Second Thames Land Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 January 2019
Company Registration No. 00382150 (England and Wales)
Second Thames Land Limited
Company Information
Directors
Mr C. Toye
Mr K. J. Weatherill
Company number
00382150
Registered office
Alexandra House
Waterfront
Lakeside
Thurrock
Essex
RM20 1WL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Second Thames Land Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Second Thames Land Limited
Balance Sheet
As at 31 January 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,776,728
7,776,728
Current assets
Debtors
4
290,704
214,152
Cash at bank and in hand
1,106,976
956,544
1,397,680
1,170,696
Creditors: amounts falling due within one year
5
(1,512,615)
(1,496,560)
Net current liabilities
(114,935)
(325,864)
Total assets less current liabilities
7,661,793
7,450,864
Provisions for liabilities
6
(664,169)
(668,186)
Net assets
6,997,624
6,782,678
Capital and reserves
Called up share capital
7
10,000
10,000
Revaluation reserve
8
3,973,810
3,973,810
Profit and loss reserves
3,013,814
2,798,868
Total equity
6,997,624
6,782,678
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
Second Thames Land Limited
Balance Sheet (Continued)
As at 31 January 2019
Page 2
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The 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 29 October 2019 and are signed on its behalf by:
Mr C. Toye
Director
Company Registration No. 00382150
Second Thames Land Limited
Notes to the Financial Statements
For the year ended 31 January 2019
Page 3
1
Accounting policies
Company information
Second Thames Land Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Alexandra House, Waterfront, Lakeside, Thurrock, Essex, RM20 1WL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention, modified to include certain freehold properties at deemed cost on transition to FRS 102, such properties having been revalued under previous accounting standards. The principle accounting policies adopted are set out below.
1.2
Turnover
Turnover represents
the fair value of the consideration received for
rental and other
services
applicable to the year under review from the company's properties in the United Kingdom.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses.
Freehold land and buildings are measured at fair value at the reporting end date. Any surplus or deficit on revaluation is credited or charged to profit and loss.
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
Cash and cash equivalents
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
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.
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2019
1
Accounting policies
(Continued)
Page 4
1.7
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.
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.
2
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
72,962
72,062
Deferred tax
Origination and reversal of timing differences
(4,017)
(4,685)
Total tax charge
68,945
67,377
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2019
Page 5
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2018 and 31 January 2019
7,776,728
Depreciation and impairment
At 1 February 2018 and 31 January 2019
-
Carrying amount
At 31 January 2019
7,776,728
At 31 January 2018
7,776,728
The historical cost of the above assets is £3,798,307 (2018: £3,798,307).
Land and buildings held on 14 April 2009 were valued in accordance with RICS valuation standards by Altus Edwin Hill, an independent chartered surveyor, in the amount of £4,165,000. On transition to FRS102, this valuation was considered to be the deemed cost of these properties.
At each reporting date the directors consider the valuation of the company's land and buildings in order to determine if any significant impairment has occurred.
At 31 January 2019, the directors considered that the book value of all properties held by the company was approximate to their market value.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
66,128
35,182
Amounts due from group undertakings
168,750
168,750
Other debtors
55,826
10,220
290,704
214,152
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2019
Page 6
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
46,125
-
Amounts due to group undertakings
575,322
607,190
Corporation tax
72,962
72,062
Other taxation and social security
27,016
40,071
Other creditors
791,190
777,237
1,512,615
1,496,560
6
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Land and buildings
664,169
668,186
2019
Movements in the year:
£
Liability at 1 February 2018
668,186
Credit to profit or loss
(4,017)
Liability at 31 January 2019
664,169
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2019
Page 7
8
Revaluation reserve
2019
2018
£
£
At 1 February 2018 and 31 January 2019
3,973,810
3,973,810
9
Related party transactions
A management charge of £120,000 (2018: £120,000) was paid to the parent company, Lakeside Property Development Co. Ltd, during the period, together with a rent charge of £25,000 (2018: £25,000). At the balance sheet date an amount of £575,322 (2018: £607,190) was owed to the parent company and is included in creditors.
During the period debts of £120 (2018: £6,451) have been fully provided for in respect of amounts due from Softbond Limited a company connected through common control, as there is sufficient doubt as to the recoverability of these debts.
At the balance sheet date an amount of £168,750 (2018: £168,750) was due from Aveley Property Holdings Limited, a company connected through common control, and is included in debtors.
Included in other creditors are the following amounts due to companies considered to be related parties by the directors, by virtue of elements of common control.
2019
2018
£
£
Wennington Limited
676,865
676,865
10
Control
The
immediate and ultimate
parent company is
Lakeside Property Development Co. L
td, a company incorporated in England & Wales. No group accounts are prepared by the parent company as the group qualifies as a small group.
The Executors of the Estate of
Mr.
R. Pledger are considered to be the ultimate controlling party by virtue of their 100% shareholding in the
parent
company.