Expressway55 (Deeside) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08544815 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Expressway55 (Deeside) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Jonathan Peter Batson

Jeoffrey Paul Batson

REGISTERED OFFICE:

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

REGISTERED NUMBER:

08544815 (England and Wales)

FIXED ASSETS

Tangible assets

4

182,889

313,845

Investment property

5

7,000,000

4,720,000

7,182,889

5,033,845

CURRENT ASSETS

Debtors

6

1,117

879

Cash at bank

487,784

30,462

488,901

31,341

CREDITORS

Amounts falling due within one year

7

(311,986

)

(303,327

)

NET CURRENT ASSETS/(LIABILITIES)

176,915

(271,986

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,359,804

4,761,859

CREDITORS

Amounts falling due after more than one
year

8

(2,047,780

)

(2,212,991

)

PROVISIONS FOR LIABILITIES

(403,511

)

(59,042

)

NET ASSETS

4,908,513

2,489,826

CAPITAL AND RESERVES

Called up share capital

1,298,000

Retained earnings

3,610,513

1,191,826

SHAREHOLDERS' FUNDS

4,908,513

2,489,826

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 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 13 June 2019 and were signed on its behalf by:

Jeoffrey Paul Batson - Director

1.	STATUTORY INFORMATION

Expressway55 (Deeside) Ltd ('The Company') is a property investment company and includes the trade of

equipment leasing.

The company is a private company limited by shares and is incorporated in England and Wales. The address of

the registered office is Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF and the registered number is

08544815.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Basis of preparing the financial statements

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Revenue recognition

Revenue represents rentals receivable, excluding value added tax. Rentals are recognised on a straight line basis

over the period of the lease or to the date of the next rent review.

Tangible fixed assets

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

Assets held for rental

-

25% on cost

Investment property

Investment property is shown at fair value, the fair value is reviewed annually by the directors. Any aggregate

surplus or deficit arising from changes in the fair value in the year is recognised in the profit or loss within the

Statement of Comprehensive Income. The cumulative fair value surplus on the investment property is

highlighted in the notes to the financial statements as non-distributable reserves.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted

amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Statement of Income and Retained Earnings.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Operating lease income

Assets acquired and held for use under operating leases are recorded as fixed assets and are depreciated on a

straight line basis to their estimated residual values over their estimated useful lives. Operating lease income is

recognised on a straight line basis over the period of the lease or to the date of the next rent review.

4.	TANGIBLE FIXED ASSETS

Assets

held for

rental

£

COST

At 1 January 2018

867,734

Additions

21,217

At 31 December 2018

888,951

DEPRECIATION

At 1 January 2018

553,889

Charge for year

152,173

At 31 December 2018

706,062

NET BOOK VALUE

At 31 December 2018

182,889

At 31 December 2017

313,845

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

4,720,000

Revaluations

2,280,000

At 31 December 2018

7,000,000

NET BOOK VALUE

At 31 December 2018

7,000,000

At 31 December 2017

4,720,000

Fair value at 31 December 2018 is represented by:

£

Valuation in 2018

7,000,000

If Investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

Cost

4,595,821

Investment property was valued on an open market value basis on 1 May 2019 by Jones Lang LaSalle Limited .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

VAT

29

39

Prepayments

1,088

840

1,117

879

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Mortgage loan

167,003

Trade creditors

-

228

Tax

142,286

133,149

Directors' loan accounts

947

Accrued expenses

1,750

2,000

311,986

303,327

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2018

2017

£

Mortgage loan - 1-2 years

167,003

Mortgage loan - 2-5 years

501,008

Mortgage loan more than 5

years

1,379,769

1,544,980

2,047,780

2,212,991

Amounts falling due in more than five years:

Repayable by instalments

Mortgage loan more than 5

years

1,379,769

1,544,980

1,379,769

1,544,980

9.	LEASING AGREEMENTS

Minimum lease payments receivable fall due as follows:

Non-cancellable operating

leases

2018

2017

£

Within one year

84,850

552,733

Between one and five years

8,750

77,850

93,600

630,583

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

Mortgage loan

2,214,783

2,379,994

The bank holds a first legal mortgage over the property at Tenth Avenue, Zone 3, Deeside Industrial Park.

The mortgage loan is also subject to a guarantee by a number of related parties to secure all bank liabilities of

each other.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

An amount of £947 (2017: £947) owed to the directors is included within creditors: amounts falling due within

one year. The amount is repayable on demand, unsecured and interest free.

12.	RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the end of the reporting period were

as follows:

Entities over which the directors have control:

2018

2017

£

Sales

848,922

843,672

13.	NON-DISTRIBUTABLE RESERVES

Included within retained earnings is an amount of £2,404,179 which is a non-distributable reserve.

Expressway55 (Deeside) Limited - Accounts to registrar (filleted) - small 18.2

Expressway55 (Deeside) Limited - Accounts to registrar (filleted) - small 18.2