Charlesworth Estates Limited Filleted accounts for Companies House (small and micro)

Charlesworth Estates Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 09138489
CHARLESWORTH ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2019
CHARLESWORTH ESTATES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2019
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
CHARLESWORTH ESTATES LIMITED
BALANCE SHEET
31 July 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
182,717
182,717
Current assets
Cash at bank and in hand
12,144
14,811
Creditors: amounts falling due within one year
6
( 188,850)
( 188,827)
------------
------------
Net current liabilities
( 176,706)
( 174,016)
------------
------------
Total assets less current liabilities
6,011
8,701
------------
------------
Net assets
6,011
8,701
------------
------------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
5,911
8,601
------------
------------
Shareholders funds
6,011
8,701
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 July 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 .
These financial statements were approved by the board of directors and authorised for issue on 4 May 2020 , and are signed on behalf of the board by:
L N Charlesworth
Director
Company registration number: 09138489
CHARLESWORTH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 250 Deighton Road, Huddersfield, HD2 1JJ.
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.
Revenue recognition
Turnover represents rents received during 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 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. Investment properties FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires properties held for investment to be included in the Balance Sheet at their fair value when it can be measured reliably without undue cost or effort. The director considers that to comply with this requirement annually would involve unjustifiable expense and therefore the investment properties are included at depreciated cost. The Director believes that the residual value of the properties is at least equivalent to their cost and therefore the depreciation rate, subject to consideration of impairment, is zero.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Tax on (loss)/profit
Major components of tax expense
2019
2018
£
£
Current tax:
UK current tax expense
577
------------
------------
Tax on (loss)/profit
577
------------
------------
5. Tangible assets
Land and buildings
£
Cost
At 1 August 2018 and 31 July 2019
182,717
------------
Depreciation
At 1 August 2018 and 31 July 2019
------------
Carrying amount
At 31 July 2019
182,717
------------
At 31 July 2018
182,717
------------
6. Creditors: amounts falling due within one year
2019
2018
£
£
Accruals and deferred income
3,850
3,250
Corporation tax
577
Director loan accounts
185,000
185,000
------------
------------
188,850
188,827
------------
------------
7. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
100
100.00
100
100.00
------------
------------
------------
------------
8. Related party transactions
The director's loan of £185,000 (2018: £185,000) set out above are unsecured, repayable on demand and currently interest-free. The company is controlled by the directors.