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

CAPLAND PROPERTIES LIMITED - Company Information

false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2019 - FRS102_2019 55,022 6 55,028 55,028 55,022 xbrli:pure xbrli:shares iso4217:GBP 03854195 2019-04-01 2020-03-31 03854195 2020-03-31 03854195 2019-03-31 03854195 2018-04-01 2019-03-31 03854195 2019-03-31 03854195 core:FurnitureFittings 2019-04-01 2020-03-31 03854195 core:MotorVehicles 2019-04-01 2020-03-31 03854195 bus:LeadAgentIfApplicable 2019-04-01 2020-03-31 03854195 bus:Director2 2019-04-01 2020-03-31 03854195 bus:Director3 2019-04-01 2020-03-31 03854195 core:LandBuildings 2019-03-31 03854195 core:FurnitureFittings 2019-03-31 03854195 core:MotorVehicles 2019-03-31 03854195 core:LandBuildings 2020-03-31 03854195 core:FurnitureFittings 2020-03-31 03854195 core:MotorVehicles 2020-03-31 03854195 core:WithinOneYear 2020-03-31 03854195 core:WithinOneYear 2019-03-31 03854195 core:AfterOneYear 2020-03-31 03854195 core:AfterOneYear 2019-03-31 03854195 core:ShareCapital 2020-03-31 03854195 core:ShareCapital 2019-03-31 03854195 core:RevaluationReserve 2020-03-31 03854195 core:RevaluationReserve 2019-03-31 03854195 core:OtherReservesSubtotal 2020-03-31 03854195 core:OtherReservesSubtotal 2019-03-31 03854195 core:RetainedEarningsAccumulatedLosses 2020-03-31 03854195 core:RetainedEarningsAccumulatedLosses 2019-03-31 03854195 core:BetweenOneFiveYears 2020-03-31 03854195 core:CostValuation core:Non-currentFinancialInstruments 2019-03-31 03854195 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-03-31 03854195 core:CostValuation core:Non-currentFinancialInstruments 2020-03-31 03854195 core:Non-currentFinancialInstruments 2020-03-31 03854195 core:Non-currentFinancialInstruments 2019-03-31 03854195 core:LandBuildings 2019-03-31 03854195 core:FurnitureFittings 2019-03-31 03854195 core:MotorVehicles 2019-03-31 03854195 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2020-03-31 03854195 bus:SmallEntities 2019-04-01 2020-03-31 03854195 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 03854195 bus:FullAccounts 2019-04-01 2020-03-31 03854195 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 03854195 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 03854195 core:OfficeEquipment 2019-04-01 2020-03-31 03854195 core:OfficeEquipment 2019-03-31 03854195 core:OfficeEquipment 2020-03-31

COMPANY REGISTRATION NUMBER: 03854195

Capland Properties Limited

Filleted Unaudited Financial Statements

31 March 2020

Capland Properties Limited

Financial Statements

Year ended 31 March 2020

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 9

Capland Properties Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Capland Properties Limited

Year ended 31 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Capland Properties Limited for the year ended 31 March 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Capland Properties Limited, as a body, in accordance with the terms of our engagement letter dated 23 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Capland Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Capland Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Capland Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Capland Properties Limited. You consider that Capland Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Capland Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

7 August 2020

Capland Properties Limited

Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	8,615,285	8,535,421
Investments	6	55,028	55,022
		------------	------------
		8,670,313	8,590,443

Current assets

Debtors	7	28,450	22,202
Cash at bank and in hand		508,136	397,205
		---------	---------
		536,586	419,407

Creditors: amounts falling due within one year	8	717,832	773,750
		---------	---------
Net current liabilities		181,246	354,343
		------------	------------
Total assets less current liabilities		8,489,067	8,236,100

Creditors: amounts falling due after more than one year	9	402,898	356,507

Provisions

Taxation including deferred tax	390,170	390,170
	------------	------------
Net assets	7,695,999	7,489,423
	------------	------------

Capland Properties Limited

Statement of Financial Position (continued)

31 March 2020

	2020	2019
Note	£	£

Capital and reserves

Called up share capital	1,000	1,000
Property revaluation reserve	2,664,559	2,664,559
Other reserves	831,969	831,969
Profit and loss account	4,198,471	3,991,895
	------------	------------
Shareholders funds	7,695,999	7,489,423
	------------	------------

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 Section 1A of 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 2020 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 28 July 2020 , and are signed on behalf of the board by:

Mr R Caplan	Mrs K Simons
Director	Director

Company registration number: 03854195

Capland Properties Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 353 Ecclesall Road, Sheffield, S11 8PF.

