Company Registration No. 10874481 (England and Wales)
SUBGERO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
7 Kings Court
Newcomen Way
Severalls Business Park
Colchester
Essex
CO4 9RA
SUBGERO LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SUBGERO LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2020
28 February 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
2
199,360
179,791
Investment properties
3
770,043
222,469
Investments
4
100
100
969,503
402,360
Current assets
Debtors
5
483,075
686
Cash at bank and in hand
748,575
1,132,468
1,231,650
1,133,154
Creditors: amounts falling due within one year
6
(27,196)
(186,290)
Net current assets
1,204,454
946,864
Total assets less current liabilities
2,173,957
1,349,224
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,173,857
1,349,124
Total equity
2,173,957
1,349,224
SUBGERO LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2020
28 February 2020
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 3 July 2020
Mr Lee Gooderham
Director
Company Registration No. 10874481
The notes on pages 4 to 7 form part of these financial statements
SUBGERO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 4 -
1
Accounting policies
Company information
Subgero Ltd
(10874481)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Kings Court, Newcomen Way, Severalls Business Park, Colchester, Essex, CO4 9RA.
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 £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Freehold land and buildings
2% straight line
Plant and equipment
25% reducing balance
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
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 profit or loss.
SUBGERO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
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.
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2019
180,100
2,790
182,890
Additions
22,130
422
22,552
At 28 February 2020
202,230
3,212
205,442
Depreciation and impairment
At 1 March 2019
2,402
697
3,099
Depreciation charged in the year
2,354
629
2,983
At 28 February 2020
4,756
1,326
6,082
Carrying amount
At 28 February 2020
197,474
1,886
199,360
At 28 February 2019
177,698
2,093
179,791
SUBGERO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 6 -
3
Investment property
2020
£
Fair value
At 1 March 2019
222,469
Additions
584,088
Revaluations
(36,514)
At 28 February 2020
770,043
Investment property is held at fair value, which equates to open market value. Property values are estimated by the director, based on their experience and with reference to recent actual market values of similar properties and any other relevant information. The properties were valued at 28 February 2020.
4
Fixed asset investments
2020
2019
£
£
Investment in group companies
100
100
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
483,075
686
6
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
27,196
186,290
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
SUBGERO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 7 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year, Subgero Ltd purchased freehold land for £21,580 from its subsidiary Ordtek Limited. At the balance sheet date, Subgero Ltd owed £21,670 (2019: £180,090) to Ordtek Limited.
During the year, the director was advanced £487,818. No interest has been charged.