Campsie Real Limited - Filleted accounts

Campsie Real Limited - Filleted accounts

CAMPSIE REAL LIMITED - Company Information

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Registered number
NI018116
Campsie Real Limited
Filleted Accounts
31 December 2020
Campsie Real Limited
Registered number: NI018116
Balance Sheet
as at 31 December 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 1,535,466 1,241,315
Current assets
Debtors 4 45,120 57,444
Cash at bank and in hand 398,152 385,170
443,272 442,614
Creditors: amounts falling due within one year 5 (173,033) (205,658)
Net current assets 270,239 236,956
Total assets less current liabilities 1,805,705 1,478,271
Provisions for liabilities (41,700) (7,800)
Net assets 1,764,005 1,470,471
Capital and reserves
Called up share capital 400 400
Revaluation reserve 6 823,546 584,323
Profit and loss account 940,059 885,748
Shareholders' funds 1,764,005 1,470,471
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M G A Black
Director
Approved by the board on 20 September 2021
Campsie Real Limited
Notes to the Accounts
for the year ended 31 December 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises rents from the letting of commercial properties excluding value added tax.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Not depreciated
Plant and machinery over 5 years
Solar PV Panels over 20 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2020 1,199,999 55,385 23,895 1,279,279
Additions 26,877 2,773 - 29,650
Surplus on revaluation 273,123 - - 273,123
At 31 December 2020 1,499,999 58,158 23,895 1,582,052
Depreciation
At 1 January 2020 - 23,627 14,337 37,964
Charge for the year - 3,843 4,779 8,622
At 31 December 2020 - 27,470 19,116 46,586
Net book value
At 31 December 2020 1,499,999 30,688 4,779 1,535,466
At 31 December 2019 1,199,999 31,758 9,558 1,241,315
4 Debtors 2020 2019
£ £
Trade debtors 41,544 47,803
Other debtors 3,576 9,641
45,120 57,444
5 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 73,027 89,433
Taxation and social security costs 49,107 36,076
Other creditors 50,899 80,149
173,033 205,658
6 Revaluation reserve 2020 2019
£ £
At 1 January 2020 584,323 565,196
Gain on revaluation of land and buildings 239,223 19,127
At 31 December 2020 823,546 584,323
7 Other information
Campsie Real Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
8 Campsie Real Estate
McLean Road
Eglinton
Londonderry
BT47 3XX
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