Ellis And Sons Third Amalgamated Propert - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00354523 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

ELLIS AND SONS THIRD AMALGAMATED

PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible fixed assets

4

3,087,919

3,465,850

Investments

5

1,149,247

632,310

4,237,166

4,098,160

CURRENT ASSETS

Debtors

6

27,852

9,325

Cash at bank

1,273,985

976,708

1,301,837

986,033

CREDITORS

Amounts falling due within one year

7

2,196

16,502

NET CURRENT ASSETS

1,299,641

969,531

TOTAL ASSETS LESS CURRENT LIABILITIES

5,536,807

5,067,691

PROVISIONS FOR LIABILITIES

8

382,703

418,324

NET ASSETS

5,154,104

4,649,367

CAPITAL AND RESERVES

Called up share capital

34,130

34,130

Non distributable reserve

2,360,656

2,601,967

Retained earnings

2,759,318

2,013,270

SHAREHOLDERS' FUNDS

5,154,104

4,649,367

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2020 and were signed on its behalf by:

Mrs L G Montgomery - Director

1.	STATUTORY INFORMATION

Ellis And Sons Third Amalgamated Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00354523 and registered office address is Shalden Park Steading, Shalden, Alton, Hampshire, GU34 4DS.

The functional 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.

The results are presented for the company as a single entity only, on a going concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents gross rental income, excluding value added tax.

Investments in subsidiaries

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including other creditors, accruals and deferred income and amounts owed to group undertakings, that are classified as debt, 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.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Investment properties

Investment property is carried at fair value and revaluation surpluses are recognised in the Profit and Loss Account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.

Investment properties involving reversions may, in some cases, be sold and a replacement property purchased which is then subject to a continuing lease in favour of the vendor of the original property. In such cases, the substitute property is valued at the time of its purchase at its then reversion value.

Investments

Fixed asset investments are stated at cost less provision for permanent impairment.

Going concern

Based on current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Investment

properties

£

COST OR VALUATION

At 1 January 2019

3,465,850

Disposals

(379,082

)

Surplus on revaluation

1,151

At 31 December 2019

3,087,919

NET BOOK VALUE

At 31 December 2019

3,087,919

At 31 December 2018

3,465,850

The investment properties were valued on the tenanted open market value basis at 31 December 2019 by , Mrs L G Montgomery, a director of the company, to the value of £3,087,919 (2018: £3,465,850). The cost to the company of the investment properties at 31 December 2019 was £726,114 (2018: £863,883).

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 January 2019

1,400

3,071,779

3,073,179

Disposals

-

(35,183

)

(35,183

)

At 31 December 2019

1,400

3,036,596

3,037,996

PROVISIONS

At 1 January 2019

-

2,440,869

2,440,869

Provision written back

-

(552,120

)

(552,120

)

At 31 December 2019

-

1,888,749

1,888,749

NET BOOK VALUE

At 31 December 2019

1,400

1,147,847

1,149,247

At 31 December 2018

1,400

630,910

632,310

The market value of listed investments at 31 December 2019 was £194,232 (2018: £180,616).

In the opinion of the directors, the aggregate value of the assets of the company consisting of shares in, or amounts owing from the subsidiary undertakings, is not less than the amounts at which those assets are stated or included in the company's balance sheet.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

6,546

-

Other debtors

9,836

8,773

Prepayments and accrued income

11,470

552

27,852

9,325

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

-

9,572

Other creditors

1,025

1,025

Accruals and deferred income

1,171

5,905

2,196

16,502

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

382,703

418,324

Deferred

tax

£

Balance at 1 January 2019

418,324

Provided during year

(35,621

)

Balance at 31 December 2019

382,703

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen Dent (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

10.	CONTINGENT LIABILITIES

The company has given an unlimited guarantee to Handelsbanken AB (publ) in respect of all, and every sum of money which now, or at any time, shall remain due and unpaid to the bank on any account held by the company or any of its fellow subsidiaries. At 31 December 2019, the total amount of loans payable by its parent company and fellow subsidiaries, over and above the company's own stated liabilities to Handelsbanken AB (publ) was £Nil (2018: £Nil).

The bank loans are secured on various properties owned by Ellis & Sons Amalgamated Properties Limited, Ellis & Sons Third Amalgamated Properties Limited, Ellis Campbell Coxbridge Limited and Ellis & Sons Fourth Amalgamated Properties Limited, fellow subsidiaries of Bassett Trust Holdings Limited.

11.	ULTIMATE PARENT COMPANY

The company's immediate parent company is Ellis & Sons Amalgamated Properties Limited and the company's ultimate parent company is Bassett Trust Holdings Limited, a company incorporated in England and Wales.