ANGLESEY GROUP ESTATES LIMITED
Company Registration No. 00920923 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ANGLESEY GROUP ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ANGLESEY GROUP ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
3,889,840
3,851,448
Current assets
Debtors
3
2,880,905
2,372,554
Cash at bank and in hand
64,077
299,498
2,944,982
2,672,052
Creditors: amounts falling due within one year
4
(151,074)
(152,784)
Net current assets
2,793,908
2,519,268
Total assets less current liabilities
6,683,748
6,370,716
Creditors: amounts falling due after more than one year
5
(2,914,612)
(2,712,412)
Provisions for liabilities
6
5,515
(14,204)
Net assets
3,774,651
3,644,100
Capital and reserves
Called up share capital
7
165,749
165,749
Share premium account
422,958
422,958
Revaluation reserve
3,190,802
3,152,410
Other reserves
209,173
209,173
Profit and loss reserves
(214,031)
(306,190)
Total equity
3,774,651
3,644,100
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 2017 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.
ANGLESEY GROUP ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 May 2018 and are signed on its behalf by:
Mr J C Pritchard
Director
Company Registration No. 00920923
ANGLESEY GROUP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Anglesey Group Estates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 8-9, Handel House, Whitehouse Court, Cannock, Staffordshire, WS11 0BH.
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
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.
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
.
1.3
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.
ANGLESEY GROUP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
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.
1.5
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.
1.6
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
2
Fixed asset investments
2017
2016
£
£
Investments
3,889,840
3,851,448
Investments in subsidiary companies are valued at fair value having due regard to the underlying investment assets in each company.
ANGLESEY GROUP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017
3,851,448
Valuation changes
38,392
At 31 December 2017
3,889,840
Carrying amount
At 31 December 2017
3,889,840
At 31 December 2016
3,851,448
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
15,989
22,739
Amounts owed by group undertakings
2,748,102
2,219,961
Other debtors
116,814
129,854
2,880,905
2,372,554
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
147,800
147,800
Amounts due to group undertakings
-
2,520
Other creditors
3,274
2,464
151,074
152,784
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,914,612
2,712,412
ANGLESEY GROUP ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
6
Provisions for liabilities
2017
2016
£
£
(5,515)
14,204
Movements on provisions:
£
At 1 January 2017
14,204
Other movements
(19,719)
At 31 December 2017
(5,515)
During the year, the company entered into an arrangement with its bankers to manage its exposure to fluctuations in interest rates. Under the terms of this agreement, the company has effectively fixed the rate of interest it pays on a proportion of its bank debt. The agreement expires on 6 July 2021 and the company is committed to make payments up to the expiration date. The net present value of the future payments has been provided in these accounts.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
662,996 Ordinary shares of 25p each
165,749
165,749
165,749
165,749
8
Directors' transactions
Amounts owing from C F Pritchard at the balance sheet date amounted to £66,684. There has been no movement during the year.
9
Parent company
The company is a wholly owned subsidiary of Anglesey Group Estates Limited, incorporated in England & Wales, whose registered office is Unit 8-9 Handel House, Whitehouse Court, Cannock, Staffordshire WS11 0BH.
The company is under the control of C F Pritchard and P E Pritchard by virtue of their majority shareholding in the ordinary share capital of the parent company.