Sheepy Magna Investments Ltd - Accounts to registrar (filleted) - small 18.2
Sheepy Magna Investments Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
| FOR |
| SHEEPY MAGNA INVESTMENTS LTD |
| SHEEPY MAGNA INVESTMENTS LTD (REGISTERED NUMBER: 09015892) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SHEEPY MAGNA INVESTMENTS LTD |
| COMPANY INFORMATION |
| for the year ended 30 September 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 2 |
| Charnwood Edge Business Park |
| Syston Road |
| Leicester |
| LE7 4UZ |
| SHEEPY MAGNA INVESTMENTS LTD (REGISTERED NUMBER: 09015892) |
| BALANCE SHEET |
| 30 September 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
| SHEEPY MAGNA INVESTMENTS LTD (REGISTERED NUMBER: 09015892) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2019 |
| 1. | STATUTORY INFORMATION |
| Sheepy Magna Investments Ltd is a limited company, limited by shares, registered in England and Wales. Its |
| registered office address is Rye Hills Barn, Watery Lane, Sheepy Magna, Warwickshire CV9 3RG and the |
| registered number is 09015892. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company |
| has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
| continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
| related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
| for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
| recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
| enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
| the asset and settle the liability simultaneously. |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised |
| as other comprehensive income or to an item recognised directly in equity is also recognised in other |
| comprehensive income or directly in equity respectively. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by |
| the Balance Sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
| against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have |
| been met. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
| enacted by the balance sheet date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
| arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
| future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
| using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
| other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
| and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| SHEEPY MAGNA INVESTMENTS LTD (REGISTERED NUMBER: 09015892) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
| parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
| where the debt instrument is measured at the present value of the future payments discounted at a market rate |
| of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less |
| any impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Interest |
| in other |
| participating | Listed | Unlisted |
| interests | investments | investments | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2018 | 27,495,718 | 30,789,371 |
| Additions | - | 8,624,034 |
| Disposals | - | ( |
) | ( |
) | (3,358,104 | ) |
| At 30 September 2019 | 27,495,718 | 36,055,301 |
| PROVISIONS |
| At 1 October 2018 | 8,626,389 | (141,042 | ) | - | 8,485,347 |
| Provision for year | 5,149,211 | 119,516 | - | 5,268,727 |
| At 30 September 2019 | 13,775,600 | (21,526 | ) | - | 13,754,074 |
| NET BOOK VALUE |
| At 30 September 2019 | 13,720,118 | 22,301,227 |
| At 30 September 2018 | 18,869,329 | 22,304,024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other debtors |
| Directors' current accounts | 176,933 | 138 |
| Called up share capital not paid |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other loans |
| Other creditors |
| Accruals and deferred income |
| 7. | OTHER FINANCIAL COMMITMENTS |
| At the Balance Sheet date the company had committed to invest $1,674,074 and £62,983 (2018 - $1,311,674) in |
| unlisted investments. |
| SHEEPY MAGNA INVESTMENTS LTD (REGISTERED NUMBER: 09015892) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2019 |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 September 2019 and |
| 30 September 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| 9. | RELATED PARTY DISCLOSURES |
| The following material transactions have been carried out with companies with related parties during the year: |
| Sheepy Magna Limited is controlled by J C P Smith and Sheepy Magna Properties Limited is under the joint |
| control of J C P Smith and A S Smith. |
Transactions during the year | Amounts due from / (to) at year end |
| 2019 | 2018 | 2019 | 2018 |
| £ | £ | £ | £ |
| Sheepy Magna Limited |
| Loan interest payable to them | 521,401 | 557,270 |
| Amounts due to them included in other loans | (27,863,061 | ) | (31,349,457 | ) |
| Amount due to them included in other creditors | (375 | ) | (375 | ) |
| Amounts due to them included in accruals | (2,684,017 | ) | (2,163,836 | ) |
| Sheepy Magna Properties Ltd |
| Amounts due from them included in other debtors | 540 | 540 |
| Loan interest payable to them | 501 | - |
| Amounts due to them included in other loans | (50,000 | ) | - |
| Amounts due to them included in accruals | (501 | ) | - |
| 10. | POST BALANCE SHEET EVENTS |
| Since the balance sheet date the world has suffered a COVID-19 outbreak, and volatility in the economy as a |
| result. The directors have considered the effect this may have on the company, and although currently unclear |
| the Government's guidance is that the issue will be time limited. This will continue to be a developing situation |
| and as such a reasonable estimate of the financial effect of this outbreak on the company cannot feasibly be |
| made at this stage. |
| The directors have assessed the above and as at the date of approving the accounts consider the company to |
| be a going concern. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is jointly controlled by J C P Smith and A S Smith. |