Company Registration No. 02736134 (England and Wales)
CARRINGWOOD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
CARRINGWOOD LIMITED
COMPANY INFORMATION
Director
Mr P D Wood
Secretary
Carpenter Box Trustees LLP
Company number
02736134
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
MHA Carpenter Box
2 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
9 Greystone Avenue
Worthing
West Sussex
BN13 1LR
CARRINGWOOD LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CARRINGWOOD LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARRINGWOOD LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carringwood Limited for the year ended 31 December 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Carringwood Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Carringwood Limited
and state those matters that we have agreed to state to the Board of Directors of Carringwood Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carringwood Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Carringwood Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Carringwood Limited. You consider that Carringwood Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Carringwood Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
21 May 2018
Chartered Accountants
2 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
CARRINGWOOD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,350
-
Investment properties
4
2,485,000
1,525,210
2,487,350
1,525,210
Current assets
Stocks
773,882
-
Debtors
5
87,440
557,979
Cash at bank and in hand
377,816
705,365
1,239,138
1,263,344
Creditors: amounts falling due within one year
6
(59,146)
(105,954)
Net current assets
1,179,992
1,157,390
Total assets less current liabilities
3,667,342
2,682,600
Provisions for liabilities
(121,600)
-
Net assets
3,545,742
2,682,600
Capital and reserves
Called up, issued and fully paid share capital
2
2
Profit and loss reserves
7
3,545,740
2,682,598
Total equity
3,545,742
2,682,600
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 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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.
CARRINGWOOD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 21 May 2018
Mr P D Wood
Director
Company Registration No. 02736134
CARRINGWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information
Carringwood Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced property sales, recognised on exchange of contracts, and amounts receivable for rents from investment properties, recognised on a time apportioned basis, net of VAT.
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:
Fixtures and fittings
25% diminishing balance
Computers
33% straight line
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is
measured using the fair value model and is stated at its fair value
a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks.
CARRINGWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.7
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.
Basic financial assets
Basic financial assets, which include
trade and other
debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including
trade and other
creditors, 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
CARRINGWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
-
Additions
2,464
At 31 December 2017
2,464
Depreciation and impairment
At 1 January 2017
-
Depreciation charged in the year
114
At 31 December 2017
114
Carrying amount
At 31 December 2017
2,350
At 31 December 2016
-
4
Investment property
2017
£
Fair value
At 1 January 2017
1,525,210
Revaluations
959,790
At 31 December 2017
2,485,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the balance sheet date by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the local area.
A provision has been made for the tax on the chargeable gain that would arise if the company's investment properties were to be sold at their carrying values in these financial statements.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
5,435
14,448
Other debtors
82,005
543,531
87,440
557,979
CARRINGWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
14,944
6,079
Corporation tax
10,675
11,825
Other taxation and social security
-
1,502
Other creditors
33,527
86,548
59,146
105,954
7
Profit and loss reserves
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties. Included within the profit and loss reserve are non-distributable reserves totalling £838,190 (2016 - £nil).