CENTRAL SHROPSHIRE HOLDINGS LTD
Company Registration No. 09257741 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
CENTRAL SHROPSHIRE HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CENTRAL SHROPSHIRE HOLDINGS LTD
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,063,739
909,174
Investments
3
111
101
1,063,850
909,275
Current assets
Debtors
4
669,642
439,493
Cash at bank and in hand
77,110
60,882
746,752
500,375
Creditors: amounts falling due within one year
5
(277,517)
(482,846)
Net current assets
469,235
17,529
Total assets less current liabilities
1,533,085
926,804
Capital and reserves
Called up share capital
6
102
102
Profit and loss reserves
1,532,983
926,702
Total equity
1,533,085
926,804
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 2019 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.
The financial statements were approved by the board of directors and authorised for issue on 5 August 2019 and are signed on its behalf by:
Mr B J Butler
Director
Company Registration No. 09257741
CENTRAL SHROPSHIRE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Central Shropshire Holdings Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Brassey Road, Old Potts Way, Shrewsbury, Shropshire, SY3 7FA.
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. The principal accounting policies adopted are set out below.
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
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
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:
Freehold property
No depreciation
Plant and machinery
25% pa straight line
Fixtures, fittings & equipment
15% pa reducing balance
Motor vehicles
25% pa reducing balance
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
.
The directors consider that freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
CENTRAL SHROPSHIRE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
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.
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.
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
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.
CENTRAL SHROPSHIRE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
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.
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
615,761
836,099
1,451,860
Additions
5,092
271,869
276,961
Disposals
-
(26,432)
(26,432)
At 31 March 2019
620,853
1,081,536
1,702,389
Depreciation and impairment
At 1 April 2018
-
542,687
542,687
Depreciation charged in the year
-
101,794
101,794
Eliminated in respect of disposals
-
(5,831)
(5,831)
At 31 March 2019
-
638,650
638,650
Carrying amount
At 31 March 2019
620,853
442,886
1,063,739
At 31 March 2018
615,761
293,413
909,174
3
Fixed asset investments
2019
2018
£
£
Investments
111
101
CENTRAL SHROPSHIRE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2018
101
Additions
10
At 31 March 2019
111
Carrying amount
At 31 March 2019
111
At 31 March 2018
101
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
153,542
28,859
Amounts owed by group undertakings
445,062
379,990
Other debtors
71,038
30,644
669,642
439,493
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
180,551
187,670
Trade creditors
2,198
210,716
Corporation tax
43,256
23,308
Other creditors
51,512
61,152
277,517
482,846
The bank borrowings are secured.
CENTRAL SHROPSHIRE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary Shares of £1 each
100
100
1 B Ordinary Share of £1 each
1
1
1 C Ordinary Share of £1 each
1
1
102
102
The A Ordinary Shares carry full voting and capital distribution rights, as well as dividend rights.
The B Ordinary Share and the C Ordinary Share carry dividend rights only.
Each class of Ordinary Share does not rank pari passu for dividend entitlement purposes.
7
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Included in debtors is a balance of £445,062 (2018: £379,990) owed by the subsidiary Butler Groundworks Limited. No interest is paid on this amount.