Company Registration No. 02872033 (England and Wales)
ACKROYD HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ACKROYD HOUSE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ACKROYD HOUSE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,826,074
4,900,963
Current assets
Stocks
750
750
Debtors
4
128,661
167,607
Cash at bank and in hand
65,410
9,897
194,821
178,254
Creditors: amounts falling due within one year
5
(1,350,421)
(1,372,935)
Net current liabilities
(1,155,600)
(1,194,681)
Total assets less current liabilities
3,670,474
3,706,282
Provisions for liabilities
(443,400)
(445,500)
Net assets
3,227,074
3,260,782
Capital and reserves
Called up share capital
300
300
Revaluation reserve
2,634,261
2,676,895
Profit and loss reserves
592,513
583,587
Total equity
3,227,074
3,260,782
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 2020 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.
ACKROYD HOUSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2020 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 MARCH 2020
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2018
300
2,719,529
555,629
3,275,458
Period ended 31 March 2019:
Loss and total comprehensive income for the period
-
-
(14,676)
(14,676)
Transfers
-
(42,634)
42,634
-
Balance at 31 March 2019
300
2,676,895
583,587
3,260,782
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
-
(33,708)
(33,708)
Transfers
-
(42,634)
42,634
-
Balance at 31 March 2020
300
2,634,261
592,513
3,227,074
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Ackroyd House Limited is a
private
company
, limited by shares
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.
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
.
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 land and buildings
2% straight line
Fixtures, fittings & equipment
15% 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
.
1.4
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.
1.5
Cash at bank and in hand
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.
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.6
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.
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.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
33
2
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2019
4,850,000
852,289
5,702,289
Additions
1,855
49,840
51,695
Disposals
-
(25,000)
(25,000)
At 31 March 2020
4,851,855
877,129
5,728,984
Depreciation and impairment
At 1 April 2019
185,280
616,046
801,326
Depreciation charged in the year
89,215
37,369
126,584
Eliminated in respect of disposals
-
(25,000)
(25,000)
At 31 March 2020
274,495
628,415
902,910
Carrying amount
At 31 March 2020
4,577,360
248,714
4,826,074
At 31 March 2019
4,664,720
236,243
4,900,963
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.
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:
2020
2019
£
£
Cost
1,968,400
1,968,400
Accumulated depreciation
(435,860)
(404,294)
Carrying value
1,532,540
1,564,106
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
124,113
167,607
Prepayments and accrued income
4,548
-
128,661
167,607
ACKROYD HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
127,556
166,125
Amounts owed to group undertakings
1,004,613
1,191,151
Taxation and social security
127,915
-
Other creditors
88,377
-
Accruals and deferred income
1,960
15,659
1,350,421
1,372,935
6
Financial commitments, guarantees and contingent liabilities
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £
10,761
(201
9
- £
15,065
)
.
In addition, total bank borrowings of £4,644,506 (2019 - £5,050,172 ) in the parent company have been partially secured by a fixed and floating charge over the company's assets.
7
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.