Company Registration No. 01543682 (England and Wales)
SOUTH OF THE BORDER HOLDINGS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
SOUTH OF THE BORDER HOLDINGS LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
SOUTH OF THE BORDER HOLDINGS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,405,451
10,414,305
Investments
2
1,870,955
1,612,489
12,276,406
12,026,794
Current assets
Stocks
122,420
93,805
Debtors
202,058
136,751
Cash at bank and in hand
454,012
394,161
778,490
624,717
Creditors: amounts falling due within one year
(385,593)
(305,617)
Net current assets
392,897
319,100
Total assets less current liabilities
12,669,303
12,345,894
Creditors: amounts falling due after more than one year
(204,072)
(204,072)
Provisions for liabilities
(125,183)
(126,599)
12,340,048
12,015,223
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
8,504,983
8,504,983
Profit and loss account
3,834,965
3,510,140
Shareholders' funds
12,340,048
12,015,223
SOUTH OF THE BORDER HOLDINGS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2016
31 October 2016
- 2 -
For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 July 2017
P A Tutton
Director
Company Registration No. 01543682
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Comprises freehold land - land not depreciated
Land and buildings Leasehold
Not depreciated as these are maintained to current standards.
Plant and machinery
2% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
Investment properties are included in the balance sheet at their open market value. Investment properties are stated at their open market valuation at the balance sheet date. Net surpluses are credited to the revaluation reserve. Any deficit arising on revaluation which is expected to be permanent is written off to the profit and loss account. Other deficits on revaluation not expected to be permanent are taken to the statement of total recognised gains and losses.
Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 November 2015
11,329,541
1,612,489
12,942,030
Additions
17,616
258,466
276,082
At 31 October 2016
11,347,157
1,870,955
13,218,112
Depreciation
At 1 November 2015
915,236
-
915,236
Charge for the year
26,470
-
26,470
At 31 October 2016
941,706
-
941,706
Net book value
At 31 October 2016
10,405,451
1,870,955
12,276,406
At 31 October 2015
10,414,305
1,612,489
12,026,794
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Ultimate parent company
The immediate and ultimate parent company is Tuberg Property Co. Limited, a company registered in England and Wales.