Company Registration No. 02872033 (England and Wales)
ACKROYD HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
ACKROYD HOUSE LIMITED
COMPANY INFORMATION
Directors
S Z Hasan
N Admani
(Appointed 18 January 2016)
Company number
02872033
Registered office
Unit 3 Old Brickworks Lane
Chesterfield
S41 7JD
Accountants
Hart Shaw LLP
The Hart Shaw Building
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
ACKROYD HOUSE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ACKROYD HOUSE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,041,145
1,226,631
Current assets
Stocks
750
750
Debtors
4
205,794
422,199
Cash at bank and in hand
291
248
206,835
423,197
Creditors: amounts falling due within one year
5
(1,510,606)
(1,039,330)
Net current liabilities
(1,303,771)
(616,133)
Total assets less current liabilities
3,737,374
610,498
Provisions for liabilities
(515,900)
(55,470)
Net assets
3,221,474
555,028
Capital and reserves
Called up share capital
6
300
300
Revaluation reserve
2,765,286
-
Profit and loss reserves
455,888
554,728
Total equity
3,221,474
555,028
ACKROYD HOUSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
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 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 19 September 2017 and are signed on its behalf by:
S Z Hasan
Director
Company Registration No. 02872033
ACKROYD HOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2015:
Balance at 1 December 2014
300
-
611,720
612,020
Period ended 31 December 2015:
Loss and total comprehensive income for the period
-
-
(56,992)
(56,992)
Balance at 31 December 2015
300
-
554,728
555,028
Period ended 31 December 2016:
Loss for the period
-
-
(98,840)
(98,840)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,230,286
-
3,230,286
Tax relating to other comprehensive income
-
(465,000)
-
(465,000)
Total comprehensive income for the period
-
2,765,286
(98,840)
2,666,446
Balance at 31 December 2016
300
2,765,286
455,888
3,221,474
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Ackroyd House Limited is a
private
company
, limited by shares
and
incorporated in England and Wales.
The registered office is
Unit 3 Old Brickworks Lane, Chesterfield, S41 7JD.
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 at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Ackroyd House Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
The previous accounting period was lengthened to 13 months to ensure the company had a financial year end coterminous with that of fellow group undertakings in the future. As a result, the comparative figures in these financial statements are not entirely comparable with those reported for the current financial year.
1.3
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
.
1.4
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 land and buildings
2% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% 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
.
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity
;
such
gains and loss
es
are recognised in profit or loss.
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 and cash equivalents
Cash and cash equivalents
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 7 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 73 (2015 - 72).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2016
1,351,662
747,585
2,099,247
Additions
616,738
39,429
656,167
Disposals
-
(33,525)
(33,525)
Revaluation
2,881,600
-
2,881,600
At 31 December 2016
4,850,000
753,489
5,603,489
Depreciation and impairment
At 1 January 2016
329,454
543,162
872,616
Depreciation charged in the year
19,232
29,707
48,939
Eliminated in respect of disposals
-
(10,525)
(10,525)
Revaluation
(348,686)
-
(348,686)
At 31 December 2016
-
562,344
562,344
Carrying amount
At 31 December 2016
4,850,000
191,145
5,041,145
At 31 December 2015
1,022,208
204,423
1,226,631
The fair value of the land and buildings has been arrived at on the basis of a valuation carried out by Lambert Smith Hampton (commercial property consultants) in July 2015, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, plus the estimated effect in property valuation in relation to a planned extension, which have since been completed. New valuation reports are in the process of being prepared, however they are not yet available. The directors believe the revised valuations won't be materially different to those used in the financial statements.
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
3
Tangible fixed assets
(Continued)
- 8 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2016
2015
£
£
Cost
1,968,400
1,351,662
Accumulated depreciation
(348,686)
(329,454)
Carrying value
1,619,714
1,022,208
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
174,270
67,445
Corporation tax recoverable
15,368
-
Other debtors
-
346,156
Prepayments and accrued income
16,156
8,598
205,794
422,199
5
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
29,831
765,409
Obligations under finance leases
-
10,375
Trade creditors
91,262
52,723
Amounts due to group undertakings
1,291,469
-
Corporation tax
-
17,547
Other taxation and social security
13,468
43,269
Other creditors
-
55,299
Accruals and deferred income
84,576
94,708
1,510,606
1,039,330
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary A of £1 each
200
200
100 Ordinary B of £1 each
100
100
300
300
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 9 -
7
Financial commitments, guarantees and contingent liabilities
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £
25,108
(201
5
- £
29,413
)
.
In addition, total bank borrowings of £5,737,368 in the parent of the company have been partially secured by a fixed and floating charge over the company's assets.
8
Parent company
The parent company of Ackroyd House Limited is Hermes Care Limited and its registered office is Unit 3 Old Brick Works Lane, Chesterfield, S41 7JD.
9
Prior period adjustment
Changes to the profit and loss account
Period ended 31 December 2015
As previously reported
Adjustment
As restated
£
£
£
Cost of sales
(125,424)
(1,066,338)
(1,191,762)
Administrative expenses
(1,321,330)
1,066,338
(254,992)
Loss for the financial period
(56,992)
-
(56,992)
Staff costs have been reclassified as costs of sales rather than administrative expenses, to better reflect the nature of the expenditure.
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