West Carrs Properties Limited Filleted accounts for Companies House (small and micro)

WEST CARRS PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04448937

West Carrs Properties Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2019

West Carrs Properties Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	6		1,863,500	1,863,500

Current assets

Debtors	7	38,845	36,450
Cash at bank and in hand		6,909	3,265
		--------	--------
		45,754	39,715

Creditors: amounts falling due within one year	8	67,960		66,689
		--------		--------
Net current liabilities			22,206	26,974
			------------	------------
Total assets less current liabilities			1,841,294	1,836,526

Creditors: amounts falling due after more than one year	9		1,253,458	1,253,549

Provisions

Taxation including deferred tax	6,228	6,228
	------------	------------
Net assets	581,608	576,749
	------------	------------

Capital and reserves

Called up share capital	138,000	138,000
Share premium account	54,000	54,000
Profit and loss account	389,608	384,749
	---------	---------
Shareholders funds	581,608	576,749
	---------	---------

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 .

West Carrs Properties Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:

Dr D Smith

Director

Company registration number: 04448937

West Carrs Properties 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 West Carrs, Green Lane, Welton, Lincoln, LN2 3JE.

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 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.

Going concern

At the year end the companies current liabilities exceed the current assets. The directors have produced cashflow forecasts which take account of the level of rental income and the current low interest rates. In addition they have considered the availability of finance plus their ability to provide additional funds into the company. Following this review the directors are satisfied that the company is a going concern and accordingly have prepared the accounts on that basis.

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 is measured at the fair value of the consideration receivable and represents amounts receivable for rents due in the year.

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 material timing differences at the reporting date. 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.

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:

	Furnishings	-	10% straight line

Investments

Investments are initially recorded at cost, and subsequently stated at fair value with changes being recognised in the profit or loss.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 April 2018 and 31 March 2019	3,756	3,756
	-------	-------
Depreciation
At 1 April 2018 and 31 March 2019	3,756	3,756
	-------	-------
Carrying amount
At 31 March 2019	–	–
	-------	-------
At 31 March 2018	–	–
	-------	-------

6. Investments

	Investment property	Other investments	Total
	£	£	£
Cost or valuation
At 1 April 2018 and 31 March 2019	1,863,500	34,013	1,897,513
	------------	--------	------------
Impairment
At 1 April 2018 and 31 March 2019	–	34,013	34,013
	------------	--------	------------

Carrying amount
At 31 March 2019	1,863,500	–	1,863,500
	------------	--------	------------
At 31 March 2018	1,863,500	–	1,863,500
	------------	--------	------------

Investment properties are revalued by the directors to their fair market value.

7. Debtors

	2019	2018
	£	£
Trade debtors	156	3,505
Other debtors	38,689	32,945
	--------	--------
	38,845	36,450
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Mortgage loans	47,999	48,000
Corporation tax	3,236	3,884
Other creditors	16,725	14,805
	--------	--------
	67,960	66,689
	--------	--------

Mortgage loans are secured on the relevant investment property.

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

	2019	2018
	£	£
Mortgage loans	1,253,458	1,253,549
	------------	------------

Mortgage loans are secured on the relevant investment property.

10. Related party transactions

The company was controlled by its directors. At 31 March 2019 £5,007 (2018 £4,207) was owed by the company to a company in which Dr and Mrs Smith are directors. At 31 March 2019 £26,500 (2018 £24,000) was owed to the company by a partnership in which Dr and Mrs Smith are partners. At 31 March 2019 net advances were made to a shareholder of £7,249 and a director of £5,201. These were repaid after the year end.