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.

Going concern

At the date of approval of these financial statements, the global pandemic of the novel coronavirus, COVID-19, creates an underlying uncertainty for any business entity and the impact of the pandemic on the company are unknown and cannot be forecast with any certainty. The company is taking whatever action is seen to be appropriate in accordance with the Government guidelines. Apart from the uncertainty with regard to the impact of the effect arising from the global pandemic of the novel coronavirus, COVID-19, the accounts have been prepared on a going concern basis and the directors consider that the going concern basis is appropriate.

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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.

Revenue recognition

Turnover is the rent income receivable by the company derived from its ordinary activities.

Taxation

The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of adjustment for items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates in force at the end of the reporting period. Deferred tax is recognised on timing differences between carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all temporary timing differences. Deferred tax liabilities are provided at the tax rates in force at the end of the accounting period.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 and Fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% straight line

Investment property

Investment property is property held for rental income and /or capital appreciation and is included at fair value. Any changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at current tax rates but it is not company policy to sell assets on a regular basis. The fair value of these investment properties is based on the valuations previously supplied by appropriately qualified professionals.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Tangible assets

	Investment Property	Fixtures and fittings	Motor vehicles	Office Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2019	8,514,016	18,767	18,940	28,383	8,580,106
Additions	–	–	77,474	13,256	90,730
	------------	--------	--------	--------	------------
At 31 March 2020	8,514,016	18,767	96,414	41,639	8,670,836
	------------	--------	--------	--------	------------
Depreciation
At 1 April 2019	–	16,075	8,286	20,324	44,685
Charge for the year	–	269	4,278	6,319	10,866
	------------	--------	--------	--------	------------
At 31 March 2020	–	16,344	12,564	26,643	55,551
	------------	--------	--------	--------	------------
Carrying amount
At 31 March 2020	8,514,016	2,423	83,850	14,996	8,615,285
	------------	--------	--------	--------	------------
At 31 March 2019	8,514,016	2,692	10,654	8,059	8,535,421
	------------	--------	--------	--------	------------

The directors have reviewed the value of the investment property at the year end, previously carried at a cost of £4,885,995 and open market value of £8,514,017. The directors are of the opinion that the open market value of the investment property remains £8,514,017, and no adjustment is needed to the carrying value in the current financial year.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2020	75,860
	--------
At 31 March 2019	–
	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2019	55,022
Additions	6
	--------
At 31 March 2020	55,028
	--------
Impairment
At 1 April 2019 and 31 March 2020	–
	--------

Carrying amount
At 31 March 2020	55,028
	--------
At 31 March 2019	55,022
	--------

The other investments detailed above are included at the directors opinion of market value.

7. Debtors

	2020	2019
	£	£
Other debtors	28,450	22,202
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	20,688	75,878
Trade creditors	375	2,170
Corporation tax	44,000	67,000
Social security and other taxes	8,330	7,973
Other creditors	644,439	620,729
	---------	---------
	717,832	773,750
	---------	---------

Included in creditors falling due within one year is an amount of £20,688 (2019 £75,878) relating to bank loans which are secured by the company.

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

	2020	2019
	£	£
Bank loans and overdrafts	337,612	356,507
Other creditors	65,286	–
	---------	---------
	402,898	356,507
	---------	---------

Included in creditors falling due after more than one year is an amount of £337,612 (2019 £356,507) relating to bank loans which are secured by the company.

Included within creditors falling due after more than one year is an amount of £232,688 (2019 £259,014) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	13,992	–
Later than 1 year and not later than 5 years	13,992	–
	--------	----
	27,984	–
	--------	----

11. Related party transactions

Included in creditors are loans totalling £497,000 (2019 £446,000) from a director and immediate family. The loans are repayable on demand and interest is charged and paid on commercial terms.