Company Registration No. 04542607 (England and Wales)
THE RIVER BEAULY SYNDICATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
THE RIVER BEAULY SYNDICATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE RIVER BEAULY SYNDICATE LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2018
30 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
2
226,000
226,000
Current assets
Debtors
3
456
4,191
Cash at bank and in hand
690
2,372
1,146
6,563
Creditors: amounts falling due within one year
4
(147,411)
(150,350)
Net current liabilities
(146,265)
(143,787)
Total assets less current liabilities
79,735
82,213
Capital and reserves
Called up share capital
5
1,000
1,000
Revaluation reserve
6
66,054
66,054
Profit and loss reserves
12,681
15,159
Total equity
79,735
82,213
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 December 2018 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 20 September 2019 and are signed on its behalf by:
C.M. Fell
Director
Company Registration No. 04542607
THE RIVER BEAULY SYNDICATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
The River Beauly Syndicate Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Firs, Main Street, Alne, York, YO61 1RS.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
rents
and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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.
Changes in fair value are 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.
1.4
Cash and cash equivalents
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.
THE RIVER BEAULY SYNDICATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Investment property
2018
£
Fair value
At 31 December 2017 and 30 December 2018
226,000
THE RIVER BEAULY SYNDICATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
2
Investment property
(Continued)
- 4 -
At the year end the fishings and lodge certificates were valued by the directors at fair value.
On a historical cost basis these would have been included at an original cost of £159,946 (2017 - £159,946).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
456
4,191
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
800
-
Taxation and social security
-
2,101
Other creditors
146,611
148,249
147,411
150,350
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
6
Revaluation reserve
2018
2017
£
£
At the beginning and end of the year
66,054
66,054
7
Related party transactions
At the year end the company owed £145,911 (2017- £147,549) to its directors. These loans are interest free. The directors have agreed not to call for repayment without unanimous consent.
THE RIVER BEAULY SYNDICATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
- 5 -
8
Controlling party
The company is controlled by its directors.