| Langbourn Properties (Butler's Wharf Building) Limited |
| Registered number: |
04246115 |
| Balance Sheet |
| as at 30 June 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
31,300,000 |
|
|
27,900,000 |
|
| Current assets |
| Debtors |
3 |
|
1,705,068 |
|
|
1,974,026 |
| Cash at bank and in hand |
|
|
1,003,657 |
|
|
182,210 |
|
|
|
2,708,725 |
|
|
2,156,236 |
|
| Creditors: amounts falling due within one year |
4 |
|
(15,851,227) |
|
|
(15,549,420) |
|
| Net current liabilities |
|
|
|
(13,142,502) |
|
|
(13,393,184) |
|
| Net assets |
|
|
|
18,157,498 |
|
|
14,506,816 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Revaluation reserve |
5 |
|
|
16,359,472 |
|
|
12,959,472 |
| Profit and loss account |
|
|
|
1,798,024 |
|
|
1,547,342 |
|
| Shareholders' funds |
|
|
|
18,157,498 |
|
|
14,506,816 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| N.C.Wiggins |
| Director |
| Approved by the board on 16 November 2018 |
|
| Langbourn Properties (Butler's Wharf Building) Limited |
| Notes to the Accounts |
| for the year ended 30 June 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax, of gross rents receivable under operating leases on the property, and is recognisable as it falls due. |
|
|
Investment property |
|
Investment properties, including freehold and leasehold properties, are independently valued each year on an open market basis. Any surplus or deficit arising is transferred to the revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged to the profit and loss account.
In accordance with SSAP19, no depreciation or amortisation is provided in respect of freehold or leasehold properties having more than 20 years unexpired. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is, in the opinion of the Directors, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards, as properties are included in the financial statements at their open market value.
The effect of depreciation and amortisation on value is already reflected annually in the valuation of properties, and the amount attributed to this factor by the valuers cannot reasonably be separately identified or quantified. Had the provisions of the Act been followed, net assets would not have been affected but revenue profits would have been reduced for this and earlier years. |
|
|
Taxation |
|
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. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Valuation |
|
At 1 July 2017 |
27,900,000 |
|
Surplus on revaluation |
3,400,000 |
|
At 30 June 2018 |
31,300,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 June 2018 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2018 |
31,300,000 |
|
At 30 June 2017 |
27,900,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
14,940,528 |
|
14,940,528 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
14,940,528 |
|
14,940,528 |
|
A blank row |
|
The leasehold property, with an unexpired term of 981 years, was valued on an open market basis as at 30 June 2018 by CBRE Limited, Chartered Surveyors. |
|
|
| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
296,387 |
|
470,223 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,400,000 |
|
1,500,000 |
|
Other debtors |
8,681 |
|
3,803 |
|
|
|
|
|
|
1,705,068 |
|
1,974,026 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
397,861 |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
14,983,220 |
|
14,983,220 |
|
Taxation and social security costs |
324,498 |
|
211,506 |
|
Other creditors |
145,648 |
|
354,694 |
|
|
|
|
|
|
15,851,227 |
|
15,549,420 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Revaluation reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 July 2017 |
12,959,472 |
|
12,709,472 |
|
Gain on revaluation of land and buildings |
3,400,000 |
|
250,000 |
|
|
At 30 June 2018 |
16,359,472 |
|
12,959,472 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
|
Under the provision of FRS 8, as a wholly owned subsidiary, the company is exempt from disclosure of transactions with other group companies or with related parties in which the group holds an investment. The consolidated accounts of the parent company, Langbourn Properties Limited, are available from the registered office at 30 Triggs Close, Triggs Lane, Woking GU22 0EJ. |
|
|
| 7 |
Controlling party |
|
|
The ultimate parent company is Langbourn Properties Limited, a company incorporated in England and Wales. Mr N.C. Wiggins is a director of the company and controls the company on the basis of holding 89.6% of the issued share capital of the ultimate parent company. |
|
|
| 8 |
Other information |
|
|
Langbourn Properties (Butler's Wharf Building) Limited is a private company limited by shares and incorporated in England. |
