Registered number: 04042519
CES (EUSTON ROAD) LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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CES (EUSTON ROAD) LIMITED
REGISTERED NUMBER:
04042519
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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CES (EUSTON ROAD) LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 MARCH 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 6 form part of these financial statements.
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CES (EUSTON ROAD) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.
ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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At the balance sheet date, the company's current liabilities exceeded current assets. The financial statements have been prepared on a going concern basis as in the opinion of the directors the company will receive continued support from its creditors for the foreseeable future and that all debts are fully recoverable.
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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TURNOVER AND REVENUE RECOGNITION
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Turnover represents rent and service charges receivable exclusive of Value Added Tax.
Revenue in respect of rent is recognised over the period of the lease.
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Investment properties are included in the balance sheet at historic cost.
This treatment is contrary to the requirements of the Financial Reporting Standard for Smaller Entities (effective January 2015), which requires investment properties to be stated at their open market value. In the opinion of the directors, revaluation of the investment properties is not practicable.
Further, this is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. In the opinion of the directors, this departure from the Act is necessary in order to give a true and fair view of the financial position of the company.
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Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Page 3
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CES (EUSTON ROAD) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.
ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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2.
FIXED ASSET INVESTMENTS
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At 1 April 2015 and 31 March 2016
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SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the company:
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Euston Road (Underlease) Ltd
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The aggregate of the share capital and reserves as at 31 March 2016 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Euston Road (Underlease) Ltd
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Page 4
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CES (EUSTON ROAD) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.
INVESTMENT PROPERTY
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At 1 April 2015 and 31 March 2016
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Investment properties are stated at cost and not as required by the Financial Reporting Standard for Smaller Entities (effective January 2015) at open market value. In the opinion of the directors, the investment property has a market value in excess of the amount at which it is included in the financial statements, but do not feel that the cost of a professional valuation is justified.
4.
DEBTORS
Debtors include £650,000
(2015 - £
NIL
)
falling due after more than one year.
5.
CREDITORS:
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
The aggregate amount of creditors for which security has been given amounted to £3,326,612 (2015: £3,652,148) which bear interest at an average rate of 5.85%.
The lender has a debenture over all of the assets of the Company and a legal charge over the Lease of the company.
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Not wholly repayable within five years by installments
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Wholly repayable within five years by installments
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Included in current liabilities
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6.
SHARE CAPITAL
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ALLOTTED, CALLED UP AND FULLY PAID
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2
Ordinary
shares of £
1
each
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Page 5
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CES (EUSTON ROAD) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
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The ultimate parent undertaking is
Sandor Holdings Limited
, a company incorporated in England and Wales.
There is no ultimate controlling party.
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