Sudbury Orchard Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02579212 (England and Wales)

Financial Statements

for the Year Ended 29 February 2020

for

Sudbury Orchard Property Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K R Bell

Mrs H M Bell

Mr A J Bell

Mrs J L Bell

SECRETARY:

Mr A J Bell

REGISTERED OFFICE:

1 Sudbury Place

Highfields

LOUTH

Lincolnshire

LN11 9YA

REGISTERED NUMBER:

02579212 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Barclays Bank plc

Victoria Street

GRIMSBY

Lincolnshire

DN31 1DE

SOLICITORS:

Wilkin & Chapman

GRIMSBY

Lincolnshire

DN31 1HE

FIXED ASSETS

Investment property

4

780,000

780,000

CURRENT ASSETS

Debtors

3,515

43,106

Cash at bank

1,407

67,602

4,922

110,708

CREDITORS

Amounts falling due within one year

37,429

97,440

NET CURRENT (LIABILITIES)/ASSETS

(32,507

)

13,268

TOTAL ASSETS LESS CURRENT LIABILITIES

747,493

793,268

CAPITAL AND RESERVES

Called up share capital

72,002

72,002

Capital redemption reserve

138,000

138,000

Fair value reserve

175,080

175,080

Retained earnings

362,411

408,186

SHAREHOLDERS' FUNDS

747,493

793,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2020 and were signed on its behalf by:

Mr A J Bell - Director

1.	STATUTORY INFORMATION

Sudbury Orchard Property Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

In the current year Turnover represents rental income from investment property exclusive of value

added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial

liabilities are recognised in the accounts only when the entity becomes party to the contractual

provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments

measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and

are measured at amortised cost. Where a financial liability constitutes a financing transaction it is

initially and subsequently measured at the present value of future payments, discounted at a market

rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken

place and there is an obligation to deliver services rather than cash or another financial instrument

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 16 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2019

and 29 February 2020

780,000

NET BOOK VALUE

At 29 February 2020

780,000

At 28 February 2019

780,000

The directors revalued the investment property at its fair value at 28 February 2019 based on its open

market value and are of the opinion that the value is still appropriate at 29 February 2020.

If the investment property had not been revalued it would have been included at the following

historical cost:

2020

2019

£

£

Cost

624,420

624,420

Aggregate depreciation

(24,000

)

(21,000

)

5.	RELATED PARTY DISCLOSURES

In August 2018, Mr E A T and Mrs E A Bell resigned as Directors of the company. The company

purchased 73,000 shares from them for a consideration of £800,000 which was distributed from

retained earnings. The company subsequently cancelled these shares.

Mr K R Bell is a Director of The Burdens Group Limited and the following transactions occured:

Included in the Income Statement is rental income from The Burdens Group Limited on a market

value basis amounting to £66,836 (2019: £34,269).

Included within trade debtors is an amount owed from The Burdens Group Limited amounting to Nil

(2019: £26,329).

Included in trade creditors is an amount owed to the The Burdens Group Limited amounting to Nil

(2019: £1,266).

6.	POST BALANCE SHEET EVENTS

Despite the Covid 19 situation the Directors can confirm that this has not adversely affected the

business and the business is a viable going concern entity.