|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
|
FOR |
|
S V RUGHANI & SONS (GARAGES) LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
|
FOR |
|
S V RUGHANI & SONS (GARAGES) LIMITED |
S V RUGHANI & SONS (GARAGES) LIMITED (REGISTERED NUMBER: 02582335) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
S V RUGHANI & SONS (GARAGES) LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Alban House |
99 High Street South |
Dunstable |
Bedfordshire |
LU6 3SF |
S V RUGHANI & SONS (GARAGES) LIMITED (REGISTERED NUMBER: 02582335) |
|
BALANCE SHEET |
30 APRIL 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
|
|
|
CURRENT ASSETS |
Debtors | 4 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve | 8 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
S V RUGHANI & SONS (GARAGES) LIMITED (REGISTERED NUMBER: 02582335) |
|
BALANCE SHEET - continued |
30 APRIL 2018 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
S V RUGHANI & SONS (GARAGES) LIMITED (REGISTERED NUMBER: 02582335) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
|
|
1. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover comprises rents received from the company's investment properties. |
|
Investment properties |
Investment properties are revalued annually at their open market value in accordance with FRSSE (effective |
April 2015). The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit |
reduces the property below its historical cost, in which case it is taken to the profit and loss account. |
|
No depreciation is provided on investment properties, which is a departure from the requirements of the |
Companies Act 2006. In the opinion of the director, these properties are held primarily for their investment |
potential and so their current value is of more significance than any measure of consumption and to depreciate |
them would not give a true and fair view. The provisions of the FRSSE (effective April 2015) in respect of |
investment properties have therefore been adopted in order to give a true and fair view. If this departure from the |
Act had not been made, the profit for the year would have been reduced by depreciation. |
|
However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise |
have been shown cannot be separately identified or quantified. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
2. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2017 - NIL). |
S V RUGHANI & SONS (GARAGES) LIMITED (REGISTERED NUMBER: 02582335) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
|
|
3. | INVESTMENT PROPERTY |
|
|
Fair value at 30 April 2018 is represented by: |
|
£ |
Valuation in 2016 | 300,553 |
Cost | 1,259,447 |
1,560,000 |
|
If Investment Properties had not been revalued they would have been included at the following historical cost: |
|
2018 | 2017 |
£ | £ |
Cost | 1,234,447 | 1,234,447 |
|
The Investment properties were valued on an open market basis on 5 September 2016 by Martin & Co and Siddall Jones Ltd |
. |
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
S V RUGHANI & SONS (GARAGES) LIMITED (REGISTERED NUMBER: 02582335) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
|
|
7. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank loans |
|
|
|
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2017 |
and 30 April 2018 |
|