Abbot's Court (Whalley) Ltd - Period Ending 2021-03-31

Abbot's Court (Whalley) Ltd

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Abbot's Court (Whalley) Ltd

(Registration number: 10497108)
Statement of Financial Position as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	796,412	802,826
Current assets
Debtors	5	118,300	118,300
Cash at bank and in hand		10,579	58
		128,879	118,358
Creditors: Amounts falling due within one year	6	(633,605)	(616,065)
Net current liabilities		(504,726)	(497,707)
Total assets less current liabilities		291,686	305,119
Creditors: Amounts falling due after more than one year	6	(252,328)	(254,778)
Provisions for liabilities		(8,530)	(9,810)
Net assets		30,828	40,531
Capital and reserves
Called up share capital		100	100
Profit and loss account		30,728	40,431
Shareholders' funds		30,828	40,531

For the financial year ending 31 March 2021 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 Income Statement has been taken.

Approved and authorised by the Board on 20 December 2021 and signed on its behalf by:
 

Abbot's Court (Whalley) Ltd

(Registration number: 10497108)
Statement of Financial Position as at 31 March 2021

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

B M Murphy-Purves
Director

Abbot's Court (Whalley) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

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

The address of its registered office is:
Abbot's Court 41 Station Road
Whalley
Clitheroe
Lancashire
BB7 9RH
United Kingdom

These financial statements were authorised for issue by the Board on 20 December 2021.

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 for the year ended 31 March 2020 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 directors acknowledge that the company's balance sheet shows the net liabilities of £504,726 (2020:£497,707). The directors have confirmed that they will continue to provide financial support to the company until such time that its position improves.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable excluding discounts,
rebates, value added tax and other sales tax.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Abbot's Court (Whalley) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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
Freehold property	10% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors,
bank loans and director's loans. Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost or amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

Abbot's Court (Whalley) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

4	Tangible assets

	Investment property £	Total £
Cost or valuation
At 1 April 2020	815,654	815,654
At 31 March 2021	815,654	815,654
Depreciation
At 1 April 2020	12,828	12,828
Charge for the year	6,414	6,414
At 31 March 2021	19,242	19,242
Carrying amount
At 31 March 2021	796,412	796,412
At 31 March 2020	802,826	802,826

The investment property was revalued on 31 March 2021 by the directors of the company. The basis of this valuation was an open market basis, the class of assets has a current valuation of £796,412 (2020 - £802,826).
 

5

Debtors

	2021 £	2020 £
Trade debtors	118,300	118,300
	118,300	118,300

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Taxation and social security	-	4,759
Other creditors	633,605	611,306
	633,605	616,065

The bank borrowings are secured by a fixed and floating charge over the company's assets including investment property.

Abbot's Court (Whalley) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	252,328	254,778

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	252,328	254,778