D. Connold & Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01412343 (England and Wales)

D. CONNOLD & COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R D Connold

T C Connold

REGISTERED OFFICE:

PO Box 1045

St. Albans

Hertfordshire

AL1 9PW

REGISTERED NUMBER:

01412343 (England and Wales)

ACCOUNTANTS:

Miller & Co

Chartered Accountants

2 Victoria Road

Harpenden

Hertfordshire

AL5 4EA

FIXED ASSETS

Tangible assets

5

2,035,657

1,805,821

CURRENT ASSETS

Debtors

6

1,030

116

Cash at bank

28,059

36,854

29,089

36,970

CREDITORS

Amounts falling due within one year

7

6,369

7,848

NET CURRENT ASSETS

22,720

29,122

TOTAL ASSETS LESS CURRENT LIABILITIES

2,058,377

1,834,943

CREDITORS

Amounts falling due after more than one year

8

(936,446

)

(936,079

)

PROVISIONS FOR LIABILITIES

(85,328

)

(45,243

)

NET ASSETS

1,036,603

853,621

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Non distributable reserves

10

645,190

455,275

Retained earnings

10

291,413

298,346

SHAREHOLDERS' FUNDS

1,036,603

853,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2022 and were signed on its behalf by:

T C Connold - Director

1.	STATUTORY INFORMATION

D.Connold & 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.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Income recognition

Income is recognised when services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Investment properties

Investment properties are revalued annually and the aggregate surplus or deficit is transferred to the profit and loan account.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Investment

and

properties

fittings

Totals

£

£

£

COST OR VALUATION

At 1 July 2020

1,805,000

4,941

1,809,941

Revaluations

230,000

-

230,000

At 30 June 2021

2,035,000

4,941

2,039,941

DEPRECIATION

At 1 July 2020

-

4,120

4,120

Charge for year

-

164

164

At 30 June 2021

-

4,284

4,284

NET BOOK VALUE

At 30 June 2021

2,035,000

657

2,035,657

At 30 June 2020

1,805,000

821

1,805,821

Cost or valuation at 30 June 2021 is represented by:

Fixtures

Investment

and

properties

fittings

Totals

£

£

£

Valuation in 2021

730,518

-

730,518

Cost

1,304,482

4,941

1,309,423

2,035,000

4,941

2,039,941

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

2021

2020

£

£

Cost

1,304,482

1,304,482

Freehold Investment Properties were valued on an open market value basis on 30 June 2021 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,030

116

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Taxation and social security

1,153

1,718

Other creditors

5,216

6,130

6,369

7,848

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

936,446

936,079

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans - over 5 years

936,446

936,079

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

936,446

936,079

The bank loans are secured by a charge over the company's freehold and leasehold investment property. Personal guarantees have also been given by the directors.

10.

RESERVES

Non

Retained

distributable

earnings

reserves

Totals

£

£

£

At 1 July 2020

298,346

455,275

753,621

Profit for the year

182,982

182,982

Transfer

(189,915

)

189,915

-

At 30 June 2021

291,413

645,190

936,603

11.	RELATED PARTY DISCLOSURES

The directors operate a loan account with the company which is interest free and repayable on demand. During the year loans in aggregate of £499 were provided to the company. At the year end the directors were owed £499.

12.

COVID-19

During the current accounting period the world was dramatically affected by the Covid-19 pandemic. The directors have reviewed the company's position at the balance sheet date and up to the date of signing these accounts and have concluded that there are no material post balance sheet event adjustments required to the carrying amounts of the company's assets and liabilities as a result of the pandemic. They also do not consider that there will be any material financial effect from the pandemic that will impact on the company's ability to continue as a going concern for a period of 12 months from the date of approval of these accounts.