Snowcroft Properties Limited - Accounts to registrar (filleted) - small 18.2
Snowcroft Properties Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| FOR |
| SNOWCROFT PROPERTIES LIMITED |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| SNOWCROFT PROPERTIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Wellington House |
| 273-275 High Street |
| London Colney |
| Hertfordshire |
| AL2 1HA |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| STATEMENT OF FINANCIAL POSITION |
| 31 OCTOBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| ASSETS |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| 24,597,132 | 22,708,642 |
| CAPITAL, RESERVES AND LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Fair value reserve | 8 |
| Retained earnings | 8 |
| SHAREHOLDER FUNDS |
| PROVISIONS FOR LIABILITIES | 9 |
| CREDITORS |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
10 |
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
11 |
| 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. |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 OCTOBER 2020 |
| 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 |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 1. | STATUTORY INFORMATION |
| Snowcroft Properties Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover represents the rental income net of Value Added Tax from the properties. Turnover is recognised over the period to which it relates. |
| TANGIBLE FIXED ASSETS |
| Plant and machinery | - |
| INVESTMENT PROPERTY |
| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognise in profit or loss. |
| Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
| 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 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. |
| 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. |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 November 2019 |
| Additions |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2019 |
| Additions |
| Revaluations | 1,683,193 |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| Investment property comprises freehold residential property, which are stated at fair value bases of a valuation by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
| Fair value at 31 October 2020 is represented by: |
| £ |
| Valuation in 2020 | 10,004,727 |
| Cost | 13,615,273 |
| 23,620,000 |
| Investment property was valued on an open market value basis on by the director . |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other debtors |
| Sundry debtor | 814 | 814 |
| Directors' current accounts | 499,777 | 480,555 |
| Prepayments |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary share capital issued |
| and fully paid | 1 | 100 | 100 |
| 8. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2019 | 12,201,326 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| Reserve transfer | (1,683,193 | ) | 1,683,192 | (1 | ) |
| At 31 October 2020 | 13,937,458 |
| 9. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 1,461,097 | 1,139,168 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2019 |
| Provided during year |
| Balance at 31 October 2020 |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Tenant Deposits | 107,886 | 114,569 |
| Key deposits | 859 | 1,040 |
| Accrued expenses |
| Bank loans of £180,012 (2019: £162,608) are secured by a fixed charge against the investment properties to which they relate. |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans (see note 12) |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 720,047 | 650,433 |
| Bank loans totalling £3,082,211 (2019: £3,254,306) are secured by a fixed charge against the investment properties to which they relate. Other bank loans totalling £5,691,960 (2019: £5,691,960) are subject to personal guarantees by the directors. |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst | 7,874,112 | 8,133,225 |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 12. | LOANS - continued |
| 2020 | 2019 |
| £ | £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 720,047 | 650,433 |
| 13. | DIRECTORS TRANSACTIONS |
| The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest on loans to directors have been not charged in current year (2019: 4%). |
| SNOWCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 03780171) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2020 |
| 14. | RELATED PARTY TRANSACTIONS |
| Total purchases from an entity under the control of the directors were £62,950 during the year (2019: £63,500). |
| As at 31 October 2020 the company owed £nil (2019: £49,480) to an entity of which the directors hold a significant interest. |
| As at 31 October 2020 the company owed £63,000 (2019: £56,500) to an entity under the control of the directors. |
| The balance as at the year end and included within trade creditors was £63,000 (2019: £105,980). |
| 15. | GOVERNMENT GRANTS |
| During the year an amount of £8,665.25 was received through government grants in respects of the coronavirus job retention scheme. |