false
false
false
false
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false
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true
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No description of principal activity
2018-01-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
3,200,000
46,520
3,246,520
3,246,520
3,200,000
xbrli:pure
xbrli:shares
iso4217:GBP
08563691
2018-01-01
2018-12-31
08563691
2018-12-31
08563691
2017-01-01
2017-12-31
08563691
2017-12-31
08563691
bus:Director1
2018-01-01
2018-12-31
08563691
core:WithinOneYear
2018-12-31
08563691
core:WithinOneYear
2017-12-31
08563691
core:AfterOneYear
2018-12-31
08563691
core:AfterOneYear
2017-12-31
08563691
core:ShareCapital
2018-12-31
08563691
core:ShareCapital
2017-12-31
08563691
core:RetainedEarningsAccumulatedLosses
2018-12-31
08563691
core:RetainedEarningsAccumulatedLosses
2017-12-31
08563691
core:CostValuation
core:Non-currentFinancialInstruments
2017-12-31
08563691
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2018-12-31
08563691
core:CostValuation
core:Non-currentFinancialInstruments
2018-12-31
08563691
core:Non-currentFinancialInstruments
2018-12-31
08563691
core:Non-currentFinancialInstruments
2017-12-31
08563691
bus:SmallEntities
2018-01-01
2018-12-31
08563691
bus:AuditExemptWithAccountantsReport
2018-01-01
2018-12-31
08563691
bus:FullAccounts
2018-01-01
2018-12-31
08563691
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
08563691
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
COMPANY REGISTRATION NUMBER:
08563691
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2018
Fixed assets
Investments
|
5
|
|
3,246,520
|
3,200,000
|
|
|
|
|
|
Current assets
Debtors
|
6
|
1,540
|
|
3,178
|
Cash at bank and in hand
|
37,740
|
|
42,026
|
|
--------
|
|
--------
|
|
39,280
|
|
45,204
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
368,295
|
|
293,701
|
|
---------
|
|
---------
|
Net current liabilities
|
|
329,015
|
248,497
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
2,917,505
|
2,951,503
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
1,120,435
|
1,160,249
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
314,000
|
314,000
|
|
|
------------
|
------------
|
Net assets
|
|
1,483,070
|
1,477,254
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1
|
1
|
Profit and loss account
|
|
1,483,069
|
1,477,253
|
|
|
------------
|
------------
|
Shareholders funds
|
|
1,483,070
|
1,477,254
|
|
|
------------
|
------------
|
|
|
|
|
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 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 December 2018
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2019
, and are signed on behalf of the board by:
Company registration number:
08563691
Notes to the Financial Statements
|
|
Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3 Churchill House, Queen Street, Wellington, Telford, TF1 1SN, Shropshire.
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.
Judgements and key sources of estimation uncertainty
The preparation of the
financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the period from property owned by the company.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A
review for i
ndicators 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
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2017:
1
).
5.
Investments
|
Investment Property
|
|
£
|
Cost
|
|
At 1 January 2018
|
3,200,000
|
Additions
|
46,520
|
|
------------
|
At 31 December 2018
|
3,246,520
|
|
------------
|
Impairment
|
|
At 1 January 2018 and 31 December 2018
|
–
|
|
------------
|
|
|
Carrying amount
|
|
At 31 December 2018
|
3,246,520
|
|
------------
|
At 31 December 2017
|
3,200,000
|
|
------------
|
|
|
The investment property was acquired in November 2014 at a cost of £1,431,113. Additional costs incurred during the year for converting the garages to further apartments amounted to £46,520. The director considers the valuation of the property at 31 December 2018 was £3,246,520.
6.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Other debtors
|
1,540
|
3,178
|
|
-------
|
-------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
30,000
|
24,000
|
Trade creditors
|
2,395
|
4,958
|
Corporation tax
|
1,364
|
5,203
|
Other creditors
|
334,536
|
259,540
|
|
---------
|
---------
|
|
368,295
|
293,701
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
1,120,435
|
1,160,249
|
|
------------
|
------------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £1,000,434 (2017: £1,088,248) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by a fixed and floating charge on the investment property owned by the company. It is repayable by monthly instalments with the final instalment due on 31 October 2039. Interest is charge at a rate of 6.00% per annum.