Exeter Labour and Trades Unions Premises Limited 31/12/2018 iXBRL

Exeter Labour and Trades Unions Premises Limited 31/12/2018 iXBRL

EXETER LABOUR AND TRADES UNIONS PREMISES LIMITED - Company Information

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Company registration number: 00915525
Exeter Labour and Trades Unions Premises Limited
Unaudited filleted financial statements
31 December 2018
EXETER LABOUR AND TRADES UNIONS PREMISES LIMITED
Contents
Statement of financial position
Notes to the financial statements
EXETER LABOUR AND TRADES UNIONS PREMISES LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 21,602 22,053
_______ _______
21,602 22,053
Current assets
Cash at bank and in hand 1,535 1,099
_______ _______
1,535 1,099
Creditors: amounts falling due
within one year 6 ( 761) ( 762)
_______ _______
Net current assets 774 337
_______ _______
Total assets less current liabilities 22,376 22,390
Creditors: amounts falling due
after more than one year 7 ( 26,048) ( 26,048)
_______ _______
Net liabilities ( 3,672) ( 3,658)
_______ _______
Capital and reserves
Called up share capital 370 370
Profit and loss account 8 ( 4,042) ( 4,028)
_______ _______
Shareholders deficit ( 3,672) ( 3,658)
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 April 2019 , and are signed on behalf of the board by:
Mr Albert Lopez
Director
Company registration number: 00915525
EXETER LABOUR AND TRADES UNIONS PREMISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Exeter Labour and Trades Unions Premises Limited , 26b Clifton Hill, Exeter, Devon, EX1 2DJ.
Principal activity
The principal activity of the company is owning property to derive rental income.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - The lease and alterations are amortised at a straight line rate commensurate with its term
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2017: Nil).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2018 and 31 December 2018 42,964 922 43,886
_______ _______ _______
Depreciation
At 1 January 2018 20,911 922 21,833
Charge for the year 451 - 451
_______ _______ _______
At 31 December 2018 21,362 922 22,284
_______ _______ _______
Carrying amount
At 31 December 2018 21,602 - 21,602
_______ _______ _______
At 31 December 2017 22,053 - 22,053
_______ _______ _______
A 99 year lease dated 1 January 1968 is held by the company in respect of 26b Clifton Hill,Exeter.An annual rental of £1 is payable to the freeholders, the Exeter Labour Party.
6. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 656 655
Social security and other taxes 105 107
_______ _______
761 762
_______ _______
7. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 26,048 26,048
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.