Company Registration No. 07656277 (England and Wales)
102 - 104 CLEVELAND STREET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
ACCOUNTS FOR FILING WITH REGISTRAR
102 - 104 CLEVELAND STREET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
102 - 104 CLEVELAND STREET LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
51,084
51,084
Current assets
Debtors
3
8,655
7,876
Cash at bank and in hand
2,254
4,255
10,909
12,131
Creditors: amounts falling due within one year
4
(8,984)
(10,664)
Net current assets
1,925
1,467
Total assets less current liabilities
53,009
52,551
Capital and reserves
Called up share capital
5
7
7
Share premium account
55,738
55,738
Profit and loss reserves
(2,736)
(3,194)
Total equity
53,009
52,551
The directors of the company have 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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
The financial statements were approved by the board of directors and authorised for issue on 25 October 2018 and are signed on its behalf by:
J Thomson
Director
Company Registration No. 07656277
102 - 104 CLEVELAND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
102 - 104 Cleveland Street Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Cathedral Chambers 2, Amen Alley, Derby, Derbyshire, DE1 3GT.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
The company receives rental income from the lessees who have not participate in the purchase of the freehold.
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:
Land and buildings Freehold
Nil
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
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
102 - 104 CLEVELAND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
other
loans and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.7
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.8
During the year the company has acted as agent for the lessees of the property at 102 - 104 Cleveland Street, London, W1T 6NT. The funds in relation to the maintenance of the property are held in trust.
Income and expenditure in relation to the maintenance of the common parts of the property held in accordance with the governing leases are shown in separate service charge accounts for the property. These transactions do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 102 - 104 Cleveland Street Limited.
102 - 104 CLEVELAND STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2017 and 31 December 2017
51,084
Depreciation and impairment
At 1 January 2017 and 31 December 2017
-
Carrying amount
At 31 December 2017
51,084
At 31 December 2016
51,084
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
691
-
Other debtors
7,964
7,876
8,655
7,876
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
1,716
Other creditors
8,984
8,948
8,984
10,664
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
7 Ordinary shares of £1 each
7
7
7
7