S.ANDREWS & SON,LIMITED Filleted accounts for Companies House (small and micro)

S.ANDREWS & SON,LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00874992

S.ANDREWS & SON,LIMITED

Filleted Unaudited Financial Statements

31 December 2018

S.ANDREWS & SON,LIMITED

Financial Statements

Year ended 31 December 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

S.ANDREWS & SON,LIMITED

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		1,189,823	1,137,177

Current assets

Debtors	5	20,789	36,373
Cash at bank and in hand		7,262	19,999
		--------	--------
		28,051	56,372

Creditors: amounts falling due within one year	6	55,933		48,115
		--------		--------
Net current (liabilities)/assets			( 27,882)	8,257
			------------	------------
Total assets less current liabilities			1,161,941	1,145,434

Creditors: amounts falling due after more than one year	7		211,664	188,321

Provisions

Taxation including deferred tax	33,973	26,631
	------------	------------
Net assets	916,304	930,482
	------------	------------

Capital and reserves

Called up share capital	71,250	71,250
Other reserves	112,500	112,500
Profit and loss account	732,554	746,732
	---------	---------
Shareholders funds	916,304	930,482
	---------	---------

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.

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 .

S.ANDREWS & SON,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:

Mrs S E Smith	Mr G W Edwards
Director	Director

Company registration number: 00874992

S.ANDREWS & SON,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 Britannia House, Penny Lane, Cowbridge, Vale of Glamorgan, CF71 7EG. The principal activity of the company in the year under review was that of managing investment properties.

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, rounded to the nearest £1.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and service charges rendered, stated net of discounts and of Value Added Tax. Revenue for rent and service charges is recognised when the significant risks and rewards of ownership have transferred to the tenant (usually over the period to which the supply of rent or service charges relates), the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

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.

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:

	Improvement to property	-	5% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. FRS 102 section 1A has not been fully complied with in respect of the subsequent valuation of investment properties. The Standard states that such properties should be revalued to their fair value at each reporting date and any changes in fair value recognised in profit or loss. Details on the company's departure from this requirement are given in the note on Tangible Assets.

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

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Land and buildings	Improvement to property	Total
	£	£	£
Cost
At 1 January 2018	874,688	624,716	1,499,404
Additions	–	79,098	79,098
	---------	---------	------------
At 31 December 2018	874,688	703,814	1,578,502
	---------	---------	------------
Depreciation
At 1 January 2018	–	362,227	362,227
Charge for the year	–	26,452	26,452
	---------	---------	------------
At 31 December 2018	–	388,679	388,679
	---------	---------	------------
Carrying amount
At 31 December 2018	874,688	315,135	1,189,823
	---------	---------	------------
At 31 December 2017	874,688	262,489	1,137,177
	---------	---------	------------

Included within the above is investment property as follows:

	£
	---------
At 1 January 2018 and 31 December 2018	874,688
	---------

All fixed assets are held at cost other than one investment property which is held at £281,569 (2017 - £281,569) comprising of a valuation made in the year ended 31 December 1977 with subsequent additions to this property held at cost. This in not in accordance with FRS 102 section 1A which requires that investment properties be included at fair value. In the opinion of the Directors the current fair value of the company's investment properties at 31 December 2018 was £2,190,000 (2017 - £2,190,000). The historic cost of the investment properties shown above under Freehold property and Improvement to property is £1,437,877 (2017 - £1,358,779). Depreciation of £388,680 (2017 - £362,228) has been charged in respect of these properties.

5. Debtors

	2018	2017
	£	£
Trade debtors	11,764	23,470
Other debtors	9,025	12,903
	--------	--------
	20,789	36,373
	--------	--------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Loan	35,304	21,000
Trade creditors	11,062	10,934
Other creditors	9,567	16,181
	--------	--------
	55,933	48,115
	--------	--------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Loan	211,664	188,321
	---------	---------

8. Secured debts

The following secured debts are included within creditors:

	2018	2017
	£	£
Loan	246,968	209,321
	---------	---------

The balance noted above of £246,968 is due to the John Andrews Chartiable Trust and is secured by a charge over one of the properties owned by the company.

9. Related party transactions

At the beginning of the year the company owed £209,321 to its parent entity, the John Andrews Charitable Trust. During the year interest of £13,300 was charged on the balance outstanding, a further advance of £30,000 was received and repayments of £5,653 were made. As a result the amount due to the Trust had increased to £246,968 by the year end. This balance is secured by a charge over one of the properties owned by the company.

10. Controlling party

The company is wholly owned by the John Andrews Charitable Trust, which is an unincorporated registered charity.