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REGISTERED NUMBER:
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SW Estates Limited |
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Financial Statements |
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for the Year Ended 30 September 2017 |
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REGISTERED NUMBER:
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SW Estates Limited |
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Financial Statements |
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for the Year Ended 30 September 2017 |
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SW Estates Limited (Registered number: 04660694) |
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Contents of the Financial Statements |
for the year ended 30 September 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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SW Estates Limited |
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Company Information |
for the year ended 30 September 2017 |
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DIRECTORS: |
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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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Chartered Accountants |
24 Cornwall Road |
Dorchester |
Dorset |
DT1 1RX |
SW Estates Limited (Registered number: 04660694) |
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Statement of Financial Position |
30 September 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Investments | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Undistributable reserves | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
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. |
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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 Board of Directors on
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements |
for the year ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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SW Estates Limited is a
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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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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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The directors consider that long leasehold properties are maintained in such a state of repair that their residual |
value is at least equal to their net book value. As a result, the corresponding depreciation charge for the year |
is nil. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower |
than the carrying value. |
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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 statement of financial position 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 |
statement of financial position 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2017 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures, |
Leasehold | fittings, |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2016 |
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Additions |
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At 30 September 2017 |
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DEPRECIATION |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2016 |
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Revaluations | 22,000 |
At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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Fair value at 30 September 2017 is represented by: |
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Valuation in 2014 | 96,975 |
Valuation in 2017 | 22,000 |
Cost | 419,025 |
538,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 419,025 | 419,025 |
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Investment property was valued on a fair value basis on 30 September 2017 by the directors . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2017 |
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7. | CURRENT ASSET INVESTMENTS |
2017 | 2016 |
£ | £ |
Listed investments | 262,911 | 262,911 |
Unlisted investments | 32,255 | 32,255 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Tax and social security costs |
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Directors' current accounts | 100,592 | 144,491 |
Accruals and deferred income |
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9. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 137 | 83 |
Tax losses carried forward | (1,984 | ) | (1,001 | ) |
Capital gains on investment properties | 12,422 | 12,241 |
10,575 | 11,323 |
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Deferred |
tax |
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Balance at 1 October 2016 |
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Credit to Income Statement during year | ( |
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Balance at 30 September 2017 |
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10. | RESERVES |
Retained | Undistributable |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 October 2016 |
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777,887 |
Profit for the year |
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Dividends | ( |
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Transfer unrealised gain/loss
on
investment properties to undistributable reserves |
(21,819 |
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21,819 |
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At 30 September 2017 |
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775,522 |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £20,000 were paid to the directors . |
SW Estates Limited (Registered number: 04660694) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2017 |
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12. | FIRST YEAR ADOPTION |
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During the year ended 30 September 2017 the company is required to adopt FRS 102 for the first time. This |
first year adoption required changes as follows: |
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Investment property |
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Under the provisions of section 16, investment property is carried at fair value but section 16.7 extinguishes |
the use of the revaluation reserve and requires all changes in the fair value to be recognised in profit or loss. |
The result of this treatment is that the reported profit or loss will be different to that reported under old UK |
GAAP. |
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Deferred tax |
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It is also a requirement of section 29 of FRS 102 to account for deferred tax [corporation tax on the capital |
gain] on investment property that is measured at fair value; such provision is measured using the tax rates |
and allowances that would apply to the sale of the asset. |
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Undistributable reserves |
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Whilst fair value gains on investment property are taken to the profit and loss account, they are not |
distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the |
policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate |
account, 'undistributable reserves'. In practical reporting terms, the former revaluation reserve has been |
reclassified as 'undistributable reserves' and the deferred tax adjustments have been charged or credited as |
appropriate. |
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The effect of the adoption of these new accounting treatments on equity at 1 October 2015 [the date of |
transition] and the restatement of the results for the year ended 30 September 2016 are detailed in the |
following pages of the full financial statements. |
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