Company Registration No. 08833220 (England and Wales)
18 & 20 VERA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
18 & 20 VERA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
18 & 20 VERA LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
Richard Place Dobson page 1
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
101,125
82,659
Current assets
Stocks
963,664
942,345
Debtors
4
1,635,144
1,313,445
Cash at bank and in hand
735,644
386,780
3,334,452
2,642,570
Creditors: amounts falling due within one year
5
(2,038,493)
(1,958,871)
Net current assets
1,295,959
683,699
Total assets less current liabilities
1,397,084
766,358
Provisions for liabilities
(3,101)
-
Net assets
1,393,983
766,358
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
1,393,883
766,258
Total equity
1,393,983
766,358
18 & 20 VERA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
Richard Place Dobson page 2
The director 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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
The financial statements were approved and signed by the director and authorised for issue on 18 December 2017
D D James
Director
Company Registration No. 08833220
18 & 20 VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
Richard Place Dobson page 3
1
Accounting policies
Company information
18 & 20 Vera Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1-7 Station Road, Crawley, West Sussex, RH10 1HT.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of 18 & 20 Vera Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for sale of properties held as trading stock and ground rent receivable on property held as freehold. Turnover is recognised at the date of exchange of contracts on the properties held as trading stock and evenly throughout the year on the properties held as freehold.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Stocks and work in progress
Work in progress is
stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials
, direct labour costs and applicable legal and professional fees.
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.
1.5
Cash and cash equivalents
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.
18 & 20 VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
Richard Place Dobson page 4
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies, are
initially recognised at transaction price
. Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost.
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 taxation is provided in full on timing differences which result in an obligation at the balance sheet date to
pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Timing differences arise from the inclusion of items of income and expenditure in taxation
computations in periods different from those in which they are included in financial statements.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
18 & 20 VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
Richard Place Dobson page 5
3
Investment property
2017
£
Fair value
At 1 April 2016
82,659
Revaluations
18,466
At 31 March 2017
101,125
Investment property comprises the freeholds of various residential properties subdivided into leasehold units. The fair value of the investment property has been calculated in accordance with Schedule 6, Part II of the Leasehold Reform, Housing and Urban Development Act 1993.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
82,659
82,659
Accumulated depreciation
-
-
Carrying amount
82,659
82,659
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
648,834
701
Amounts due from group undertakings
957,006
445,751
Other debtors
29,304
866,993
1,635,144
1,313,445
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
200,619
145,490
Amounts due to group undertakings
199,100
534,497
Corporation tax
153,065
41,477
Other creditors
1,485,709
1,237,407
2,038,493
1,958,871
18 & 20 VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
Richard Place Dobson page 6
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
On 31 August 2016, the director, D.D James exchanged his 100% shareholding in 18 & 20 Vera Limited for 100 Ordinary share in Emerald Pink Star Limited.
7
Directors' transactions
During the year the director, D.D. James, lent the company £57,951.56 (2016: the company lent £855,954.09 to D.D. James). The balance, which was outstanding in full at the balance sheet date, is interest free and repayable on demand.
8
Parent company
The parent company of 18 & 20 Vera Limited is Emerald Pink Star Limited and its registered office is 1-7 Station Road, Crawley, West Sussex, RH10 1HT.