County Freehold & Leasehold Estates Limited - Abbreviated accounts

COUNTY FREEHOLD & LEASEHOLD ESTATES LIMITED - Company Information

Registered number

00172628

County Freehold & Leasehold Estates Limited

Abbreviated Accounts

31 March 2016

County Freehold & Leasehold Estates Limited
Registered number:		00172628
Abbreviated Balance Sheet
as at 31 March 2016

Notes		2016		2015
		£	£	£	£
Fixed assets
Tangible assets	2		13,272,392		13,181,989
Investments	3		554,571		788,120
			13,826,963		13,970,109

Current assets
Debtors		633,169		506,700
Cash at bank and in hand		33,772		8,235
		666,941		514,935

Creditors: amounts falling due within one year		(3,706,200)		(2,382,516)

Net current liabilities			(3,039,259)		(1,867,581)

Net assets			10,787,704		12,102,528

Capital and reserves
Called up share capital	4		43,500		43,500
Revaluation reserve			13,232,500		13,142,097
Profit and loss account			(2,488,296)		(1,083,069)

Shareholder's funds			10,787,704		12,102,528

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



P S Donert
Director
Approved by the board on 19 December 2016

County Freehold & Leasehold Estates Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Investment property
	Investment property is included in the balance sheet at its open market value.

	Depreciation
	In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), no depreciation is provided in respect of freehold properties which are classified as investment properties. This is a departure from the general requirement of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the director considers that to depreciate them would not give a true and fair view. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account apart from the exchange difference of the value of the company's investment property in France which is dealt with through the revaluation reserve.

	Group accounts
	The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small sized group. The company has therefore taken advantage of the exemptions provided by Section 399 (1) of the Companies Act 2006 not to prepare group accounts.














2	Tangible fixed assets
						Investment properties
	Cost					£
	At 1 April 2015					13,181,989
	Revaluation					90,403
	At 31 March 2016					13,272,392

	Depreciation
	At 1 April 2015					-
	Charge for the year					-
	At 31 March 2016					-

	Net book value
	At 31 March 2016					13,272,392
	At 31 March 2015					13,181,989

	Freehold land and buildings:					2016		2015
£							£
	Historical cost					39,892		39,892

	In the opinion of the director the market value of the investment property, which is situated in France, was Euro 16,741,160 as at 31 March 2016. The revaluation stems from the translation of the Euro to the Sterling equivalent at 31 March 2016.

	The Company has a debt of Euro 2,500,159 due to the French Tax Authorities in relation to property taxes and penalties for the period 1 January 2007 to 31 December 2010 . The obligation to pay has been suspended due to contentious claims made by the Company against the property taxes. The French Tax Authorities according to their entitlement have taken a protective guarantee by way of mortgage registration against the investment properties pending the outcome of the contentious claims.

3	Investments					£

	Cost
	At 1 April 2015					788,120
	Additions					264,499
	Disposals					(480,876)
	Permanent diminution in value					(17,172)
	At 31 March 2016					554,571

	The company holds 20% or more of the share capital of the following company:

						2016		2015
		Class		%	£		£
	Altair Publishers Limited	Ordinary		100		21,040		(1,560)


4	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		43,500		43,500		43,500