CHESHIRE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016 and 30 November 2017
3,932
Depreciation and impairment
At 1 December 2016
3,320
Depreciation charged in the year
168
At 30 November 2017
3,488
Carrying amount
At 30 November 2017
444
At 30 November 2016
612
4
Investment property
2017
£
Fair value
At 1 December 2016 and 30 November 2017
100,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at July 2006 by Thomson Associates and Mortgage Express, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
6,359
3,669
Other debtors
19,565
11,291
25,924
14,960
CHESHIRE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
7,810
11,218
Trade creditors
41,629
41,629
Corporation tax
6,359
3,670
Other creditors
25,640
24,122
81,438
80,639
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
86,139
86,512
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P Faulkner -
-
11,291
12,559
(4,285)
19,565
11,291
12,559
(4,285)
19,565
CHESHIRE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 December
30 November
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
(76,386)
(51,579)
Adjustments arising from transition to FRS 102:
Deferred tax on revaluation
1
(15,926)
(15,926)
Equity reported under FRS 102
(92,312)
(67,505)
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
24,807
Deferred tax on revaluation
1
-
Notes to reconciliations on adoption of FRS 102
Investment Properties and deferred tax
In accordance with FRS102 1A the revaluation reserve relating to the investment properties at the transition date has been transferred to retained earnings. Provision has been made for the associated deferred tax on the revaluation reserve amount transferred. The provision has been set against the amount of the revaluation reserve transferred to retained earnings at transition. The investment properties were revalued in the year to 31 December 2015. In line with FRS102 the surplus been credited to the profit and loss accounts and a provision has been made for the deferred tax on the surplus.
2017-11-30
2016-12-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
31 August 2018
Mr P Faulkner
Mrs L Faulkner
Mrs L Faulkner
03535938
2016-12-01
2017-11-30
03535938
2017-11-30
03535938
2016-11-30
03535938
core:OtherPropertyPlantEquipment
2017-11-30
03535938
core:OtherPropertyPlantEquipment
2016-11-30
03535938
core:CurrentFinancialInstruments
2017-11-30
03535938
core:CurrentFinancialInstruments
2016-11-30
03535938
core:Non-currentFinancialInstruments
2017-11-30
03535938
core:Non-currentFinancialInstruments
2016-11-30
03535938
core:ShareCapital
2017-11-30
03535938
core:ShareCapital
2016-11-30
03535938
core:RetainedEarningsAccumulatedLosses
2017-11-30
03535938
core:RetainedEarningsAccumulatedLosses
2016-11-30
03535938
core:RevaluationReserve
core:IncreaseDecreaseDueToTransitionFromPreviousStandard
2015-11-30
03535938
core:RetainedEarningsAccumulatedLosses
core:IncreaseDecreaseDueToTransitionFromPreviousStandard
2015-11-30
03535938
core:ShareCapitalOrdinaryShares
2017-11-30
03535938
core:ShareCapitalOrdinaryShares
2016-11-30
03535938
bus:Director1
2016-12-01
2017-11-30
03535938
2015-12-01
2016-11-30
03535938
core:RetainedEarningsAccumulatedLosses
2016-12-01
2017-11-30
03535938
core:PlantMachinery
2016-12-01
2017-11-30
03535938
core:FurnitureFittings
2016-12-01
2017-11-30
03535938
core:OtherPropertyPlantEquipment
2016-11-30
03535938
core:OtherPropertyPlantEquipment
2016-12-01
2017-11-30
03535938
bus:OrdinaryShareClass1
2016-12-01
2017-11-30
03535938
bus:OrdinaryShareClass1
2017-11-30
03535938
bus:PrivateLimitedCompanyLtd
2016-12-01
2017-11-30
03535938
bus:FRS102
2016-12-01
2017-11-30
03535938
bus:AuditExemptWithAccountantsReport
2016-12-01
2017-11-30
03535938
bus:SmallCompaniesRegimeForAccounts
2016-12-01
2017-11-30
03535938
bus:Director2
2016-12-01
2017-11-30
03535938
bus:CompanySecretary1
2016-12-01
2017-11-30
03535938
bus:FullAccounts
2016-12-01
2017-11-30
xbrli:pure
xbrli:shares
iso4217:GBP