The Ship (Derriford) Limited - Period Ending 2020-12-31

The Ship (Derriford) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 9

The Ship (Derriford) Limited

Company Information

Directors

Mr M D Edworthy Mr P N Scantlebury

Registered office

Dean Clarke House Southernhay East Exeter Devon EX1 1AP

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Ship (Derriford) Limited
for the Year Ended 31 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Ship (Derriford) Limited for the year ended 31 December 2020 as set out on pages 3 to 9 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that The Ship (Derriford) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Ship (Derriford) Limited. You consider that The Ship (Derriford) 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 accounts of The Ship (Derriford) 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 accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

16 August 2021

The Ship (Derriford) Limited

(Registration number: 09538800)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	18,568	22,336
Investment property	6	11,700,000	11,100,000
		11,718,568	11,122,336
Current assets
Debtors	7	1,230,979	870,287
Cash at bank and in hand		18,512	16,631
		1,249,491	886,918
Creditors: Amounts falling due within one year	8	(1,001,884)	(866,236)
Net current assets		247,607	20,682
Total assets less current liabilities		11,966,175	11,143,018
Creditors: Amounts falling due after more than one year	8	(8,132,241)	(7,901,226)
Provisions for liabilities		(258,890)	-
Net assets		3,575,044	3,241,792
Capital and reserves
Called up share capital		1,000	1,000
Other reserves		3,551,831	3,341,724
Profit and loss account		22,213	(100,932)
Shareholders' funds		3,575,044	3,241,792

The Ship (Derriford) Limited

(Registration number: 09538800)
Balance Sheet as at 31 December 2020

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 August 2021 and signed on its behalf by:
 

.........................................

Mr M D Edworthy
Director

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dean Clarke House
Southernhay East
Exeter
Devon
EX1 1AP
England

The principal place of business is:
The Ship
Brest Road
Plymouth International and Medical Park
Plymouth
Devon
PL6 5AA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern basis, taking into account the impact on the business caused by the Coronavirus outbreak. To cope with the outbreak the business accessed the relevant emergency government support available to support it through the lockdown, and expects to be in a position to commence normal trading once the peak of the crisis has passed.

Revenue recognition

Turnover comprises the fair value of of the consideration received or receivable for rental of the property and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and Machinery	10% straight line
Office Equipment	10% straight line

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Profit before tax

Arrived at after charging/(crediting)

	2020 £	2019 £
Depreciation expense	3,767	3,767

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	37,677	37,677
At 31 December 2020	37,677	37,677
Depreciation
At 1 January 2020	15,341	15,341
Charge for the year	3,768	3,768
At 31 December 2020	19,109	19,109
Carrying amount
At 31 December 2020	18,568	18,568
At 31 December 2019	22,336	22,336

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

6	Investment properties

	2020 £
At 1 January 2020	11,100,000
Additions	131,003
Fair value adjustments	468,997
At 31 December 2020	11,700,000

The investment property known as the Ship is held in the financial statements at fair value and was valued by a RICS professional valuer at £11,700,000. The financial statements use this valuation.

The valuation is based upon the estimated amount for which the asset should exchange on the valuation date between a willing buyer and willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

The significant assumption underlying the valuation is that the proposed works described to the valuer will be completed in accordance with the details provided, to a reasonable standard of workmanship and in accordance with relevant regulations.

If using the historic cost model, the value of the investment property (with no depreciation) would be £7,245,963 (2019: £7,114,959).

Gains on the property are credited to the revaluation reserve. Deferred taxation is provided on any gains at the rate expected to apply if the property was sold. Deferred taxation is debited to the revaluation reserve.

There was a revaluation gain in the year of £210,107 (2019: £89,657). The revaluation reserve at the end of the period was £3,551,831 (2019: £3,341,724).

7

Debtors

	2020 £	2019 £
Trade debtors	69,922	94,074
Other debtors	1,161,057	776,213
	1,230,979	870,287

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

8

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	397,983	379,368
Taxation and social security	197,321	67,697
Accruals and deferred income	243,080	252,574
Other creditors	163,500	166,597
	1,001,884	866,236

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		50,000	-
Other non-current financial liabilities		8,082,241	7,901,226
		8,132,241	7,901,226

Creditors includes loans which are secured of £2,600,000 (2019: £2,600,000 due within one year). The loan is secured by a fixed and floating charge over the assets of the company.

Creditors include amounts due to group undertakings of £5,482,241 (2019: £5,301,226).

9	Parent and ultimate parent undertaking

 The company's immediate parent is Burrington Estates (Commercial) Ltd, incorporated in England and Wales.

 The ultimate parent is Burrington Estates Commercial Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House