Ediscum Properties Limited Filleted accounts for Companies House (small and micro)

EDISCUM PROPERTIES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-04-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:GBP 00653801 2018-04-01 2019-03-31 00653801 2019-03-31 00653801 2018-03-31 00653801 2017-04-01 2018-03-31 00653801 2018-03-31 00653801 bus:RegisteredOffice 2018-04-01 2019-03-31 00653801 bus:LeadAgentIfApplicable 2018-04-01 2019-03-31 00653801 bus:Director1 2018-04-01 2019-03-31 00653801 bus:Director2 2018-04-01 2019-03-31 00653801 bus:CompanySecretary1 2018-04-01 2019-03-31 00653801 core:WithinOneYear 2019-03-31 00653801 core:WithinOneYear 2018-03-31 00653801 core:ShareCapital 2019-03-31 00653801 core:ShareCapital 2018-03-31 00653801 core:RevaluationReserve 2019-03-31 00653801 core:RevaluationReserve 2018-03-31 00653801 core:RetainedEarningsAccumulatedLosses 2019-03-31 00653801 core:RetainedEarningsAccumulatedLosses 2018-03-31 00653801 bus:SmallEntities 2018-04-01 2019-03-31 00653801 bus:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 00653801 bus:FullAccounts 2018-04-01 2019-03-31 00653801 bus:SmallCompaniesRegimeForAccounts 2018-04-01 2019-03-31 00653801 bus:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 00653801 core:FurnitureFittings 2018-04-01 2019-03-31 00653801 core:FurnitureFittings 2018-03-31 00653801 core:InvestmentPropertyIncludedWithinPPE 2018-03-31 00653801 core:InvestmentPropertyIncludedWithinPPE 2018-04-01 2019-03-31 00653801 core:FurnitureFittings 2019-03-31 00653801 core:InvestmentPropertyIncludedWithinPPE 2019-03-31

COMPANY REGISTRATION NUMBER: 00653801

EDISCUM PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2019

EDISCUM PROPERTIES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

CONTENTS	PAGE

Officers and professional advisers	1

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

EDISCUM PROPERTIES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mrs S Edkins
	Mr J A Edkins

Company secretary	Mr J A Edkins

Registered office	3 Saddler Street
	Bishop Auckland
	Co Durham
	DL14 7BH

Accountants	Allen Sykes Ltd
	Chartered Accountants
	5 Henson Close
	South Church Enterprise Park
	Bishop Auckland
	County Durham
	DL14 6WA

Bankers	Barclays Bank Plc
	Jenkins House
	Bob Hardisty Drive
	Bishop Auckland
	County Durham
	DL14 8YL

EDISCUM PROPERTIES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ediscum Properties Limited for the year ended 31 March 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the directors of Ediscum Properties Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ediscum Properties Limited and state those matters that we have agreed to state you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ediscum Properties Limited and its directors for our work or for this report.

It is your duty to ensure that Ediscum Properties 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 Ediscum Properties Limited. You consider that Ediscum Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ediscum Properties 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.

Allen Sykes Ltd Chartered Accountants

5 Henson Close South Church Enterprise Park Bishop Auckland County Durham DL14 6WA

25 July 2019

EDISCUM PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1,636,811		1,636,910

CURRENT ASSETS

Debtors	6	23,210	22,945
Investments	7	5,357	5,228
Cash at bank and in hand		46,677	98,747
		---------	----------
		75,244	126,920

CREDITORS: amounts falling due within one year	8	31,440		54,098
		---------		----------
NET CURRENT ASSETS			43,804		72,822
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,680,615		1,709,732

PROVISIONS

Taxation including deferred tax	18,966	21,694
	-------------	-------------
NET ASSETS	1,661,649	1,688,038
	-------------	-------------

EDISCUM PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

	2019		2018
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	10,000	10,000
Revaluation reserve	473,875	473,875
Profit and loss account	1,177,774	1,204,163
	-------------	-------------
SHAREHOLDERS FUNDS	1,661,649	1,688,038
	-------------	-------------

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.

For the year ending 31 March 2019 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 were approved by the board of directors and authorised for issue on 15 July 2019 , and are signed on behalf of the board by:

Mr J A Edkins

Director

Company registration number: 00653801

EDISCUM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Saddler Street, Bishop Auckland, Co Durham, DL14 7BH.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Current asset investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.

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:

	Office equipment	-	15% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. TANGIBLE ASSETS

	Office equipment	Investment land and properties	Total
	£	£	£
Cost or valuation
At 1 April 2018	4,969	1,636,259	1,641,228
Additions	–	12,026	12,026
Revaluations	–	( 12,026)	( 12,026)
	-------	-------------	-------------
At 31 March 2019	4,969	1,636,259	1,641,228
	-------	-------------	-------------
Depreciation
At 1 April 2018	4,318	–	4,318
Charge for the year	99	–	99
	-------	-------------	-------------
At 31 March 2019	4,417	–	4,417
	-------	-------------	-------------
Carrying amount
At 31 March 2019	552	1,636,259	1,636,811
	-------	-------------	-------------
At 31 March 2018	651	1,636,259	1,636,910
	-------	-------------	-------------

Investment properties were valued on 31 March 2019 on an open market basis by the Directors.

6. DEBTORS

	2019	2018
	£	£
Trade debtors	22,942	22,942
Other debtors	268	3
	---------	---------
	23,210	22,945
	---------	---------

7. INVESTMENTS

	2019	2018
	£	£
Listed investments	5,357	5,228
	-------	-------

8. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	20,446	45,809
Corporation tax	7,712	4,426
Social security and other taxes	303	409
Other creditors	2,979	3,454
	---------	---------
	31,440	54,098
	---------	---------