Showland Investments Limited 31/03/2022 iXBRL

Showland Investments Limited 31/03/2022 iXBRL

SHOWLAND INVESTMENTS LIMITED - Company Information

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Company registration number: 6643085
Showland Investments Limited
Unaudited filleted financial statements
31 March 2022
Showland Investments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Showland Investments Limited
Directors and other information
Directors Mr A J Loader
Mr R S Phillips
Mr M J Woolley
Secretary A J Loader
Company number 6643085
Registered office Kings Barn
34 Thame Road
Warborough
Oxfordshire
OX10 7DA
Business address 6 Woodlands Road
Barnes
London
SW13 0JZ
Showland Investments Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 4 230,362 230,362
_______ _______
230,362 230,362
Current assets
Debtors 5 723,933 736,313
_______ _______
723,933 736,313
Creditors: amounts falling due
within one year 6 ( 21,698) ( 35,900)
_______ _______
Net current assets 702,235 700,413
_______ _______
Total assets less current liabilities 932,597 930,775
Creditors: amounts falling due
after more than one year 7 ( 693,990) ( 680,973)
_______ _______
Net assets 238,607 249,802
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 237,607 248,802
_______ _______
Shareholders funds 238,607 249,802
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 December 2022 , and are signed on behalf of the board by:
Mr A J Loader
Director
Company registration number: 6643085
Showland Investments Limited
Statement of changes in equity
Year ended 31 March 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2020 1,000 120,153 121,153
Profit for the year 147,649 147,649
_______ _______ _______
Total comprehensive income for the year - 147,649 147,649
Dividends paid and payable ( 19,000) ( 19,000)
_______ _______ _______
Total investments by and distributions to owners - ( 19,000) ( 19,000)
_______ _______ _______
At 31 March 2021 and 1 April 2021 1,000 248,802 249,802
Profit for the year 48,805 48,805
_______ _______ _______
Total comprehensive income for the year - 48,805 48,805
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 31 March 2022 1,000 237,607 238,607
_______ _______ _______
Showland Investments Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kings Barn, 34 Thame Road, Warborough, Oxfordshire, OX10 7DA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2021 and 31 March 2022 230,362 230,362
_______ _______
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 230,362 230,362
_______ _______
At 31 March 2021 230,362 230,362
_______ _______
The Company acts as General Partner to three Limited Partnerships which in turn hold individual commercial investment properties. In addition, the Company purchased some of the individual limited partner interests in those and another limited partnership and merged those interests with its own. The costs of those purchases are reported as Investments in the Accounts of the Company and the income derived is included within turnover.
The company is also the holder of 100% of the issued share capital in Showland (Chichester) Limited.
5. Debtors
2022 2021
£ £
Other debtors 723,933 736,313
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax 11,448 34,634
Other creditors 10,250 1,266
_______ _______
21,698 35,900
_______ _______
7. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 693,990 680,973
_______ _______
Acting in its capacity as General Partner of the Limited Partnerships and manager of two associated companies, the Company entered into a composite Loan Agreement with a UK financing institution in respect of a £5,920,000 fixed term loan. The major part of this loan (95%) is at a fixed rate of interest whilst the balance is at a floating rate. A small proportion of the loan is redeemable over the term of the loan with the balance repayable on the fifth anniversary of the loan. All the properties owned by the individual limited partnerships and the associated companies are subject to a first charge as collateral for that loan which has been allocated between the various entities which in turn are each jointly and severally responsible for that liability.