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REGISTERED NUMBER:
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JOHN ISLIP STREET (FREEHOLD) LIMITED |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018 |
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REGISTERED NUMBER:
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JOHN ISLIP STREET (FREEHOLD) LIMITED |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018 |
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JOHN ISLIP STREET (FREEHOLD) LIMITED (REGISTERED NUMBER: 05177021) |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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JOHN ISLIP STREET (FREEHOLD) LIMITED |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2018 |
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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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AUDITORS: |
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Statutory Auditor |
Anglo House |
Bell Lane Office Village |
Bell Lane |
Amersham |
Buckinghamshire |
HP6 6FA |
JOHN ISLIP STREET (FREEHOLD) LIMITED (REGISTERED NUMBER: 05177021) |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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BALANCE SHEET |
31 JULY 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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NET LIABILITIES |
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RESERVES | - | - |
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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
behalf by: |
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JOHN ISLIP STREET (FREEHOLD) LIMITED (REGISTERED NUMBER: 05177021) |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
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1. | STATUTORY INFORMATION |
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John Islip Street (Freehold) Limited is a
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and Wales. The company's 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 |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK |
and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared |
under the historical cost convention. |
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The financial statements are presented in sterling (£) which is also the functional currency for the |
company. |
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Turnover |
Turnover represents total rental income receivable by the company for the period, excluding value |
added tax adjusted for accrued revenue calculated by reference to the fair value of rents due up to the |
balance sheet date. |
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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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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 balance sheet date. |
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Freehold property |
The company's freehold property is included in the fixed assets at its latest valuation plus subsequent |
additions at cost; surpluses and deficits on valuation are taken to profit and loss. |
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At each reporting date the freehold property is reviewed to determine whether there is any indication |
that it has suffered an impairment loss. If there is an indication of possible impairment, the recoverable |
amount of any affected asset is estimated and compared with its carrying amount. If the estimated |
recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and |
an impairment loss is recognised immediately in the consolidated statement of comprehensive income. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the |
revised estimate of its recoverable amount, but not in excess of the amount that would have been |
determined had no impairment loss been recognised for the asset in prior years. A reversal of |
impairment is recognised immediately in the consolidated statement of comprehensive income. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
JOHN ISLIP STREET (FREEHOLD) LIMITED (REGISTERED NUMBER: 05177021) |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 August 2017 |
and 31 July 2018 |
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DEPRECIATION |
At 1 August 2017 |
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Impairments |
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At 31 July 2018 |
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NET BOOK VALUE |
At 31 July 2018 |
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At 31 July 2017 |
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Freehold land and buildings were valued on an open market basis on the 31 January 2017 by |
Fanshawe White Chartered Surveyors at £1,480,000. The basis of their valuation is in accordance with |
the Royal Institution of Chartered Surveyors (RICS) Valuation Standards (8th Edition). The historic cost |
of the land and buildings was £3,886,900. |
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During the year ended 31 July 2009, a number of the leasehold flats were granted 999 year leases. |
This resulted in an impairment in the value of the freehold land and buildings. As the impairment in |
value resulted in a carrying amount below historic cost and was considered to be permanent it was |
charged to the income and expenditure. |
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Since July 2009 the freehold has been revalued several times along with several additional lease |
extensions (including in the current year) resulting in additional impairments. |
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The impairment loss for assets held at historic cost has been included with accumulated depreciation. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within Other creditors is £600,000 (2017: £Nil) due to the members in less than one year. |
JOHN ISLIP STREET (FREEHOLD) LIMITED (REGISTERED NUMBER: 05177021) |
(LIMITED BY GUARANTEE NOT HAVING A SHARE |
CAPITAL) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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Other creditors are amounts due to the members at the year end. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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As at 31 July 2018 an amount totalling £631 (2017 : £631) was due to John Islip Street (Management) |
Limited, a company with common members and directors. |
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10. | NON AUDIT SERVICES PROVIDED BY AUDITOR |
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In common with many other businesses of our size and nature we use our auditors to prepare and |
submit returns to the tax authorities and assist with the preparation of the financial statements. |
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11. | MEMBERS FUNDING |
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The liability of the members is limited as follows, every member of the company undertakes to |
contribute such amount as may be required (not exceeding £1) to the company's assets if it should be |
wound up while he is a member or within one year after he ceases to be a member, for payment of the |
company's debts and liabilities contracted before he ceases to be a member, and of the costs, charges |
and expenses of winding up, and for the adjustment of the rights of the contributories among |
themselves. |