Sheriol Thirty - Two Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02699826 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

SHERIOL THIRTY - TWO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr R T Sperring

Mr E M C Samuel-Camps

SECRETARY:

Fryern Company Secretarial Services Limited

REGISTERED OFFICE:

1st Floor

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

REGISTERED NUMBER:

02699826 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Investments

4

202

500,102

Investment property

5

6,499,718

7,276,299

6,499,920

7,776,401

CURRENT ASSETS

Debtors

6

2,935,892

1,717,287

Cash at bank

253,920

88,168

3,189,812

1,805,455

CREDITORS

Amounts falling due within one year

7

1,114,089

1,154,397

NET CURRENT ASSETS

2,075,723

651,058

TOTAL ASSETS LESS CURRENT LIABILITIES

8,575,643

8,427,459

CREDITORS

Amounts falling due after more than one year

8

(4,139,670

)

(4,046,200

)

PROVISIONS FOR LIABILITIES

(432,631

)

(432,631

)

NET ASSETS

4,003,342

3,948,628

CAPITAL AND RESERVES

Called up share capital

1,010

1,010

Capital redemption reserve

110,375

110,375

Fair value reserve

3,078,975

2,585,166

Retained earnings

812,982

1,252,077

SHAREHOLDERS' FUNDS

4,003,342

3,948,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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.

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 21 August 2020 and were signed on its behalf by:

Mr R T Sperring - Director

1.	STATUTORY INFORMATION

Sheriol Thirty - Two 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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Sheriol Thirty - Two Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

REVENUE RECOGNITION

Turnover represents the amounts receivable by the company, excluding VAT, in respect of commercial property

letting services provided.

Revenue is recognised when the amount of revenue can be measured reliably and it is probable that the

economic benefits associated with the transaction will flow to the entity.

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 balance sheet date.

DEFERRED TAX

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

balance sheet 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.

FIXED ASSET INVESTMENTS

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed

for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or

recoverable amount. Recoverable amount is the higher of its net realisable value and its value in use.

SHORT-TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price

whether or not a rate of interest is charged on the balance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	FIXED ASSET INVESTMENTS

2019

2018

£

£

Other investments not loans

202

500,102

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1 November 2018

500,000

Disposals

(72,000

)

Revaluations

(428,000

)

At 31 October 2019

-

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

500,000

Cost and valuation at 31 October 2019 was nil.

Investments (neither listed nor unlisted) were as follows:

2019

2018

£

£

Camargue West Bromwich Limited

2

2

Camargue Monks Brook Limited

100

100

Castle Sunbury Limited

100

-

202

102

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2018

7,276,299

Additions

59,611

Disposals

(1,330,000

)

Exchange differences

493,808

At 31 October 2019

6,499,718

NET BOOK VALUE

At 31 October 2019

6,499,718

At 31 October 2018

7,276,299

Cost or valuation at 31 May 2018 is represented by:

Cost

4,070,701

Valuation in

1996

198,950

Valuation in

2003

861,117

Valuation in

2006

375,000

Valuation in

2007

260,000

Valuation in

2008

(251,863

)

Valuation in

2009

313,099

Valuation in

2011

123,746

Valuation in

2013

(33,000

)

Valuation in

2015

221,831

Valuation in

2016

475,704

Valuation in

2018

473,214

Valuation in 2019

(648,392

)

Total

6,440,107

The investment property was valued on 31 October 2019 at fair value as determined by an independent valuer.

Details on the assumptions made are given in note 2.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,080

22,500

Other debtors

1,234,252

984,697

Castle Sunbury Limited intercompany

735,150

-

Directors' loan accounts

965,189

706,430

VAT

-

3,439

Prepayments

221

221

2,935,892

1,717,287

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

106,618

177,501

Trade creditors

13,771

207,747

Tax

74,454

129,508

VAT

4,030

-

Other creditors

740,770

544,988

Accruals & deferred income

174,446

94,653

1,114,089

1,154,397

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (between 2-5 years)

426,472

405,872

Bank loans (after 5 years)

3,713,198

3,640,328

4,139,670

4,046,200

All of the above loans are secured on the company's investment properties.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year the Directors owed the company £706,430. During the year the Directors introduced

capital of £146,000 and after withdrawing the sum of £392,092 and paid interest of £12,667 charged at

commercial rates an amount of £965,189 was owed to the company at the balance sheet date.

10.	RELATED PARTY DISCLOSURES

At the beginning of the year the company was owed £757,242 by associated companies. During the year the

company transferred amounts of £932,602 to associated companies and received amounts of £1,759 from

associated companies. As a result of this the company was owed £1,688,085 at the balance sheet date. The

loan is repayable on demand, no interest is being charged on the loan and no security has been provided on this

balance.

At the beginning of the year the company owed associated companies £347,468. During the year various

transactions took place and as a result of this the company owed associated companies £572,414 at the

balance sheet date. The loan is repayable on demand, no interest is being charged on the loan and no security

has been provided on this balance.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Sheriol Thirty - Two Limited for the year ended 31 October 2019 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sheriol Thirty - Two Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sheriol Thirty - Two Limited and state those matters that we have agreed to state to the Board of Directors of Sheriol Thirty - Two Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheriol Thirty - Two Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sheriol Thirty - Two 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 Sheriol Thirty - Two Limited. You consider that Sheriol Thirty - Two 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 Sheriol Thirty - Two 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.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................