Company Registration No. 04703646 (England and Wales)
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
COMPANY INFORMATION
Directors
R S Puttick
D R Watkins
Company number
04703646
Registered office
153 Lynchford Road
Farnborough
Hampshire
GU14 6HG
Accountants
Alliotts
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DL
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
-
169,725
Debtors
2
83,387
2,887
Cash at bank and in hand
-
16,751
83,387
189,363
Creditors: amounts falling due within one year
3
-
(105,976)
Net current assets
83,387
83,387
Capital and reserves
Called up share capital
4
200
200
Profit and loss reserves
83,187
83,187
Total equity
83,387
83,387
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 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 13 December 2017 and are signed on its behalf by:
D R Watkins
Director
Company Registration No. 04703646
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Southampton Property Limited (formerly Smart Riders Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
153 Lynchford Road, Farnborough, Hampshire, GU14 6HG.
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 31 March 2017
are the
first
financial statements of Southampton Property Limited (formerly Smart Riders 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 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.3
Cash at bank and in hand
Cash at bank and in hand
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.
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.4
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
2,887
Amounts owed by group undertakings
83,387
-
83,387
2,887
SOUTHAMPTON PROPERTY LIMITED (FORMERLY SMART RIDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
105,976
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
200 of £1 each
200
200
200
200
5
Parent company
The parent company of Southampton Property Limited (formerly Smart Riders Limited) is RDM (UK) Limited and its registered office is 153 Lynchford Road, Farnborough, Hampshire, GU14 6HG.