Accounts filed on 29-03-2016
Accounts filed on 29-03-2016
trueSwan Yard (Cirencester) Limited058690912016-03-29-633532489441-144090-16858911489441-658031-144090-168589-144090-168589-1769090-179358918218051857797527156420852715642081625000162500016250001625000Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company's assets comprise commercial investment property which generates rental income. The director notes the following in his deliberations on whether the going concern basis is appropriate for the financial statements.
Results
The company has net liabilities at the balance sheet date of £168,589 (2014: £225,006).
Loan facility
The company's bank loans are secured on its investment properties and serviced by rental income from the tenants. Should the bank withdraw the loan facilities the company's ability to continue to meet its obligations as they fall due would depend on it obtaining replacement finance arrangements.
Financial support
The working capital requirement of the company does result in it relying on the continued support of group companies, related companies and the director.
Forecasts
The director expects future rental income to exceed interest commitments.
The director acknowledges their is an uncertainty and whilst the accounts are prepared on a going concern basis, the validity of this basis depends on the continued support of the lenders.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.
Rental income is recognised when it falls due and is apportioned over the life of the lease to cover lease incentives.
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Investment properties are revalued annually at their open market value in accordance with FRSSE (effective April 2008). The surplus or deficit on revaluation is transferred to a revaluation reserve.
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of the FRSSE (effective April 2008) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the loss for the year would have been increased by depreciation.
However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
16250001625000The company's investment properties were valued on 31 March 2015, at an open market value, by the director, Mr M D Booth, a qualified Chartered Surveyor,
The comparable historical aggregate cost of the properties included at valuation is £2,283,031 (2015 - £2,283,031).
16250001625000
The company's investment properties were valued on 31 March 2015, at an open market value, by the director, Mr M D Booth, a qualified Chartered Surveyor,
The comparable historical aggregate cost of the properties included at valuation is £2,283,031 (2015 - £2,283,031).
Ordinary1111Ordinary1111At the balance sheet date there are loan balances outstanding with companies owned by the director, Mr M D Booth. Unless noted these amounts are unsecured, unless noted interest free and repayable on demand and they reflect transfers of cash between the related companies. They include:
- Balance owed from Wildmoor Cirencester Limited £14,847 (2015 : £52,096).
- Balance owed from PO (Estates) Limited £nil (2015 : £8,712).
- Balance owed from Wildmoor (Kings Head Hotel, Cirencester) Limited £nil (2015 : £3,400).
- Balance owed from/(to)to Wildmoor Property Management Limited £20,409 (2015 : £(25,716).2017-06-14Mr M D Boothtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSwan Yard (Cirencester) Limited2015-04-012016-03-29Swan Yard (Cirencester) Limited2014-04-012015-03-31Swan Yard (Cirencester) Limited2014-03-31Swan Yard (Cirencester) Limited2015-03-31Swan Yard (Cirencester) Limited2015-03-31Swan Yard (Cirencester) Limited2016-03-29 2017-06-19
