Company Registration No. 08816458 (England and Wales)
FINE-CAST PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
FINE-CAST PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
FINE-CAST PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
2
977,600
814,809
Current assets
Cash at bank and in hand
-
2
Creditors: amounts falling due within one year
3
(73,992)
(268,926)
Net current liabilities
(73,992)
(268,924)
Total assets less current liabilities
903,608
545,885
Creditors: amounts falling due after more than one year
4
(319,845)
(477,623)
Provisions for liabilities
(30,930)
-
Net assets
552,833
68,262
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
552,831
68,260
Total equity
552,833
68,262
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 March 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FINE-CAST PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2018 and are signed on its behalf by:
C J Gratton Heatley
Director
Company Registration No. 08816458
FINE-CAST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Fine-Cast Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Second Floor, 3 Liverpool Gardens, Worthing, West Sussex, BN11 1TF.
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FINE-CAST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Investment property
2018
£
Fair value
At 1 April 2017
814,809
Revaluations
162,791
At 31 March 2018
977,600
The fair value of the investment property has been arrived at on the basis of a valuation carried out
by the director, in March 2018.
The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
814,809
814,809
Accumulated depreciation
-
-
Carrying amount
814,809
814,809
FINE-CAST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
46,667
46,667
Trade creditors
1,300
-
Corporation tax
24,363
10,210
Other creditors
1,662
212,049
73,992
268,926
Included in creditors falling due within one year is a bank loan of £46,667 (2017 - £46,667) which is secured by a fixed charge over the company's investment property.
4
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
319,845
477,623
Included in creditors falling due after more than one year is a bank loan of £319,845 (2017 - £477,623) which is secured by a fixed charge over the company's investment property.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
133,179
290,656
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary share of £1 each
2
2
2
2
6
Related party transactions
Transactions with related parties
At 31 March 2017 the company owed £210,750 to a company under the common control of the directors. Further advances in the year ended 31 March 2018 totalled £38,099, and on 31 March 2018 the loan which was recorded at £248,849 was formally written off. The loan had been provided interest free.