Fred Watkins (Estates) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00567031 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2018

for

Fred Watkins (Estates) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs T Watkins

Mr P B Watkins

REGISTERED OFFICE:

New Dunn Business Park

Sling

Coleford

Gloucestershire

GL16 8JD

REGISTERED NUMBER:

00567031 (England and Wales)

ACCOUNTANTS:

Andrew R Cook Chartered Accountants

Northfield House

Shurdington Road

Bentham

Cheltenham

Gloucestershire

GL51 4UA

FIXED ASSETS

Tangible assets

4

482,404

608,295

Investment property

5

9,617,931

9,617,931

10,100,335

10,226,226

CURRENT ASSETS

Stocks

6

88,500

84,000

Debtors

7

532,428

434,791

Cash at bank

1,689

19,127

622,617

537,918

CREDITORS

Amounts falling due within one year

8

2,147,001

1,072,173

NET CURRENT LIABILITIES

(1,524,384

)

(534,255

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,575,951

9,691,971

CREDITORS

Amounts falling due after more than one year

9

4,553,951

5,624,171

NET ASSETS

4,022,000

4,067,800

CAPITAL AND RESERVES

Called up share capital

11

2

2

Non-distributable profit reserve

12

2,150,630

2,150,630

Retained earnings

12

1,871,368

1,917,168

SHAREHOLDERS' FUNDS

4,022,000

4,067,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 10 February 2021 and were signed on its behalf by:

Mr P B Watkins - Director

1.	STATUTORY INFORMATION

Fred Watkins (Estates) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

5% on cost

Fixtures and fittings

-

7% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2017

785,822

52,167

271,282

1,423

1,110,694

Additions

57,500

-

63,000

-

120,500

Disposals

(272,472

)

-

(11,428

)

-

(283,900

)

At 30 June 2018

570,850

52,167

322,854

1,423

947,294

DEPRECIATION

At 1 July 2017

299,438

52,167

149,371

1,423

502,399

Charge for year

59,032

-

46,228

-

105,260

Eliminated on disposal

(131,341

)

-

(11,428

)

-

(142,769

)

At 30 June 2018

227,129

52,167

184,171

1,423

464,890

NET BOOK VALUE

At 30 June 2018

343,721

-

138,683

-

482,404

At 30 June 2017

486,384

-

121,911

-

608,295

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 July 2017

508,507

220,531

729,038

Additions

55,400

63,000

118,400

Disposals

(261,000

)

-

(261,000

)

At 30 June 2018

302,907

283,531

586,438

DEPRECIATION

At 1 July 2017

144,352

106,991

251,343

Charge for year

39,473

44,135

83,608

Eliminated on disposal

(124,455

)

-

(124,455

)

At 30 June 2018

59,370

151,126

210,496

NET BOOK VALUE

At 30 June 2018

243,537

132,405

375,942

At 30 June 2017

364,155

113,540

477,695

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

and 30 June 2018

9,617,931

NET BOOK VALUE

At 30 June 2018

9,617,931

At 30 June 2017

9,617,931

Fair value at 30 June 2018 is represented by:

£

Valuation in 2017

2,150,630

Cost

7,467,301

9,617,931

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

30.6.18

30.6.17

£

£

Cost

7,467,301

7,467,301

The investment properties were valued on a fair value basis on 30 June 2017 by the directors .

The directors do not consider the fair value of the investment properties to have changed significantly during the year.

6.

STOCKS

30.6.18

30.6.17

£

£

Stocks

88,500

84,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Trade debtors

236,693

101,829

Other debtors

295,735

332,962

532,428

434,791

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans and overdrafts

1,500,648

691,240

Other loans

245,577

94,671

Hire purchase contracts

131,578

107,103

Trade creditors

148,681

124,489

Social security and other taxes

36,129

15,019

VAT

64,514

34,501

Factoring account

14,724

-

Accrued expenses

5,150

5,150

2,147,001

1,072,173

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans - 1-5 years

2,505,983

1,011,629

Bank loans more than 5 years

189,837

2,750,406

Other loans - over 1 year

1,231,990

1,221,385

Directors loan account

256,604

314,841

Hire purchase contracts

369,537

325,910

4,553,951

5,624,171

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

189,837

2,750,406

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.18

30.6.17

£

£

Bank loans

4,196,178

4,453,275

Other loans

1,477,567

1,316,056

Hire purchase contracts

501,115

433,013

6,174,860

6,202,344

The bank and other loans are secured upon the assets of the company. The hire purchase contracts are secured upon the fixed assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.18

30.6.17

value:

£

£

20

Ordinary

£0.10

2

2

12.

RESERVES

Non-distributable

Retained

profit

earnings

reserve

Totals

£

£

£

At 1 July 2017

1,917,168

2,150,630

4,067,798

Deficit for the year

(45,800

)

(45,800

)

At 30 June 2018

1,871,368

2,150,630

4,021,998

13.	RELATED PARTY DISCLOSURES

During the year a director, Mr P B Watkins, made net withdrawals from his account of £58,237. The balance on his account at 30 June 2018 was £256,604 in credit (2017 - £314,841).

14.	ULTIMATE CONTROLLING PARTY

Mr P B Watkins is the ultimate controlling party by virtue of his holding all of the company's issued share capital.