Taylor Shepherd Residential Limited Filleted accounts for Companies House (small and micro)

TAYLOR SHEPHERD RESIDENTIAL LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC460526

TAYLOR SHEPHERD RESIDENTIAL LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

31 March 2019

TAYLOR SHEPHERD RESIDENTIAL LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		1,315,337	1,315,337

Current assets

Debtors	26	71,228
Cash at bank and in hand	83,135	10,850
	--------	--------
	83,161	82,078

Creditors: amounts falling due within one year	1,024,496		1,079,224
	------------		------------
Net current liabilities		941,335	997,146
		------------	------------
Total assets less current liabilities		374,002	318,191

Provisions for liabilities

Government grants	95,769	101,754
	---------	---------
Net assets	278,233	216,437
	---------	---------

TAYLOR SHEPHERD RESIDENTIAL LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	6	100	100
Profit and loss account		278,133	216,337
		---------	---------
Shareholders funds		278,233	216,437
		---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 12 September 2019 , and are signed on behalf of the board by:

Stuart G Taylor Director

Company registration number: SC460526

TAYLOR SHEPHERD RESIDENTIAL LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Restenneth House, Old Brechin Road, Forfar, Angus, DD8 3DX, Scotland.

2. STATEMENT OF COMPLIANCE

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents property rents received exclusive of Value Added Tax. The company is not VAT registered.

Corporation 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.

Tangible assets

All fixed assets are initially recorded at cost.

Investment property

Investment property is initially recorded 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 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.

Government grants

Government grants have been received in relation to investment properties which are being let at 'sub-market' rentals to social housing tenants. The grant amounts have been deferred and are being credited to income in the profit and loss account in equal annual amounts over the period of 20 years set out in the grant conditions.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. TANGIBLE ASSETS

	£
Cost
At 1 April 2018 and 31 March 2019	1,315,337
	------------
Depreciation
At 1 April 2018 and 31 March 2019	–
	------------
Carrying amount
At 31 March 2019	1,315,337
	------------
At 31 March 2018	1,315,337
	------------

At the year end, the directors do not consider the fair value of the company's investment properties to be significantly different to cost.

5. GOVERNMENT GRANTS

The amounts recognised in the abridged financial statements for government grants are as follows:

	2019	2018
	£	£

Recognised in other operating income:

Government grants released to profit or loss	5,986	5,986
	-------	-------

6. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

7. RELATED PARTY TRANSACTIONS

The company was under the control of Stuart Taylor and David Shepherd who are shareholders and directors of the parent company, Taylor Shepherd Homes Limited, throughout the current and previous year. The parent company has previously advanced funds and transferred/sold assets to the company. The amount due by the company to its parent company at the year end was £995,599 (2018 - £1,051,258). The balance due has no set repayment terms and does not attract interest. During the year the company also provided a factoring service for other related parties. At the year end the company was due to pay to these other related parties connected with the directors £12,102 (2018 - due to receive £71,448).