Company No:
Contents
DIRECTORS | Mr S M Davidson |
Mr P Oliphant |
REGISTERED OFFICE | Springfield House |
45 Welsh Back | |
Bristol | |
BS1 4AG | |
United Kingdom |
COMPANY NUMBER | 07779563 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
Note | 31.03.2021 | 29.02.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
10,474,411 | 10,342,418 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
|
|
|
- due after more than one year | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
3,246,866 | 3,138,165 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 2,798,988 | 2,712,626 | ||
Total assets less current liabilities | 13,273,399 | 13,055,044 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
|
(
|
|
Provisions for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Cabot Mews Limited (registered number:
Mr S M Davidson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year.
Cabot Mews Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, 45 Welsh Back, Bristol, BS1 4AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Cabot Mews Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements, taking account of the continued possible impact of COVID-19 in trading performance.
The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The company extended its financial year end to 31 March during the period to align it with other companies under common control. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Vehicles - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by either external valuers or the Directors and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 01.03.2020 to 31.03.2021 |
Year ended 29.02.2020 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
|
|
Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2020 |
|
|
|
||
Additions |
|
|
|
||
At 31 March 2021 |
|
|
|
||
Accumulated depreciation | |||||
At 01 March 2020 |
|
|
|
||
Charge for the financial period |
|
|
|
||
At 31 March 2021 |
|
|
|
||
Net book value | |||||
At 31 March 2021 |
|
|
|
||
At 29 February 2020 |
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 March 2020 |
|
Fair value movement | 135,000 |
As at 31 March 2021 |
|
Valuation
Investment properties, which are all freehold, were revalued to fair value at 31 March 2021, based on a valuation undertaken by Jones Lang LaSalle, an independent valuer with recent experience in the location and class of the investment property being valued.
31.03.2021 | 29.02.2020 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Prepayments |
|
|
|
Debtors: amounts falling due after more than one year | |||
Amounts owed by Parent undertakings |
|
|
31.03.2021 | 29.02.2020 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
31.03.2021 | 29.02.2020 | ||
£ | £ | ||
Bank loans (secured) |
|
|
|
Other creditors |
|
|
|
8,133,628 | 8,153,628 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
31.03.2021 | 29.02.2020 | ||
£ | £ | ||
Bank loans (secured) |
|
|
31.03.2021 | 29.02.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's directors
31.03.2021 | 29.02.2020 | ||
£ | £ | ||
Amounts due to the directors | 2,983,628 | 3,003,628 |
Interest is accruing on £1,000,000 of the total loan at a rate of 3.5% above base rate and to date £224,866 has been accrued and is included in Accruals and deferred income.
The company has taken advantage of the exemption available under Section 1 a.c. 35 of FRS 102 to not disclose individual transactions within a wholly owned group.
The company has provided an unlimited guarantee on the bank loans in the holding company.
The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £3,110,632 (2020: £2,998,582).