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REGISTERED NUMBER:
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WARDPARK STUDIOS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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REGISTERED NUMBER:
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WARDPARK STUDIOS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Wardpark Studios Limited is a private company, limited by shares, incorporated in Scotland. The registered |
office is Whiteshaw, Works, Carluke, Lanarkshire, Scotland, ML8 5EJ. |
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The financial statements are presented in Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the |
historical cost convention as modified by the revaluation of certain assets. There were no material departures |
from that standard. |
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Turnover |
Turnover represents rents and other recharges receivable, excluding value added tax. Rental income and other |
associated income is recognised in accordance with the terms of the lease agreement. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and |
equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is |
an indication of possible impairment, the recoverable amount which is the higher in use and the fair value less |
cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the |
carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised |
immediately in profit and loss. |
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Investment property |
All of the company's properties are held for long term investment. Investment properties are accounted for as |
follows: |
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(i) Investment properties are initially recorded at cost which includes purchase cost and any directly |
attributable expenditure. |
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(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can |
be measured reliably. |
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(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss |
account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, |
unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non- |
distributable reserve (fair value reserve) in the balance sheet. |
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(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at present value |
of the future payments and subsequently at amortised cost using the effective interest method. Debt |
instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are |
measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be |
paid or received. |
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Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for |
evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax |
is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the |
timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance |
sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on |
the transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a |
result of a past event, it is probable that the company will be required to settle the obligation and the amount of |
the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required |
to settle the obligation at the reporting date. |
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Government grants |
Government grant assistance of a revenue nature is credited to the profit and loss account in the same period as |
the related expenditure. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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The fair value of the investment property at 31 March 2019, has been arrived at on the basis of a valuation |
carried out at that date by the company directors, who are not professionally qualified valuers. |
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The company's investment properties are held for use under operating leases. The directors are of the opinion |
that cost continues to be an accurate representation of fair value at the year end. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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WARDPARK STUDIOS LIMITED (REGISTERED NUMBER: SC498952) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to associates | 325,000 | - |
Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Amounts owed to associates | - | 325,000 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Clydesdale Bank holds a bond and floating charge over the company and all of its investment properties in |
respect of the bank loans. |