Company No:
Contents
DIRECTOR | Mr O Sutherland |
REGISTERED OFFICE | 10 Temple Back |
Bristol | |
BS1 6FL | |
United Kingdom | |
COMPANY NUMBER | 10859646(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Sutherland M Power Holdings 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 Sutherland M Power Holdings Limited. You consider that Sutherland M Power Holdings Limited is exempt from the statutory audit requirement for the financial period.
We have not been instructed to carry out an audit or a review of the financial statements of Sutherland M Power Holdings 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.
Chartered Accountants
Bristol
BS1 6FL
31.12.2019 | 30.06.2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
2,000,000 | 673,430 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
123,987 | 14,341 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (844,069) | (673,258) | ||
Total assets less current liabilities | 1,155,931 | 172 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
|
|
|
Provisions for liabilities | (
|
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Sutherland M Power Holdings Limited (registered number:
Mr O Sutherland
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year.
Sutherland M Power Holdings Limited is a limited liability company, limited by shares, incorporated and registered in England within the United Kingdom.
The registered office is 16 Queen Square, Bristol, United Kingdom, BS1 4NT.
The registered number is 10859646.
During the period, the company changed its year end to 31 December.
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 Director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. He has 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. At the balance sheet date the Director has carefully considered the recent COVID-19 events and, with this in mind, believes that the Going concern basis is still appropriate for the preparation of the financial statements.
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.
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.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Period from 01.07.2018 to 31.12.2019 |
Period from 11.07.2017 to 30.06.2018 |
|
Number | Number | |
Monthly average number of persons employed by the Company during the period, including director |
|
|
Land and buildings | Assets under construction | Total | |
£ | £ | £ | |
Cost/Valuation | |||
At 01 July 2018 |
|
|
|
Additions |
|
|
|
Transfers | (
|
(
|
(
|
At 31 December 2019 |
|
|
|
Accumulated depreciation | |||
At 01 July 2018 |
|
|
|
At 31 December 2019 |
|
|
|
Net book value | |||
At 31 December 2019 |
|
|
|
At 30 June 2018 |
|
|
|
31.12.2019 | 30.06.2018 | |
£ | £ | |
At the beginning of financial period |
|
|
Transfers | 1,661,240 | 0 |
Revaluation | 338,760 | 0 |
At the end of financial period |
|
|
Valuation
The 2019 valuation was made by Landed Property Solutions Limited, on an open market value for existing use basis.
If the investment property had been accounted for under the historic cost accounting rules, the property would have been at £1,661,240.
31.12.2019 | 30.06.2018 | |
£ | £ | |
VAT recoverable |
|
|
Other debtors |
|
|
|
|
31.12.2019 | 30.06.2018 | |
£ | £ | |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Amounts owed to directors |
|
|
Other creditors |
|
|
Accruals |
|
|
Corporation tax |
|
|
Other taxation and social security |
|
|
|
|
31.12.2019 | 30.06.2018 | |
£ | £ | |
Bank loans |
|
|
864,000 | 0 |
31.12.2019 | 30.06.2018 | |
£ | £ | |
At the beginning of financial period/year |
|
|
Charged to the Statement of Income and Retained Earnings | (
|
|
At the end of financial period/year | (
|
|
The deferred taxation balance is made up as follows:
31.12.2019 | 30.06.2018 | |
£ | £ | |
Revaluation of investment property | (
|
|
Tax losses carry forward |
|
|
(
|
|
31.12.2019 | 30.06.2018 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
|
|
|
1 | 1 |
At the period end, the director was owed £51,478 (2018: £38,583) from the company.
During the period the director withdrew dividends totalling £Nil (2018: £20,000).
The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £274,396 (2018: £Nil).