The County Property Investment Co Ltd - Accounts to registrar (filleted) - small 18.2

THE COUNTY PROPERTY INVESTMENT

COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

1ST SEPTEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

7

DIRECTORS:

G Woodfine

S C Lousada

N Woodfine

S Woodfine

SECRETARY:

G Woodfine

REGISTERED OFFICE:

Exchange Building

16 St Cuthbert's Street

Bedford

Bedfordshire

MK40 3JG

REGISTERED NUMBER:

00035341 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

BANKERS:

Nat West Bank plc

81 High Street

Bedford

Bedfordshire

MK40 1YN

FIXED ASSETS

Investments

4

-

-

Investment property

5

640,633

760,633

640,633

760,633

CURRENT ASSETS

Stocks

136,771

150,668

Debtors

6

302,356

219,992

Cash at bank

8,938

150,618

448,065

521,278

CREDITORS

Amounts falling due within one year

7

59,235

87,765

NET CURRENT ASSETS

388,830

433,513

TOTAL ASSETS LESS CURRENT LIABILITIES

1,029,463

1,194,146

PROVISIONS FOR LIABILITIES

59,723

83,169

NET ASSETS

969,740

1,110,977

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Fair value reserve

368,830

455,960

Retained earnings

550,910

605,017

SHAREHOLDERS' FUNDS

969,740

1,110,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1st September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 1st September 2021 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th May 2022 and were signed on its behalf by:

G Woodfine - Director

1.	STATUTORY INFORMATION

The County Property Investment Company 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 are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Turnover

Turnover represents rental income receivable and proceeds from properties held for resale, stated net of value added tax.

Investment property

Property held for investment purposes is not depreciated as required by Schedule 4 to the Companies Act 1985. In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) investment property is revalued to its open market value at the balance sheet date, with any surplus of deficit on revaluation being transferred to the revaluation reserve.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Investments

Shares in associated undertakings and listed investments are included at cost. Profits/losses arising from the disposal of fixed asset investments are treated as part of the ordinary activities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 2nd September 2020

and 1st September 2021

20,000

PROVISIONS

At 2nd September 2020

and 1st September 2021

20,000

NET BOOK VALUE

At 1st September 2021

-

At 1st September 2020

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 2nd September 2020

760,633

Disposals

(120,000

)

At 1st September 2021

640,633

NET BOOK VALUE

At 1st September 2021

640,633

At 1st September 2020

760,633

Fair value at 1st September 2021 is represented by:

£

Valuation in 2009

439,894

Valuation in 2013

(765

)

Valuation in 2018

100,000

Valuation in 2021

(110,576

)

Cost

212,080

640,633

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

1/9/21

1/9/20

£

£

Cost

212,080

221,504

Investment properties were valued on a fair value basis on 1st September 2021 by Mr G Woodfine, a director of the company .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

1/9/21

1/9/20

£

£

Trade debtors

11,638

10,344

Amounts owed by group undertakings

206,742

206,742

Amounts owed by related companies

2,060

2,060

Other debtors

81,250

180

Prepayments and accrued income

666

666

302,356

219,992

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

1/9/21

1/9/20

£

£

Trade creditors

3,512

3,079

Amounts owed to related companies

11,004

11,004

Corporation tax

22,802

51,995

Directors' current accounts

8,875

10,875

Accrued expenses

13,042

10,812

59,235

87,765

8.	ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The County Property Investment Company Limited for the year ended 1st September 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The County Property Investment Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The County Property Investment Company Limited and state those matters that we have agreed to state to the Board of Directors of The County Property Investment Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The County Property Investment Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The County Property Investment Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The County Property Investment Company Limited. You consider that The County Property Investment Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The County Property Investment Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

23rd May 2022