COMPANY REGISTRATION NUMBER:
06609804
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2020
Fixed assets
Tangible assets
|
4
|
|
364,000
|
364,000
|
|
|
|
|
|
Current assets
Debtors
|
5
|
91,739
|
|
103,822
|
Cash at bank and in hand
|
4,686
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|
26,756
|
|
--------
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|
---------
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|
96,425
|
|
130,578
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
189,529
|
|
189,595
|
|
---------
|
|
---------
|
Net current liabilities
|
|
93,104
|
59,017
|
|
|
---------
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---------
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Total assets less current liabilities
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|
270,896
|
304,983
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
7
|
|
182,812
|
195,809
|
|
|
---------
|
---------
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Net assets
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|
88,084
|
109,174
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|
|
---------
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---------
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|
|
|
|
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Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
87,984
|
109,074
|
|
|
--------
|
---------
|
Shareholders funds
|
|
88,084
|
109,174
|
|
|
--------
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---------
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|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
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|
31 March 2020
These financial statements were approved by the
board of directors
and authorised for issue on
26 February 2021
, and are signed on behalf of the board by:
Company registration number:
06609804
Notes to the Financial Statements
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|
Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 36 Joiners Road, Three Crosses, Swansea, SA4 3NY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of rental income during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tangible assets
|
Freehold property
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|
£
|
Cost
|
|
At 1 April 2019 and 31 March 2020
|
364,000
|
|
---------
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Depreciation
|
|
At 1 April 2019 and 31 March 2020
|
–
|
|
---------
|
Carrying amount
|
|
At 31 March 2020
|
364,000
|
|
---------
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At 31 March 2019
|
364,000
|
|
---------
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The directors, based on the knowledge of the local property market, valued the property at 31 March 2019 to be £364,000. A subsequent review carried out at the balance sheet date by the directors determine there to be no movement in the market value of the property. The historical cost of the property is £309,844.
5.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Other debtors
|
91,739
|
103,822
|
|
--------
|
---------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
12,675
|
11,938
|
Corporation tax
|
2,271
|
5,612
|
Other creditors
|
174,583
|
172,045
|
|
---------
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---------
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189,529
|
189,595
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|
---------
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---------
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|
The National Westminster Bank Plc have a fixed charge over the fixed assets of the company during the year.
7.
Creditors:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
182,812
|
195,809
|
|
---------
|
---------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £128,300 (2019: £144,200) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The National Westminster Bank Plc have a fixed charge over the fixed assets of the company due to a business loan taken out by the company in September 2008. The loan is repayable over 25 years with interest being charged at a variable rate of interest over the life of the loan.
8.
Related party transactions
Bouchon De Rossi Limited, a company owned and controlled by the directors, paid expenses on behalf of the company totalling £6,534 (2019 - £936) during the year. Included in debtors at the year was £91,739 (2019 £103,822) owed by Bouchon De Rossi Limited. Rent received from Bouchon De Rossi Limited amounted to £18,450 (2019 £36,400).