Company registration number:
for the Year Ended
SaxonLynch Holdings Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
SaxonLynch Holdings Limited
(Registration number: 02726787)
Balance Sheet as at 30 November 2017
Note |
2017 |
2016 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Fair value reserve |
48,400 |
56,200 |
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Profit and loss reserve |
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Total equity |
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Page 1
SaxonLynch Holdings Limited
(Registration number: 02726787)
Balance Sheet as at 30 November 2017
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. The figures for the comparative prior year have been restated. Details of the transitional adjustments are disclosed in note 11 to the accounts.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Group accounts not prepared
Turnover recognition
Turnover comprises the fair value of the consideration receivable from tenants for rental income.
Page 3
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and wquipment |
20% reducing balance method |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from tenants for rental income receivable.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 4
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Page 5
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 December 2016 |
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At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
- |
- |
Investment properties |
2017 |
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At 1 December 2016 |
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Disposals |
( |
At 30 November 2017 |
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The fair value of the company's investment property was valued at on 30 November 2017 on open market basis by the directors.
There has been no valuation of investment property by an independent valuer.
Page 6
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Investments |
2017 |
2016 |
|
Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2016 |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
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Saxon House, Poundbury West Industrial Estate, Dorchester, Dorset DT1 2PG |
Ordinary shares |
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England and Wales |
The principal activity of BlueCity Limited is |
The loss for the financial period of BlueCity Limited was £15,807 and the aggregate amount of capital and reserves at the end of the period was £(46,305). |
Page 7
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Debtors |
Note |
2017 |
2016 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
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Other debtors |
- |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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|
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Corporation tax |
5,479 |
9,031 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
The company's bank borrowings are secured by fixed and floating charges held by its bankers over all of the company's property and undertakings. |
Page 8
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Reserves reconciliation |
Share premium |
Capital redemption reserve |
Fair value reserve |
|
At 1 December 2016 |
|
|
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Movement in year : |
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Transfer of fair value adjustment |
- |
- |
(7,800) |
At 30 November 2017 |
192,418 |
520 |
48,400 |
Share premium |
Capital redemption reserve |
Fair value reserve |
|
At 1 December 2015 |
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Movement in year : |
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At 30 November 2016 |
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Transition to FRS 102 |
Under FRS102.1A investment property is initially recognised at cost and subsequently measured at fair value through the profit and loss. Under previous UK GAAP investment property was held at open market value. Deferred tax will arise on the investment property fair value adjustments to the extent that they are recognised in the profit and loss as the fair value movements are not assessed for tax in the same period.
As a result of the transition to FRS102.1A, the revaluation reserve as at 30 November 2017 has been reclassified as a fair value reserve.
The figure for income from shares in group undertakings in the profit and loss account for the year ended 30 November 2016 has now been reclassified as interest receivable and similar income.
The impact including any taxation implications from the transition is as follows:
Balance Sheet at 1 December 2015
Page 9
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Investment property |
725,600 |
- |
- |
725,600 |
Investments |
1 |
- |
- |
1 |
725,601 |
- |
- |
725,601 |
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Current assets |
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Debtors |
140,100 |
- |
- |
140,100 |
Cash at bank and in hand |
83,621 |
- |
- |
83,621 |
223,721 |
- |
- |
223,721 |
|
Creditors: Amounts falling due within one year |
(37,566) |
- |
- |
(37,566) |
Net current assets |
186,155 |
- |
- |
186,155 |
Total assets less current liabilities |
911,756 |
- |
- |
911,756 |
Creditors: Amounts falling due after more than one year |
(324,076) |
- |
- |
(324,076) |
Net assets |
587,680 |
- |
- |
587,680 |
Capital and reserves |
||||
Called up share capital |
383 |
- |
- |
383 |
Share premium reserve |
192,418 |
- |
- |
192,418 |
Capital redemption reserve |
520 |
- |
- |
520 |
Revaluation reserve |
56,200 |
(56,200) |
- |
- |
Fair value reserve |
- |
56,200 |
- |
56,200 |
Profit and loss reserve |
338,159 |
- |
- |
338,159 |
Total equity |
587,680 |
- |
- |
587,680 |
Page 10
SaxonLynch Holdings Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Balance Sheet at 30 November 2016
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Investment property |
725,600 |
- |
- |
725,600 |
Investments |
1 |
- |
- |
1 |
725,601 |
- |
- |
725,601 |
|
Current assets |
||||
Debtors |
74,783 |
- |
- |
74,783 |
Cash at bank and in hand |
139,684 |
- |
- |
139,684 |
214,467 |
- |
- |
214,467 |
|
Creditors: Amounts falling due within one year |
(40,654) |
- |
- |
(40,654) |
Net current assets |
173,813 |
- |
- |
173,813 |
Total assets less current liabilities |
899,414 |
- |
- |
899,414 |
Creditors: Amounts falling due after more than one year |
(294,206) |
- |
- |
(294,206) |
Net assets |
605,208 |
- |
- |
605,208 |
Capital and reserves |
||||
Called up share capital |
383 |
- |
- |
383 |
Share premium reserve |
192,418 |
- |
- |
192,418 |
Capital redemption reserve |
520 |
- |
- |
520 |
Revaluation reserve |
56,200 |
(56,200) |
- |
- |
Other reserves |
- |
56,200 |
- |
56,200 |
Profit and loss reserve |
355,687 |
- |
- |
355,687 |
Total equity |
605,208 |
- |
- |
605,208 |
Page 11