Speeds (Derby) Limited Filleted accounts for Companies House (small and micro)

SPEEDS (DERBY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09286514

Speeds (Derby) Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2018

Speeds (Derby) Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Investments	5		10,682,873		9,625,746

Current assets

Debtors	6	88,316	88,577
Cash at bank and in hand		213,831	482,910
		----------	----------
		302,147	571,487

Creditors: amounts falling due within one year	7	458,112		156,687
		----------		----------
Net current (liabilities)/assets			( 155,965)		414,800
			--------------		--------------
Total assets less current liabilities			10,526,908		10,040,546

Provisions	265,094	192,554
	--------------	--------------
Net assets	10,261,814	9,847,992
	--------------	--------------

Capital and reserves

Called up share capital	6,233,972	6,233,972
Non-distributable reserves	1,762,983	1,762,983
Profit and loss account	2,264,859	1,851,037
	--------------	-------------
Shareholders funds	10,261,814	9,847,992
	--------------	-------------

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 income statement has not been delivered.

For the year ending 31 December 2018 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Speeds (Derby) Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 24 September 2019 , and are signed on behalf of the board by:

K E Strawson
Director

Company registration number: 09286514

Speeds (Derby) Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Rectory, Thoresway, Market Rasen, Lincolnshire, LN8 3UY.

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

(a) 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.

(b) Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to is 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.

Turnover comprises revenue recognised by the company in respect of rental income receivable net of valued added tax. Revenue from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

(d) Income tax

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.

(e) 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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

(f) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Investments

	Investment properties
	£
Valuation
At 1 January 2018	9,625,746
Additions	1,057,127
	--------------
At 31 December 2018	10,682,873
	--------------
Impairment
At 1 January 2018 and 31 December 2018	–
	--------------

Carrying amount
At 31 December 2018	10,682,873
	--------------
At 31 December 2017	9,625,746
	--------------

Investment properties were valued in 2014 by Hodgson Elkington Chartered Surveyors (RICS), an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.

Investment properties were subsequently valued in December 2018 by the directors, who have experience in the location and category of the investment property being valued, at the same amounts as were attributed by the professional valuer in 2014.

6. Debtors

	2018	2017
	£	£
Trade debtors	4,084	–
Other debtors	84,232	88,577
	--------	--------
	88,316	88,577
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	–	31,186
Social security and other taxes	26,851	2,330
Directors loan account	6,071	462
Other creditors	425,190	122,709
	----------	----------
	458,112	156,687
	----------	----------

8. Related party transactions

The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group. During the year the company made a loan to a director in the sum of £ 72,079 . The director paid interest on the loan at a commercial rate. Repayments totalling £ 72,079 were made during the year. At the year end date, the amount owing to the director totalled £ 6,071 (2017 - £462). The loan is repayable on demand .

9. Controlling party

The company is controlled by Speeds Limited , a company registered in England and Wales, whose registered office address is Hallfield Hall, Hallfieldgate Lane, Alfreton, Derbyshire, DE55 6AA.