Shirley Securities Limited Filleted accounts for Companies House (small and micro)

Shirley Securities Limited Filleted accounts for Companies House (small and micro)

SHIRLEY SECURITIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00527097
SHIRLEY SECURITIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2020
SHIRLEY SECURITIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2020
2020
2019
Note
£
£
£
£
FIXED ASSETS
Investments
5
917,554
938,785
CURRENT ASSETS
Debtors
6
14,757
2,422
Cash at bank and in hand
155,574
177,761
---------
---------
170,331
180,183
CREDITORS: amounts falling due within one year
7
130,055
133,818
---------
---------
NET CURRENT ASSETS
40,276
46,365
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
957,830
985,150
PROVISIONS
Taxation including deferred tax
27,812
31,256
---------
---------
NET ASSETS
930,018
953,894
---------
---------
CAPITAL AND RESERVES
Called up share capital
8
92
92
Fair value reserve
368,508
393,674
Profit and loss account
561,418
560,128
---------
---------
SHAREHOLDERS FUNDS
930,018
953,894
---------
---------
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 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 comprehensive income 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 .
SHIRLEY SECURITIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 14 December 2020 , and are signed on behalf of the board by:
Mr R D Ellis
Director
Company registration number: 00527097
SHIRLEY SECURITIES 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 C/o Cotterell & Co, The Curve, 83 Tempest Street, Wolverhampton, WV2 1AA. The main place of business is 17 High Street, Pershore, Worcestershire.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover represents gross rentals due for the year, exclusive of Value Added Tax.
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.
Investments
Investment property is included at fair value with gains and losses charged through the profit and loss account. Fair value is based upon open market value as determined by the directors.
Listed investments are measured at fair value with changes in fair value being recognised in the profit and loss account. Fair value is based upon middle market value.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. INVESTMENTS
Listed investments
Investment properties
Total
£
£
£
Valuation
At 1 April 2019
278,785
660,000
938,785
Additions
58,490
–
58,490
Disposals
( 55,125)
–
( 55,125)
Revaluations
( 24,596)
–
( 24,596)
---------
---------
---------
At 31 March 2020
257,554
660,000
917,554
---------
---------
---------
Impairment
At 1 April 2019 and 31 March 2020
–
–
–
---------
---------
---------
Carrying amount
At 31 March 2020
257,554
660,000
917,554
---------
---------
---------
At 31 March 2019
278,785
660,000
938,785
---------
---------
---------
The change in fair value of the above assets has resulted in a debit to the profit and loss account of £24,596 (2019: credit of £5,595).
Investments held at valuation
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Listed investments
Investment properties
Total
£
£
£
At 31 March 2020
Aggregate cost
257,405
263,828
521,233
Aggregate depreciation
–
–
–
---------
---------
---------
Carrying value
257,405
263,828
521,233
---------
---------
---------
At 31 March 2019
Aggregate cost
250,026
263,828
513,854
Aggregate depreciation
–
–
–
---------
---------
---------
Carrying value
250,026
263,828
513,854
---------
---------
---------
6. DEBTORS
2020
2019
£
£
Other debtors
14,757
2,422
--------
-------
7. CREDITORS: amounts falling due within one year
2020
2019
£
£
Corporation tax
5,190
8,652
Social security and other taxes
9,548
5,432
Other creditors
115,317
119,734
---------
---------
130,055
133,818
---------
---------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
92
92
92
92
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