Company Registration No. 1035439 (England and Wales)
HUNDRED ACRE SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
HUNDRED ACRE SECURITIES LIMITED
COMPANY INFORMATION
Director
G Sherren
Secretary
J Raw
Company number
1035439
Registered office
Flat K
1-4 Eaton Square
London
SW1W 9DA
HUNDRED ACRE SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HUNDRED ACRE SECURITIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
800,431
1,216,273
Current assets
Debtors
5
8,137
24,068
Investments
6
201,401
171,546
Cash at bank and in hand
5,972
8,793
215,510
204,407
Creditors: amounts falling due within one year
7
(1,328,419)
(1,332,434)
Net current liabilities
(1,112,909)
(1,128,027)
Total assets less current liabilities
(312,478)
88,246
Provisions for liabilities
-
(61,840)
Net (liabilities)/assets
(312,478)
26,406
Capital and reserves
Called up share capital
8
180
180
Revaluation reserve
547,199
858,960
Profit and loss reserves
(859,857)
(832,734)
Total equity
(312,478)
26,406
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 30 April 2019
G Sherren
Director
Company Registration No. 1035439
HUNDRED ACRE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 2 -
1
Accounting policies
Company information
Hundred Acre Securities Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat K, 1-4 Eaton Square, London, SW1W 9DA.
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 leasehold properties. 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:
Leasehold land and buildings
Over the life of the lease
Office equipment
20% 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 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.
HUNDRED ACRE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
HUNDRED ACRE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 August 2017
1,300,000
20,449
1,320,449
Revaluation
(373,601)
-
(373,601)
At 31 July 2018
926,399
20,449
946,848
Depreciation and impairment
At 1 August 2017
84,266
19,910
104,176
Depreciation charged in the year
42,133
108
42,241
At 31 July 2018
126,399
20,018
146,417
Carrying amount
At 31 July 2018
800,000
431
800,431
At 31 July 2017
1,215,734
539
1,216,273
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:
2018
2017
£
£
Cost
842,666
842,666
Accumulated depreciation
(589,862)
(547,729)
Carrying value
252,804
294,937
4
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
201,401
171,546
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
8,137
24,068
HUNDRED ACRE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 5 -
6
Current asset investments
2018
2017
£
£
Other investments
201,401
171,546
7
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
1,328,419
1,332,434
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
180 Ordinary shares of £1 each
180
180
At the end of the year, the company owed £1,313,240 (2017: £1,319,240) to G V Sherren, director and shareholder. This loan is unsecured, interest free and repayable on demand although the director has indicated that he does not anticipate withdrawing the funds in the foreseeable future.