Company No:
Contents
DIRECTORS | Mark Dorrill |
Steve Wells | |
Ann Wells |
REGISTERED OFFICE | The New Works |
Roughmoor Industrial Estate | |
Williton | |
Somerset | |
TA4 4RF | |
United Kingdom |
COMPANY NUMBER | 07586103 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Stratus House | |
Emperor Way | |
Exeter Business Park | |
Exeter | |
EX1 3QS |
Note | 2020 | 2019 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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Investments | 5 |
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6,671,709 | 6,664,477 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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344,977 | 199,611 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current liabilities | (85,852) | (161,594) | ||
Total assets less current liabilities | 6,585,857 | 6,502,883 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provisions for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of 599 Developments Ltd (registered number:
Steve Wells
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
599 Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (registered number: 07586103). The address of the Company's registered office is The New Works, Roughmoor Industrial Estate, Williton, Somerset, TA4 4RF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of 599 Developments Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Office Equipment - 3 years
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Grants that do not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The profit and loss account represents the accumulated results for the company.
Revaluation reserve - non-distributable
The revaluation reserve (non-distributable) represents the accumulated difference between the cost and valuations of the investment property held by the company less deferred tax.
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2020 |
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At 31 December 2020 |
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Accumulated depreciation | |||
At 01 January 2020 |
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At 31 December 2020 |
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Net book value | |||
At 31 December 2020 |
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At 31 December 2019 |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2020 |
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Additions | 7,232 |
As at 31 December 2020 |
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Valuation
The valuation of the property at 31 December 2020 were made by the directors, on an open market value for existing use basis.
Investments in subsidiaries
2020 | |
£ | |
Cost | |
At 01 January 2020 |
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At 31 December 2020 |
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Carrying value at 31 December 2020 |
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Carrying value at 31 December 2019 |
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2020 | 2019 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by own subsidiaries |
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Other taxation and social security |
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Other debtors |
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2020 | 2019 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
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Trade creditors |
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Amounts owed to own subsidiaries |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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2020 | 2019 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2020 | 2019 | ||
£ | £ | ||
Bank loans (secured / repayable by instalments) |
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2020 | 2019 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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The deferred taxation balance is made up as follows:
2020 | 2019 | ||
£ | £ | ||
Revaluation of investment property | (
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Other timing differences |
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2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2020 | 2019 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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- after five years |
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Transactions with the entity's directors
2020 | 2019 | ||
£ | £ | ||
Amount owed by the directors to the company | 84,024 | 19,714 |
The directors loan account was repaid in full on 11 August 2021.
Advances
In October 2021, Steve Wells transferred 50% to a group of companies under his control.