Ardane Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04642522 (England and Wales)

ARDANE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mrs E J Gallagher

Ms G C Morton

Mr R A Cutt

REGISTERED OFFICE:

54 Knifesmithgate

Chesterfield

Derbyshire

S40 1RQ

REGISTERED NUMBER:

04642522 (England and Wales)

ACCOUNTANTS:

The Rees Partnership

Bentley Bridge House

Chesterfield Road

Matlock

Derbyshire

DE4 5LE

FIXED ASSETS

Tangible assets

3

480

640

Investments

4

35,023

32,357

Investment property

5

1,017,000

1,017,000

1,052,503

1,049,997

CURRENT ASSETS

Debtors

6

682

271

Cash at bank

12,208

19,801

12,890

20,072

CREDITORS

Amounts falling due within one year

7

(65,764

)

(58,200

)

NET CURRENT LIABILITIES

(52,874

)

(38,128

)

TOTAL ASSETS LESS CURRENT LIABILITIES

999,629

1,011,869

CREDITORS

Amounts falling due after more than one year

8

(274,000

)

(310,000

)

PROVISIONS FOR LIABILITIES

(8,171

)

(7,665

)

NET ASSETS

717,458

694,204

CAPITAL AND RESERVES

Called up share capital

70,000

70,000

Fair value reserve

10

272,002

269,842

Retained earnings

375,456

354,362

SHAREHOLDERS' FUNDS

717,458

694,204

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 May 2019 and were signed on its behalf by:

Mrs E J Gallagher - Director

Ms G C Morton - Director

1.	STATUTORY INFORMATION

Ardane 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Assets held under finance leases and hire purchase contracts, which are those where substantially all

the risks and rewards of ownership of the asset have passed to the company, are capitalised in the

balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase

obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period

of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on as incurred over the lease term.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2018

and 31 January 2019

18,482

DEPRECIATION

At 1 February 2018

17,842

Charge for year

160

At 31 January 2019

18,002

NET BOOK VALUE

At 31 January 2019

480

At 31 January 2018

640

4.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST OR VALUATION

At 1 February 2018

32,357

Revaluations

2,666

At 31 January 2019

35,023

NET BOOK VALUE

At 31 January 2019

35,023

At 31 January 2018

32,357

Cost or valuation at 31 January 2019 is represented by:

Interest

in

associate

£

Valuation in 2019

34,983

Cost

40

35,023

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2018

and 31 January 2019

1,017,000

NET BOOK VALUE

At 31 January 2019

1,017,000

At 31 January 2018

1,017,000

Fair value at 31 January 2019 is represented by:

£

Valuation in 2019

245,150

Cost

771,850

1,017,000

If investment properties had not been revalued they would have been included at the following

historical cost:

2019

2018

£

£

Cost

771,850

771,850

Investment properties were valued on an open market basis on 31 January 2019 by the directors. .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

682

271

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

45,661

37,319

Taxation and social security

6,277

5,900

Other creditors

13,826

14,981

65,764

58,200

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

274,000

310,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

94,000

130,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

310,000

346,000

Bank borrowings are secured by charges over the company's freehold property.

10.

RESERVES

Fair

value

reserve

£

At 1 February 2018

269,842

Movement in the year

2,160

At 31 January 2019

272,002

11.	RELATED PARTY DISCLOSURES

Mr Roy Cutt, is related to the directors of Ardane Limited. He is a director and shareholder in a

property management and lettings agency company, which manages properties on behalf of Ardane

Limited. Fees charged in relation to these services amounted to £7,651 including VAT.

Other creditors include a loan from Mr Cutt of £8,700, (2018: £8,700). This loan is interest free, with

no fixed terms for repayment.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the trustees of the SER Family Discretionary Trust and the RRE No. 1

Discretionary Trust by virtue of the trusts' shareholdings.