The Sidings (Whalley) Limited Filleted accounts for Companies House (small and micro)

THE SIDINGS (WHALLEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02776639

THE SIDINGS (WHALLEY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2019

THE SIDINGS (WHALLEY) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		3,564,559		3,571,338

CURRENT ASSETS

Stocks		32,399	32,399
Debtors	5	57,030	30,193
Cash at bank and in hand		9,799	8,251
		--------	--------
		99,228	70,843

CREDITORS: amounts falling due within one year	6	161,480		173,299
		---------		---------
NET CURRENT LIABILITIES			62,252		102,456
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,502,307		3,468,882

CREDITORS: amounts falling due after more than one year	7		1,969,342		2,056,175

PROVISIONS

Taxation including deferred tax	34,221	35,399
	------------	------------
NET ASSETS	1,498,744	1,377,308
	------------	------------

CAPITAL AND RESERVES

Called up share capital	20,000	20,000
Capital redemption reserve	85,000	85,000
Profit and loss account	1,393,744	1,272,308
	------------	------------
SHAREHOLDERS FUNDS	1,498,744	1,377,308
	------------	------------

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 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 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 .

THE SIDINGS (WHALLEY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

M.N. Hindle

Director

Company registration number: 02776639

THE SIDINGS (WHALLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haydock House, Pleckgate Road, Blackburn, Lancashire, BB1 8QW.

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 investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

The turnover shown in the profit and loss account represents rents, service charges and other sales receivable. Rental income is recognised over the lease term. Service charges are recognised in accordance with the period of consumption.

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.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is included at fair value and valued by the directors. Gains and losses are included in the profit and loss account for the year. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

(e) 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:

	Fixtures, Fittings & Equipment	-	15% per annum reducing balance

(f) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(g) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. TANGIBLE ASSETS

	Investment Property	Fixtures, Fittings & Equipment	Total
	£	£	£
Cost
At 1 April 2018	3,500,000	144,351	3,644,351
Additions	–	4,303	4,303
	------------	---------	------------
At 31 March 2019	3,500,000	148,654	3,648,654
	------------	---------	------------
Depreciation
At 1 April 2018	–	73,013	73,013
Charge for the year	–	11,082	11,082
	------------	---------	------------
At 31 March 2019	–	84,095	84,095
	------------	---------	------------
Carrying amount
At 31 March 2019	3,500,000	64,559	3,564,559
	------------	---------	------------
At 31 March 2018	3,500,000	71,338	3,571,338
	------------	---------	------------

5. DEBTORS

	2019	2018
	£	£
Trade debtors	33,530	17,693
Other debtors	23,500	12,500
	--------	--------
	57,030	30,193
	--------	--------

6. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	8,008	23,996
Amounts owed to group undertakings	100,000	100,000
Accruals and deferred income	3,200	3,000
Corporation tax	29,994	31,603
Social security and other taxes	14,378	11,050
Director loan accounts	5,900	3,650
	---------	---------
	161,480	173,299
	---------	---------

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

	2019	2018
	£	£
Bank loans and overdrafts	1,750,000	1,750,000
Amounts owed to group undertakings	219,342	306,175
	------------	------------
	1,969,342	2,056,175
	------------	------------

The bank borrowings are secured by the company.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

9. RELATED PARTY TRANSACTIONS

The company was under the control of the directors, Mr M.N. Hindle and Mr L. Hindle, throughout the year. During the year the company has continued to receive loan finance from its parent company, Whalley Holdings Limited. The maximum amount of the loan during the year was £406,175 and the amount outstanding at 31 March 2019 was £319,342. Interest has been charged at a rate of 4% per annum amounting to £13,475.

10. CONTROLLING PARTY

The company is a wholly owned subsidiary of Whalley Holdings Limited, a company controlled by the directors, Mr M.N. Hindle and Mr L. Hindle. The address of the registered office of Whalley Holdings Limited is Haydock House, Pleckgate Road, Blackburn, Lancashire, BB1 8QW.