| Sheyenne Limited |
| Registered number: |
07690862 |
| Balance Sheet |
| as at 31 March 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
294,721 |
|
|
98,742 |
| Investments |
3 |
|
|
1,266,504 |
|
|
892,978 |
|
|
|
|
1,561,225 |
|
|
991,720 |
|
| Current assets |
| Debtors |
4 |
|
34,000 |
|
|
51,463 |
| Cash at bank and in hand |
|
|
7,143 |
|
|
13,045 |
|
|
|
41,143 |
|
|
64,508 |
|
| Creditors: amounts falling due within one year |
5 |
|
(637,317) |
|
|
(595,520) |
|
| Net current liabilities |
|
|
|
(596,174) |
|
|
(531,012) |
|
| Total assets less current liabilities |
|
|
|
965,051 |
|
|
460,708 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,002,055) |
|
|
(399,479) |
|
|
|
| Net (liabilities)/assets |
|
|
|
(37,004) |
|
|
61,229 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
(37,005) |
|
|
61,228 |
|
| Shareholders' funds |
|
|
|
(37,004) |
|
|
61,229 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| M W Featherstone |
| Director |
| Approved by the board on 11 October 2019 |
|
| Sheyenne Limited |
| Notes to the Accounts |
| for the year ended 31 March 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
25% reducing balance basis |
|
|
Investment properties |
|
Investment properties are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by the directors. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures, fittings, tools & equipment |
| £ |
|
Cost |
|
At 1 April 2018 |
111,828 |
|
Additions |
235,797 |
|
At 31 March 2019 |
347,625 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2018 |
13,086 |
|
Charge for the year |
39,818 |
|
At 31 March 2019 |
52,904 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2019 |
294,721 |
|
At 31 March 2018 |
98,742 |
|
|
| 3 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 April 2018 |
892,978 |
|
Additions |
373,526 |
|
|
At 31 March 2019 |
1,266,504 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2018 |
892,978 |
|
At 31 March 2019 |
1,266,504 |
|
|
|
|
|
|
|
|
|
|
|
Other investments are made up of investment properties purchased. Land and buildings at Collingwood Road, Dartmouth were purchased on 12 August 2011. On 11 April 2018 the company purchased land and buildings located at Babbage Industrial Estate, Totnes. The current values are made up of the initial cost plus fees and the cost of improvements carried out since the purchase of the properties until 31 March 2019. The directors consider this to be a fair value of the properties at the year end. |
|
|
| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
1,970 |
|
15,667 |
|
Other debtors |
32,030 |
|
35,796 |
|
|
|
|
|
|
34,000 |
|
51,463 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
46,500 |
|
28,000 |
|
Trade creditors |
23,777 |
|
- |
|
Directors loan account |
530,028 |
|
529,676 |
|
Other creditors |
37,012 |
|
37,844 |
|
|
|
|
|
|
637,317 |
|
595,520 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans |
893,250 |
|
399,479 |
|
Other creditors |
108,805 |
|
- |
|
|
|
|
|
|
1,002,055 |
|
399,479 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2019 |
|
2018 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
684,000 |
|
242,000 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
939,750 |
|
427,479 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured by a debenture and legal charge over the freehold properties and assets of the company. They are also secured by an omnibus guarantee with a set off arrangement with Sheyenne Limited and South Hams Self Storage Limited (a company in which the director, M W Featherstone, is also a director and shareholder) and also a personal guarantee from the director, M W Featherstone, in the sum of £450,000. |
|
|
| 8 |
Related party transactions |
|
|
During the year the director, M W Featherstone, provided a loan to the company. This loan is currently interest free and has no fixed repayment dates. The balance owed to the director at the 31 March 2019 was £539,528 (at 31 March 2018 £529,676). |
|
During the year the company charged rents amounting to £43,168 and received loans from South Hams Self Storage Limited (a company in which the director, M W Featherstone, is also a director and shareholder). The loan balances at the year end were £108,805, interest will be charged on these loans. Fixed assets purchased on behalf of South Hams Self Storage Limited and transferred to that company amounting to £33,942 net of VAT were invoiced on 31 March 2019. These transactions were carried out under normal trading conditions and are considered to be arms length transactions. |
|
| 9 |
Controlling party |
|
|
In the opinion of the director, the company is controlled by the director, M W Featherstone, who owns 100% of the issued shares in the company. |
|
|
| 10 |
Other information |
|
|
Sheyenne Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
87 Fore Street |
|
Salcombe |
|
Devon |
|
TQ8 8BY |
