Edwards & Company (Property) Limited - Period Ending 2021-04-30
Edwards & Company (Property) Limited - Period Ending 2021-04-30
Registration number:
Edwards & Company (Property) Limited
for the Year Ended 30 April 2021
Edwards & Company (Property) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Edwards & Company (Property) Limited
Company Information
Directors |
Mr N M Hunter Mr T A Jones Mr M G Bathurst |
Company secretary |
Mr N M Hunter |
Registered office |
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Accountants |
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Edwards & Company (Property) Limited
(Registration number: 03580996)
Balance Sheet as at 30 April 2021
Note |
2021 |
2020 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
3 |
3 |
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Capital redemption reserve |
1 |
1 |
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Profit and loss account |
2,066,204 |
2,023,045 |
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Shareholders' funds |
2,066,208 |
2,023,049 |
For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
.........................................
Company secretary and director
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 as modified by the restatement of investment property at fair value and in accordance with law and accounting standards applicable to the United Kingdom. The principal accounting policies adopted are set out below.
The financial statements are prepared in Pound Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
Group accounts not prepared
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. |
The directors do not consider there to be any critical accounting judgements that must be applied. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Those estimates and assumptions may have a significant risk of causing a material adjustments to the carrying value of assets and liabilities within the next financial year.
A key source of estimation and uncertainty relates to the valuation of investment properties, where a valuation is obtained annually, either by professionally qualified external valuers or by the company's own directors who are also qualified Chartered Surveyors. The evidence to support these valuations is based primarily on recent, comparable market transactions on an arm's length basis. However, the assumptions applied are inherently subjective and so are subject to a degree of uncertainty. Property valuations is the principal uncertainty of the company. In the opinion of the directors the carrying value of the investment properties have not materially changed during the financial year under review. . The carrying amount is £2,100,000 (2020 -£2,175,000).
Revenue recognition
Turnover comprises the rental income and service charges from investment property held and arises wholly in United Kingdom. Where rental income is received from tenants in advance, the amounts are recorded as deferred income and included as part of creditors due within one year. Property rental income are accounted for on accrual basis and recognised on a straight line basis over the lease term. Turnover excludes value added tax.
Tax
The tax expense for the period comprises current 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.
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 Profit and Loss Account 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Investment properties |
2021 |
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At 1 May |
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Fair value adjustments |
( |
At 30 April |
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Investment properties comprise of freehold and long leasehold commercial properties. Investment properties were revalued by the directors who are qualified Chartered Surveyors at the year end based on their open market value.The historical cost of the investment properties, determined by the historical cost convention, is £2,115,503 (2020:£2,115,503).
There has been no valuation of investment property by an independent valuer.
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2020 |
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Provision |
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Carrying amount |
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At 30 April 2021 |
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At 30 April 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office and country of incorporation |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
Subsidiary undertakings |
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26 King Street, Manchester, Greater Manchester, M2 6AY |
Ordinary shares |
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England and Wales |
Subsidiary undertakings |
Edwards Property SPV1 Limited The principal activity of Edwards Property SPV1 Limited is |
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank and other loans |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors due within one year include bank loans and other borrowings which are secured of £30,000 (2020 - £56,987).
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Creditors due after one year include bank loans and other borrowings which are secured of £24,000 (2020 - £112,500).
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Other borrowings |
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Related party transactions |
Income and receivables from related parties
2021 |
Entities with joint control or significant influence |
Leases |
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Amounts receivable from related party |
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2020 |
Entities with joint control or significant influence |
Leases |
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Amounts receivable from related party |
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Loans to related parties
Edwards & Company (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
2021 |
Entities with joint control or significant influence |
Subsidiary |
Total |
At start of period |
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Advanced |
- |
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Repaid |
- |
( |
( |
At end of period |
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2020 |
Entities with joint control or significant influence |
Subsidiary |
Total |
At start of period |
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- |
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Advanced |
- |
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At end of period |
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Terms of loans to related parties