Shouson Ltd 31/05/2019 iXBRL

Shouson Ltd 31/05/2019 iXBRL

SHOUSON LTD - Company Information

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Company registration number: 06905138
Shouson Ltd
Unaudited filleted financial statements
31 May 2019
Shouson Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Shouson Ltd
Directors and other information
Director Mr Guy Neville Priestley
Company number 06905138
Registered office 1 Rockfield Business Park
Old Station Drve
Leckhampton
Cheltenham
GL53 0AN
Business address Little Wood Corner
Wood Lane
South Heath
Great Missenden
HP6 0RB
Accountants BPC Partners Limited
1 Rockfield Business Park
Old Station Drive
Cheltenham
Gloucestershire
GL53 0AN
Shouson Ltd
Statement of financial position
31 May 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 1,073,469 1,073,469
Investments 6 79 79
_______ _______
1,073,548 1,073,548
Current assets
Debtors 7 171,844 172,813
Cash at bank and in hand 3,695 22,591
_______ _______
175,539 195,404
Creditors: amounts falling due
within one year 8 ( 712,233) ( 732,663)
_______ _______
Net current liabilities ( 536,694) ( 537,259)
_______ _______
Total assets less current liabilities 536,854 536,289
Creditors: amounts falling due
after more than one year 9 ( 206,000) ( 206,000)
Provisions for liabilities ( 57,760) ( 57,760)
_______ _______
Net assets 273,094 272,529
_______ _______
Capital and reserves
Called up share capital 2 2
Fair value reserve 246,240 246,240
Profit and loss account 26,852 26,287
_______ _______
Shareholders funds 273,094 272,529
_______ _______
For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 02 August 2019 , and are signed on behalf of the board by:
Mr Guy Neville Priestley
Director
Company registration number: 06905138
Shouson Ltd
Statement of changes in equity
Year ended 31 May 2019
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 June 2017 2 246,240 14,200 260,442
Profit for the year 29,880 29,880
_______ _______ _______ _______
Total comprehensive income for the year - - 29,880 29,880
Dividends paid and payable ( 17,793) ( 17,793)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 17,793) ( 17,793)
_______ _______ _______ _______
At 31 May 2018 and 1 June 2018 2 246,240 26,287 272,529
Profit for the year 15,565 15,565
_______ _______ _______ _______
Total comprehensive income for the year - - 15,565 15,565
Dividends paid and payable ( 15,000) ( 15,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 15,000) ( 15,000)
_______ _______ _______ _______
At 31 May 2019 2 246,240 26,852 273,094
_______ _______ _______ _______
Shouson Ltd
Notes to the financial statements
Year ended 31 May 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 1 Rockfield Business Park, Old Station Drve, Leckhampton, Cheltenham, GL53 0AN.
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.
Turnover
Turnover is measured at the fair value of the consideration of rent and consultancy income receivable.
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:
Fittings fixtures and equipment - 25 %
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.
Investment property
Investment property is measured initially 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 not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 in finance costs in profit or loss in the period it arises.
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.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2018 and 31 May 2019 1,073,469 3,495 1,076,964
_______ _______ _______
Depreciation
At 1 June 2018 and 31 May 2019 - 3,495 3,495
_______ _______ _______
Carrying amount
At 31 May 2019 1,073,469 - 1,073,469
_______ _______ _______
At 31 May 2018 1,073,469 - 1,073,469
_______ _______ _______
The director considers the open market value of the investment properties at 31st May 2019 to be £1,073,469. The historic cost of the investment properties is £769,548
Investment property
Included within the above is investment property as follows:
£
At 1 June 2018 and 31 May 2019 1,073,469
_______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2018 and 31 May 2019 79 79
_______ _______
Impairment
At 1 June 2018 and 31 May 2019 - -
_______ _______
Carrying amount
At 31 May 2019 79 79
_______ _______
At 31 May 2018 79 79
_______ _______
7. Debtors
2019 2018
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 171,844 172,813
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 297 3,655
Other creditors 711,936 729,008
_______ _______
712,233 732,663
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 206,000 206,000
_______ _______
The bank has a charge over Flat 7, G Block, Peabody Estate, Fulham Palace Road, W6 9PT.
10. Controlling party
The controlling party are Mr & Mrs G Priestley by virtue of their ownership of 100% of the issued ordinary share capital in the company.