Theoberry Limited Company accounts

Theoberry Limited Company accounts

THEOBERRY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01454118
Theoberry Limited
Unaudited Financial Statements
31 March 2020
Theoberry Limited
Financial Statements
Year ended 31 March 2020
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Theoberry Limited
Directors' Report
Year ended 31 March 2020
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2020 .
Directors
The directors who served the company during the year were as follows:
J.F HARNESS
Ms E J Bellsham-Revell
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 November 2020 and signed on behalf of the board by:
J.F Harness
Company Secretary
Registered office:
20 Brampton Grove
Wembley
Middlesex
HA9 9QU
Theoberry Limited
Statement of Comprehensive Income
Year ended 31 March 2020
2020
2019
Note
£
£
Turnover
39,094
38,879
--------
--------
Gross profit
39,094
38,879
Administrative expenses
( 5,678)
17,280
--------
--------
Operating profit
44,772
21,599
Other interest receivable and similar income
193
3
Interest payable and similar expenses
16,348
19,082
--------
--------
Profit before taxation
4
28,617
2,520
Tax on profit
( 35,742)
–
--------
-------
Profit for the financial year
64,359
2,520
--------
-------
Reclassification from fair value reserve to profit and loss account
559,255
–
---------
-------
Total comprehensive income for the year
623,614
2,520
---------
-------
All the activities of the company are from continuing operations.
Theoberry Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
584
688
Investments
6
100
800,100
----
---------
684
800,788
Current assets
Debtors
7
40,225
32,845
Cash at bank and in hand
467,855
4,570
---------
--------
508,080
37,415
Creditors: amounts falling due within one year
8
109,091
13,323
---------
--------
Net current assets
398,989
24,092
---------
---------
Total assets less current liabilities
399,673
824,880
Creditors: amounts falling due after more than one year
9
–
349,438
Provisions
–
136,128
---------
---------
Net assets
399,673
339,314
---------
---------
Capital and reserves
Called up share capital
99
99
Other reserves
–
559,255
Profit and loss account
399,574
( 220,040)
---------
---------
Shareholders funds
399,673
339,314
---------
---------
These financial statements have been prepared 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'.
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 .
Theoberry Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 28 November 2020 , and are signed on behalf of the board by:
J.F HARNESS
Ms E J Bellsham-Revell
Director
Director
Company registration number: 01454118
Theoberry Limited
Statement of Changes in Equity
Year ended 31 March 2020
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 April 2018
99
559,255
( 222,560)
336,794
Profit for the year
2,520
2,520
----
---------
---------
---------
Total comprehensive income for the year
–
–
2,520
2,520
At 31 March 2019
99
–
( 220,040)
( 219,941)
Profit for the year
64,359
64,359
Other comprehensive income for the year
10
–
–
559,255
559,255
----
---------
---------
---------
Total comprehensive income for the year
–
–
623,614
623,614
Dividends paid and payable
–
–
( 4,000)
( 4,000)
----
----
-------
-------
Total investments by and distributions to owners
–
–
( 4,000)
( 4,000)
----
----
---------
---------
At 31 March 2020
99
–
399,574
399,673
----
----
---------
---------
Theoberry 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 20 Brampton Grove, Wembley, Middlesex, HA9 9QU.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Theoberry Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2020 3. Accounting policies (continued) Tangible assets (continued) 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
-
15% reducing balance
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Profit before taxation
Profit before taxation is stated after charging:
2020
2019
£
£
Depreciation of tangible assets
104
121
----
----
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 April 2019 and 31 March 2020
7,965
-------
Depreciation
At 1 April 2019
7,277
Charge for the year
104
-------
At 31 March 2020
7,381
-------
Carrying amount
At 31 March 2020
584
-------
At 31 March 2019
688
-------
6. Investments
Shares in group undertakings
Investment Property
Total
£
£
£
Cost
At 1 April 2019
100
800,000
800,100
Disposals
–
( 800,000)
( 800,000)
----
---------
---------
At 31 March 2020
100
–
100
----
---------
---------
Impairment
At 1 April 2019 and 31 March 2020
–
–
–
----
---------
---------
Carrying amount
At 31 March 2020
100
–
100
----
---------
---------
At 31 March 2019
100
800,000
800,100
----
---------
---------
7. Debtors
2020
2019
£
£
Trade debtors
2,696
2,201
Amounts owed by group undertakings and undertakings in which the company has a participating interest
32,850
25,470
Other debtors
4,679
5,174
--------
--------
40,225
32,845
--------
--------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
–
4,923
Corporation tax
100,386
–
Other creditors
8,705
8,400
---------
--------
109,091
13,323
---------
--------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
–
349,438
----
---------
10. Analysis of other comprehensive income
Profit and loss account
£
Year ended 31 March 2020
Reclassification from fair value reserve to profit and loss account
559,255
---------
11. Directors' advances, credits and guarantees
A lease has been granted to J.F.C Harness and E.J. Bellsham-Revell on the ground floor flat of the freehold property at 63 Highbury New Park, London N5 for a period of 99 years from 29th September 1986 under which a rental of £50 per annum is paid to the company