Cuckoo Nest Properties Ltd Filleted accounts for Companies House (small and micro)

CUCKOO NEST PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06298764

CUCKOO NEST PROPERTIES LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2018

CUCKOO NEST PROPERTIES LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2018

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 4

CUCKOO NEST PROPERTIES LTD

BALANCE SHEET

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	4	589,011	589,136

Current assets

Cash at bank and in hand	58,656	12,454

Creditors: amounts falling due within one year	5	( 428,439)	( 427,987)
		------------	------------
Net current liabilities		( 369,783)	( 415,533)
		------------	------------
Total assets less current liabilities		219,228	173,603
		------------	------------
Net assets		219,228	173,603
		------------	------------

Capital and reserves

Called up share capital	6	100	100
Profit and loss account		219,128	173,503
		------------	------------
Shareholders funds		219,228	173,603
		------------	------------

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 profit and loss account 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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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:

N Firth

Director

Company registration number: 06298764

CUCKOO NEST PROPERTIES LTD

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 35 Westgate, Huddersfield, HD1 1PA.

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

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.

Revenue recognition

Turnover represents net invoiced rents, together with insurances and electricity recharged, all excluding value added tax.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Motor vehicles	-	25% reducing balance

No depreciation is provided on the freehold properties held for investment. The Financial Reporting Standard for Smaller Entities (effective January 2015) requires properties held for investment to be included in the balance sheet at their open market value but the directors consider that to comply with this requirement would involve unjustifiable expense and properties are continuing to be stated at cost.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Tangible assets

	Investment property	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2018 and 31 December 2018	588,636	3,000	591,636
	------------	------------	------------
Depreciation
At 1 January 2018	–	2,500	2,500
Charge for the year	–	125	125
	------------	------------	------------
At 31 December 2018	–	2,625	2,625
	------------	------------	------------
Carrying amount
At 31 December 2018	588,636	375	589,011
	------------	------------	------------
At 31 December 2017	588,636	500	589,136
	------------	------------	------------

5. Creditors: amounts falling due within one year

	2018	2017
	£	£
Accruals and deferred income	1,000	1,000
Corporation tax	10,732	10,669
Social security and other taxes	3,280	228
Director loan accounts	285,177	321,177
Amount owed to related undertaking	128,250	94,913
	------------	------------
	428,439	427,987
	------------	------------

6. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
'A' ordinary shares of £ 1 each	75	75.00	75	75.00
'B' ordinary shares of £ 1 each	5	5.00	5	5.00
'C' ordinary shares of £ 1 each	10	10.00	10	10.00
'D' ordinary shares of £ 1 each	10	10.00	10	10.00
	------------	------------	------------	------------
	100	100.00	100	100.00
	------------	------------	------------	------------

The different classes of share rank pari passu in all material respects.

7. Related party transactions

The director's loan account of £285,177 (2017: £321,177) set out above is unsecured, repayable on demand and currently interest free. Included in creditors is an amount of £128,250 (2017: £94,913) owed to Carlac Limited, a company in which Mr N Firth and Mrs M Firth are both directors. The company paid management charges of £12,000 (2017: £12,000) to Carlac Limited and received rents of £69,600 (2017: £69,600) from the same company. There is no one controlling party of the company.