Regent Centre (Newtown) Limited - Limited company accounts 18.2

REGISTERED NUMBER: 01764170 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

REGENT CENTRE (NEWTOWN) LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

J R Davies

Mrs J Mills

G J C Evans

SECRETARY:

J R Davies

REGISTERED OFFICE:

c/o W.R. Davies

Conwy Road

Llandudno Junction

Gwynedd

LL31 9BA

REGISTERED NUMBER:

01764170 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co.

Chartered Accountants

6 Claremont Buildings

Claremont Bank

Shrewsbury

Shropshire

SY1 1RJ

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property management.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this

report.

J R Davies

Mrs J Mills

G J C Evans

Other changes in directors holding office are as follows:

Mrs M L J Davies ceased to be a director after 31 December 2018 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J R Davies - Director

25 June 2019

TURNOVER

21,156

7,143

Administrative expenses

(32,679

)

(5,624

)

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT BEFORE TAXATION

(11,523

)

1,519

Tax on (loss)/profit

5

1,300

2,974

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(10,223

)

4,493

(LOSS)/PROFIT FOR THE YEAR

(10,223

)

4,493

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(10,223

)

4,493

FIXED ASSETS

Tangible assets

6

15,956

18,772

Investment property

7

500,000

500,000

515,956

518,772

CURRENT ASSETS

Debtors

8

20,601

-

Cash at bank

19,381

33,744

39,982

33,744

CREDITORS

Amounts falling due within one year

9

37,100

23,146

NET CURRENT ASSETS

2,882

10,598

TOTAL ASSETS LESS CURRENT LIABILITIES

518,838

529,370

PROVISIONS FOR LIABILITIES

7,156

7,465

NET ASSETS

511,682

521,905

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

511,582

521,805

SHAREHOLDERS' FUNDS

511,682

521,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 June 2019 and were signed on its behalf by:

J R Davies - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2017

100

517,312

517,412

Changes in equity

Total comprehensive income

-

4,493

4,493

Balance at 31 December 2017

100

521,805

521,905

Changes in equity

Total comprehensive income

-

(10,223

)

(10,223

)

Balance at 31 December 2018

100

511,582

511,682

1.	STATUTORY INFORMATION

Regent Centre (Newtown) Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page. The

principal place of business is Haughmond View, Sitka Drive, Shrewsbury Business Park, SY2 6LG.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total amount receivable by the company from investments.

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase

price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life:

Fixtures and fittings

-

15% reducing balance

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is

recognised in profit or loss.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including cash and bank balances, are initially recognised at transaction price and

subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment

is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to

another party.

(ii) Financial liabilities

Basic financial liabilities, including other loans, are initially recognised at transaction price and subsequently

carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

4.	OPERATING (LOSS)/PROFIT

The operating loss (2017 - operating profit) is stated after charging:

31.12.18

31.12.17

£

£

Depreciation - owned assets

2,816

3,313

There were no staff costs in the current or prior year.

5.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.18

31.12.17

£

£

Current tax:

UK corporation tax

(991

)

991

Deferred tax

(309

)

(3,965

)

Tax on (loss)/profit

(1,300

)

(2,974

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

31.12.18

31.12.17

£

£

(Loss)/profit before tax

(11,523

)

1,519

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2017 - 19%)

(2,189

)

289

Effects of:

Expenses not deductible for tax purposes

-

217

Depreciation in excess of capital allowances

408

475

Deferred tax

(309

)

(3,965

)

Losses carried forward

790

-

Effect of change in tax rate

-

10

Total tax credit

(1,300

)

(2,974

)

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2018

and 31 December 2018

382,899

DEPRECIATION

At 1 January 2018

364,127

Charge for year

2,816

At 31 December 2018

366,943

NET BOOK VALUE

At 31 December 2018

15,956

At 31 December 2017

18,772

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

500,000

NET BOOK VALUE

At 31 December 2018

500,000

At 31 December 2017

500,000

The fair value of investment property is based on a valuation performed by James R Evans MRICS.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

17,021

-

Corporation tax recoverable

991

-

Prepayments

2,589

-

20,601

-

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

1,273

-

Corporation tax

-

991

VAT

3,104

660

Amount due to W R Davies (Motors) Limited

11,424

10,424

Directors' current accounts

10,000

10,000

Accruals and deferred income

11,299

1,071

37,100

23,146

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

100

Ordinary

£1

100

100

Each ordinary share has full voting and dividend rights.

Called up share capital represents the nominal value of shares that have been issued.