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No description of principal activity
2018-08-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07715977
2018-08-01
2019-07-31
07715977
2019-07-31
07715977
2018-07-31
07715977
2018-07-31
07715977
core:FurnitureFittings
2018-08-01
2019-07-31
07715977
bus:RegisteredOffice
2018-08-01
2019-07-31
07715977
bus:LeadAgentIfApplicable
2018-08-01
2019-07-31
07715977
bus:Director1
2018-08-01
2019-07-31
07715977
bus:Director2
2018-08-01
2019-07-31
07715977
core:FurnitureFittings
2018-07-31
07715977
core:LandBuildings
2019-07-31
07715977
core:FurnitureFittings
2019-07-31
07715977
core:WithinOneYear
2019-07-31
07715977
core:WithinOneYear
2018-07-31
07715977
core:AfterOneYear
2019-07-31
07715977
core:AfterOneYear
2018-07-31
07715977
core:ShareCapital
2019-07-31
07715977
core:ShareCapital
2018-07-31
07715977
core:SharePremium
2019-07-31
07715977
core:SharePremium
2018-07-31
07715977
core:RevaluationReserve
2019-07-31
07715977
core:RevaluationReserve
2018-07-31
07715977
core:RetainedEarningsAccumulatedLosses
2019-07-31
07715977
core:RetainedEarningsAccumulatedLosses
2018-07-31
07715977
core:LandBuildings
2018-07-31
07715977
core:FurnitureFittings
2018-07-31
07715977
bus:SmallEntities
2018-08-01
2019-07-31
07715977
bus:AuditExemptWithAccountantsReport
2018-08-01
2019-07-31
07715977
bus:FullAccounts
2018-08-01
2019-07-31
07715977
bus:SmallCompaniesRegimeForAccounts
2018-08-01
2019-07-31
07715977
bus:PrivateLimitedCompanyLtd
2018-08-01
2019-07-31
07715977
core:Associate1
2018-08-01
2019-07-31
COMPANY REGISTRATION NUMBER:
07715977
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 JULY 2019
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
The board of directors
|
S K Gilbert
|
|
C L Gilbert
|
|
|
Registered office
|
Royal Cottage
|
|
Merrycock Lane
|
|
Heighington
|
|
Lincolnshire
|
|
LN4 1QL
|
|
|
Accountants
|
Streets LLP
|
|
Chartered Accountants
|
|
Tower House
|
|
Lucy Tower Street
|
|
Lincoln
|
|
Lincolnshire
|
|
LN1 1XW
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 July 2019
FIXED ASSETS
Tangible assets
|
4
|
|
1,498,451
|
1,498,642
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
5
|
2,192
|
|
1,786
|
Cash at bank and in hand
|
10,344
|
|
22,560
|
|
---------
|
|
---------
|
|
12,536
|
|
24,346
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
6
|
360,110
|
|
411,144
|
|
-----------
|
|
-----------
|
NET CURRENT LIABILITIES
|
|
347,574
|
386,798
|
|
|
--------------
|
--------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
1,150,877
|
1,111,844
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
7
|
|
613,328
|
642,877
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
|
51,610
|
51,217
|
|
|
--------------
|
--------------
|
NET ASSETS
|
|
485,939
|
417,750
|
|
|
--------------
|
--------------
|
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 July 2019
CAPITAL AND RESERVES
Called up share capital
|
|
200
|
200
|
Share premium account
|
|
99,900
|
99,900
|
Non Distributable Profit and Loss Account
|
|
284,551
|
284,551
|
Profit and loss account
|
|
101,288
|
33,099
|
|
|
-----------
|
-----------
|
SHAREHOLDERS FUNDS
|
|
485,939
|
417,750
|
|
|
-----------
|
-----------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
14 April 2020
, and are signed on behalf of the board by:
Company registration number:
07715977
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 JULY 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Royal Cottage, Merrycock Lane, Heighington, Lincolnshire, LN4 1QL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the year, recognised on an accruals basis.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and Fittings
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
4.
Tangible assets
|
Land and buildings
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 August 2018 and 31 July 2019
|
1,498,259
|
24,351
|
1,522,610
|
|
--------------
|
---------
|
--------------
|
Depreciation
|
|
|
|
At 1 August 2018
|
–
|
23,968
|
23,968
|
Charge for the year
|
–
|
191
|
191
|
|
--------------
|
---------
|
--------------
|
At 31 July 2019
|
–
|
24,159
|
24,159
|
|
--------------
|
---------
|
--------------
|
Carrying amount
|
|
|
|
At 31 July 2019
|
1,498,259
|
192
|
1,498,451
|
|
--------------
|
---------
|
--------------
|
At 31 July 2018
|
1,498,259
|
383
|
1,498,642
|
|
--------------
|
---------
|
--------------
|
|
|
|
|
Tangible assets held at valuation
The investment property is revalued annually on an open market basis by the directors
.
5.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
1,714
|
304
|
Other debtors
|
478
|
1,482
|
|
--------
|
--------
|
|
2,192
|
1,786
|
|
--------
|
--------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
25,836
|
23,623
|
Trade creditors
|
3,563
|
782
|
Corporation tax
|
15,458
|
9,419
|
Other creditors
|
315,253
|
377,320
|
|
-----------
|
-----------
|
|
360,110
|
411,144
|
|
-----------
|
-----------
|
|
|
|
Bank loans are secured against the investment property owned by the company.
7.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
613,328
|
642,877
|
|
-----------
|
-----------
|
|
|
|
Bank loans are secured against the investment property owned by the company.
8.
Related party transactions
The company was under the control of the directors throughout the current and previous year. During the year, property management fees were paid to
Cloud Lettings Ltd
, a company in which S Gilbert is a director. The value of costs incurred during the year amounted to £17,686 (2018: £17,166). No amounts were outstanding for payment at the Statement of Financial Position date (2018: £nil). No further transactions with related parties were undertaken such as are required under FRS 102 (Section 1A).