Company Registration No. 05132961 (England and Wales)
9CW04 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
9CW04 LIMITED
COMPANY INFORMATION
Directors
Mr A M Holt
Mrs V Hargreaves
Secretary
Mrs V Hargreaves
Company number
05132961
Registered office
Pendle Court
and business address
Unit 4, Shuttleworth Mead Business Park
Mead Way
Padiham
Burnley
Lancashire
BB12 7NG
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
9CW04 LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
9CW04 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,125
5,125
Investment properties
4
5,156,791
6,856,791
Current assets
Debtors
5
1,111,732
86,457
Cash at bank and in hand
1,129,302
474,384
2,241,034
560,841
Creditors: amounts falling due within one year
6
(597,618)
(995,212)
Net current assets/(liabilities)
1,643,416
(434,371)
Total assets less current liabilities
6,805,332
6,427,545
Creditors: amounts falling due after more than one year
7
(2,613,967)
(2,820,978)
Provisions for liabilities
(196,300)
(292,635)
Net assets
3,995,065
3,313,932
Capital and reserves
Called up share capital
8
180
180
Revaluation reserve
1,151,548
1,607,264
Profit and loss reserves
2,843,337
1,706,488
Total equity
3,995,065
3,313,932
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 24 August 2018 and are signed on its behalf by:
Mr A M Holt
Director
Company Registration No. 05132961
9CW04 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2016
180
1,138,470
1,306,673
2,445,323
Year ended 31 December 2016:
Profit for the year
-
-
399,895
399,895
Other comprehensive income:
Revaluation of tangible fixed assets
-
552,051
-
552,051
Tax relating to other comprehensive income
-
(83,257)
-
(83,257)
Total comprehensive income for the year
-
468,794
399,895
868,689
Dividends
-
-
(80)
(80)
Balance at 31 December 2016
180
1,607,264
1,706,488
3,313,932
Year ended 31 December 2017:
Profit for the year
-
-
584,798
584,798
Other comprehensive income:
Tax relating to other comprehensive income
-
96,335
-
96,335
Total comprehensive income for the year
-
96,335
584,798
681,133
Transfers
-
(552,051)
552,051
-
Balance at 31 December 2017
180
1,151,548
2,843,337
3,995,065
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
9CW04 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendle Court, Unit 4, Shuttleworth Mead Business Park, Mead Way, Padiham, Burnley, Lancashire, BB12 7NG.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependent upon the ongoing support of its bankers.
The directors are not aware of any reasons as to why the bank will not continue to support the company for the foreseeable future.
The directors therefore consider that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.
On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover represents
rent receivable net of VAT.
1.4
Intangible fixed assets other than goodwill
Trademarks are stated at cost. They are not amortised but are reviewed annually for any impairment.
1.5
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.
1.6
Cash and cash equivalents
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.
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
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.
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2017 and 31 December 2017
5,125
Amortisation and impairment
At 1 January 2017 and 31 December 2017
-
Carrying amount
At 31 December 2017
5,125
At 31 December 2016
5,125
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
4
Investment property
2017
£
Fair value
At 1 January 2017
6,856,791
Disposals
(1,700,000)
At 31 December 2017
5,156,791
The company's investment property at Pendle Court, Shuttleworth Mead Business Park, Padiham and land held at Barnfield Way were revalued at a market value of £3,539,981 in March 2014 based on a professional valuation undertaken by Sanderson Weatherall LLP. This valuation was incorporated into the company's balance sheet at 31 December 2014 and is still considered to be appropriate by the directors at the current balance sheet date.
The company's investment property at Shorten Brook Way, Altham was sold in February 2017 for a value of £1,700,000.
The remaining investment properties have been included in the balance sheet at their original cost of £1,616,810 (2016: £1,616,810). The directors are of the opinion that this cost represents a reasonable estimate of their current market value.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
3,845,466
4,993,415
Accumulated depreciation
-
-
Carrying amount
3,845,466
4,993,415
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
109,667
67,719
Amounts owed by group undertakings
600
-
Other debtors
1,001,465
18,738
1,111,732
86,457
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
203,057
650,085
Trade creditors
-
35,405
Corporation tax
251,232
103,284
Other taxation and social security
20,722
20,666
Other creditors
122,607
185,772
597,618
995,212
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,613,967
2,820,978
The bank loans are secured by first legal charges over the company's investment properties and by an unlimited debenture over the company's assets.
Creditors which fall due after five years are as follows:
2017
2016
£
£
Payable by instalments
1,738,911
1,969,947
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
108 Ordinary A Shares of £1 each
108
108
18 Ordinary B Shares of £1 each
18
18
18 Ordinary C Shares of £1 each
18
18
36 Ordinary D Shares of £1 each
36
36
180
180
All classes of shares in issue rank pari passu in all respects.
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Linda Wilkinson.
The auditor was Pierce C A Limited.
9CW04 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent received
Loan interest received
2017
2016
2017
2016
£
£
£
£
Entities under common control
338,479
338,479
11,675
-
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Entities under common control
-
46,319
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Entities under common control
1,047,478
There were no amounts owed in the previous period.
No guarantees have been given or received.
11
Parent company
The company is a subsidiary of 9CW04 Holdings Limited, a company registered in England and Wales.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
24 August 2018
This audit opinion is unqualified
Mr A M Holt
Mrs V Hargreaves
Mrs V Hargreaves
0001-01-01
Linda Wilkinson
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