Taunton Land Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01281309 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2020

for

Taunton Land Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A C Jeffery

SFC Jeffery

J J Sloman

Mrs A Biss

Mrs E Kivell

Mrs H Sloman

Mrs C Brain

SECRETARY:

Mrs A C Jeffery

REGISTERED OFFICE:

Rumwell Hall

Rumwell

Taunton

Somerset

TA4 1EL

REGISTERED NUMBER:

01281309 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,590

524

Investments

5

120,000

120,000

Investment property

6

32,268,167

32,241,000

32,389,757

32,361,524

CURRENT ASSETS

Debtors

7

575,985

331,755

Cash at bank

62,034

156,734

638,019

488,489

CREDITORS

Amounts falling due within one year

8

1,470,456

1,660,720

NET CURRENT LIABILITIES

(832,437

)

(1,172,231

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,557,320

31,189,293

CREDITORS

Amounts falling due after more than one year

9

15,183,333

14,125,000

NET ASSETS

16,373,987

17,064,293

CAPITAL AND RESERVES

Called up share capital

546,593

546,593

Share premium

34,332

34,332

Capital redemption reserve

12,915

12,915

Retained earnings

15,780,147

16,470,453

16,373,987

17,064,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 18 September 2020 and were signed on its behalf by:

J J Sloman - Director

1.	STATUTORY INFORMATION

Taunton Land 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Functional and presentation currency

The company's functional and presentational currency is the pound Sterling. All amounts in the financial statements have been rounded to the nearest pound.

Turnover

The turnover shown in the profit and loss account represents rent and services due, 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.

Fixtures and fittings

-

25% on straight line basis and 15% on reducing balance

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

In accordance with section 16 of FRS 102, Investment properties are revalued annually and the surplus or deficit on revaluation is transferred to the profit and loss account. Any profits generated by revaluation are transferred from the profit and loss reserve account to the fair value reserve account, the fair value reserve account represents the non-distributable element of shareholders funds.

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.

Pension costs

The company operates a defined benefit scheme for the directors. Pensions are already in payment from the scheme and since it is sufficiently funded, no costs are charged in these accounts.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2019

9,865

Additions

1,480

At 30 April 2020

11,345

DEPRECIATION

At 1 May 2019

9,341

Charge for year

414

At 30 April 2020

9,755

NET BOOK VALUE

At 30 April 2020

1,590

At 30 April 2019

524

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2019

and 30 April 2020

559,630

PROVISIONS

At 1 May 2019

and 30 April 2020

439,630

NET BOOK VALUE

At 30 April 2020

120,000

At 30 April 2019

120,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

32,241,000

Additions

1,457,079

Revaluations

(1,429,912

)

At 30 April 2020

32,268,167

NET BOOK VALUE

At 30 April 2020

32,268,167

At 30 April 2019

32,241,000

Fair value at 30 April 2020 is represented by:

£

Valuation in 2020

(3,971,981

)

Cost

36,240,148

32,268,167

If the investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

36,240,148

34,783,070

The freehold investment property portfolio comprises of multiple properties, some of which were revalued during the year by qualified valuers. The remainder were revalued by the directors who are not professionally qualified valuers on 30th April 2020.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

241,743

32,392

Other debtors

53,911

89,217

Prepayments and accrued income

280,331

210,146

575,985

331,755

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

187,412

500,000

Other loans

7,367

6,167

Trade creditors

212,602

58,417

Amounts owed to group undertakings

120,000

120,000

Corporation tax

162,842

259,769

Social security and other taxes

4,621

4,561

VAT

49,797

71,572

Other creditors

148,668

76,610

Directors' current accounts

117,588

41,156

Accruals and deferred income

459,559

522,468

1,470,456

1,660,720

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

666,667

500,000

Bank loans - 2-5 years

14,516,666

13,625,000

15,183,333

14,125,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

20,745

-

Bank loans

15,350,000

14,625,000

15,370,745

14,625,000

The bank loans and overdraft are secured by first legal mortgages over the company`s freehold

properties, a fixed charge over book debt and a floating charge over all other assets.

11.	RELATED PARTY DISCLOSURES

Included in debtors is a loan of £42,152 due from a pension scheme (SIPP) of which two of the directors are members. The directors concerned have also lent £42,898 personally to the company which is shown in creditors.

12.	POST BALANCE SHEET EVENTS

The Covid-19 pandemic may have a detrimental effect on the company's financial performance during 2020/21. Although it is too soon to predict the exact consequences of this, the directors are of the opinion that any effect will be temporary and the long term future of the company is sustainable.