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 2020

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

1,805,821

1,806,027

CURRENT ASSETS

Debtors

6

116

122

Cash at bank

36,854

45,564

36,970

45,686

CREDITORS

Amounts falling due within one year

7

7,848

12,547

NET CURRENT ASSETS

29,122

33,139

TOTAL ASSETS LESS CURRENT LIABILITIES

1,834,943

1,839,166

CREDITORS

Amounts falling due after more than one year

8

(936,079

)

(923,657

)

PROVISIONS FOR LIABILITIES

(45,243

)

(45,243

)

NET ASSETS

853,621

870,266

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Non distributable reserves

10

455,275

455,275

Retained earnings

10

298,346

314,991

SHAREHOLDERS' FUNDS

853,621

870,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2021 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 (2019 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Investment

and

properties

fittings

Totals

£

£

£

COST OR VALUATION

At 1 July 2019

and 30 June 2020

1,805,000

4,941

1,809,941

DEPRECIATION

At 1 July 2019

-

3,914

3,914

Charge for year

-

206

206

At 30 June 2020

-

4,120

4,120

NET BOOK VALUE

At 30 June 2020

1,805,000

821

1,805,821

At 30 June 2019

1,805,000

1,027

1,806,027

Cost or valuation at 30 June 2020 is represented by:

Fixtures

Investment

and

properties

fittings

Totals

£

£

£

Valuation in 2019

500,518

-

500,518

Cost

1,304,482

4,941

1,309,423

1,805,000

4,941

1,809,941

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

2020

2019

£

£

Cost

1,304,482

1,304,482

Freehold Investment Properties were valued on an open market value basis on 30 June 2020 by the directors. .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

116

122

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

1,718

6,982

Other creditors

6,130

5,565

7,848

12,547

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

936,079

923,657

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans - over 5 years

936,079

830,308

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

936,079

923,657

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 2019

314,991

455,275

770,266

Deficit for the year

(16,645

)

(16,645

)

At 30 June 2020

298,346

455,275

753,621

11.	RELATED PARTY DISCLOSURES

The directors operate a loan account with the company which is interest free. During the year brought forward loans in aggregate of £24 were repaid by the company to the directors. At the year end the directors were owed £0.

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.