Company Registration No. 05386479 (England and Wales)
FROXFIELD VILLAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
FROXFIELD VILLAGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FROXFIELD VILLAGE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,259,960
1,270,420
Current assets
Stocks
177,299
174,218
Debtors
4
29,846
32,018
Cash at bank and in hand
7,908
4,450
215,053
210,686
Creditors: amounts falling due within one year
5
(35,020)
(34,561)
Net current assets
180,033
176,125
Total assets less current liabilities
1,439,993
1,446,545
Creditors: amounts falling due after more than one year
6
(342,395)
(339,784)
Net assets
1,097,598
1,106,761
Capital and reserves
Called up share capital
7
2
2
Revaluation reserve
1,227,000
1,227,000
Profit and loss reserves
(129,404)
(120,241)
Total equity
1,097,598
1,106,761
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 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 in accordance with the provisions applicable to companies subject to the small companies' regime and Financial Reporting Standard 102 Section 1A for small companies.
FROXFIELD VILLAGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2019 and are signed on its behalf by:
G Woodham
Director
Company Registration No. 05386479
FROXFIELD VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Froxfield Village Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Estates Farm, Fairyland Road, NEATH, UK, SA11 3QE.
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 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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Land and buildings include freehold land and buildings. Land and buildings are stated at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS 102).
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Not depreciated
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
Not depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
FROXFIELD VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies (Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks
are stated at the lower of cost and
net realisable value
.
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.
1.6
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.
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.
FROXFIELD VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies (Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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 receipts 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.
1.8
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.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 4).
FROXFIELD VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2018
1,227,000
59,381
12,627
1,299,008
Additions
-
-
6,589
6,589
Disposals
-
(18,000)
-
(18,000)
At 31 December 2018
1,227,000
41,381
19,216
1,287,597
Depreciation and impairment
At 1 January 2018
-
28,588
-
28,588
Depreciation charged in the year
-
2,425
-
2,425
Eliminated in respect of disposals
-
(3,376)
-
(3,376)
At 31 December 2018
-
27,637
-
27,637
Carrying amount
At 31 December 2018
1,227,000
13,744
19,216
1,259,960
At 31 December 2017
1,227,000
30,793
12,627
1,270,420
The freehold land and buildings recognised at fair value were valued by an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the land and buildings being valued. The method of determining fair value was open market value in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors.
If re-valued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included in the financial statements would be:
2018
2017
£
£
Cost
700,000
700,000
Accumulated depreciation
-
-
Carrying value
700,000
700,000
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
29,846
32,018
FROXFIELD VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
35,020
34,561
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
342,395
339,784
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
8
Related party transactions
As at the year-end date, the company owed G. Woodham and A. Woodham £342,395 (2017 : £339,784), in respect of loan funding advanced to the company to help fund its working capital requirements. The loan funding has been advanced on an unsecured basis and is repayable on demand except that 12 months notice is required prior to repayment having to made.
The company is related to The Severn Lake Company Limited by virtue of shareholdings held by G. Woodham and A. Woodham. At the year-end date, The Severn Lake Company Limited owed Froxfield Village Limited £32,931 (2016 : £31,851).