Scrafton Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04864239 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Scrafton Developments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G J Scott

A M Gibson

SECRETARY:

A M Gibson

REGISTERED OFFICE:

17 Burnville Road

Sunderland

Tyne & Wear

SR4 7LY

REGISTERED NUMBER:

04864239 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

BANKERS:

Lloyds TSB Bank plc

PO Box 45

Fawcett Street

Sunderland

Tyne and Wear

SR1 1SF

FIXED ASSETS

Tangible assets

4

236,031

236,031

CURRENT ASSETS

Debtors

5

1,835

-

Cash at bank

2,113

1,373

3,948

1,373

CREDITORS

Amounts falling due within one year

6

57,120

40,122

NET CURRENT LIABILITIES

(53,172

)

(38,749

)

TOTAL ASSETS LESS CURRENT LIABILITIES

182,859

197,282

CREDITORS

Amounts falling due after more than one year

7

47,254

49,855

NET ASSETS

135,605

147,427

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

9

(26,889

)

(26,889

)

Retained earnings

161,494

173,316

SHAREHOLDERS' FUNDS

135,605

147,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2021 and were signed on its behalf by:

G J Scott - Director

1.	STATUTORY INFORMATION

Scrafton Developments 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.

The financial statements have been prepared on the going concern basis,which assumes that the company will continue in operational existence for the foreseeable future,which the directors consider to be appropriate.

Turnover

Turnover represents rental income excluding value added tax.

Tangible fixed assets

In accordance with the Financial Reporting Standards for smaller entities (effective April 2008) no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST OR VALUATION

At 1 June 2019

and 31 May 2020

236,031

NET BOOK VALUE

At 31 May 2020

236,031

At 31 May 2019

236,031

Cost or valuation at 31 May 2020 is represented by:

Freehold

property

£

Valuation in 2018

(26,889

)

Cost

262,920

236,031

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

1,835

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

4,612

15,302

Taxation and social security

-

2,871

Other creditors

52,508

21,949

57,120

40,122

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

47,254

49,855

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

51,866

65,157

The bank loans are secured by mortgage charges over the freehold properties.

9.

RESERVES

Revaluation

reserve

£

At 1 June 2019

and 31 May 2020

(26,889

)

10.	RELATED PARTY DISCLOSURES

Scrafton Ltd

A company controlled by the same directors

During the year the company received rent from Scrafton Development Ltd amounting to £3,500 (2019: £16,650).

2020

2019

£

£

Amount owed to related party at the balance sheet date

0

20,478

11.

CONTROL

No person had overall control of the company throughout the current and previous years.