Contents of the Financial Statements
for the Period Ended 30 June 2019
Balance sheet
As at 30 June 2019
| Notes | 2019 |
| | £ |
Fixed assets |
Investments: | 2 | 468,825 |
Total fixed assets: | | 468,825 |
Current assets |
Cash at bank and in hand: | | 11,812 |
Total current assets: | | 11,812 |
Creditors: amounts falling due within one year: | 3 | (18,103) |
Net current assets (liabilities): | | (6,291) |
Total assets less current liabilities: | | 462,534 |
Creditors: amounts falling due after more than one year: | 4 | (342,563) |
Total net assets (liabilities): | | 119,971 |
Capital and reserves |
Called up share capital: | | 100 |
Share premium account: | | 117,300 |
Profit and loss account: | | 2,571 |
Shareholders funds: | | 119,971 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 30 June 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 23 March 2020
and signed on behalf of the board by:
Name: Mr Thomas Senogles
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 30 June 2019
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Tangible fixed assets and depreciation policy
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Other accounting policies
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Notes to the Financial Statements
for the Period Ended 30 June 2019
2. Fixed investments
Other Fixed Asset InvestmentsLand and Buildings at 24 High Street EastUppingham LE15 9PZCost £468,825At 30 June 2019 £468,825Valued at cost £450,000 plus fees and disbursements being current fair value
Notes to the Financial Statements
for the Period Ended 30 June 2019
3. Creditors: amounts falling due within one year note
Creditors: Amounts falling due within one yearTrade Creditors £ 1,500Taxation and social security £ 603Directors Loans £16,000Total £18,103
Notes to the Financial Statements
for the Period Ended 30 June 2019
4. Creditors: amounts falling due after more than one year note
Creditors: Amounts falling due after one yearBank Loans £342,563Secured £342,563A fixed and floating charge date 5 December 2018 over all the undertaking of the company in favour of Amicus Finance PLC, including the property at 24 High Street East Uppingham LE15 9PZ