Paradise Coach House Limited - Period Ending 2017-04-30

Paradise Coach House Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2017

Registration number: 01297105

Paradise Coach House Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

Paradise Coach House Limited

Company Information

Directors

A Hales N Reynolds

Registered office

Paradise Park Trelissick Road Hayle Cornwall TR27 4HY

Bankers

HSBC Plc 38 High Street Exeter EX4 3LP

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Paradise Coach House Limited

Balance Sheet

30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	121,805	500,471
Current assets
Stocks	5	3,000	3,000
Cash at bank and in hand		35,752	22,139
		38,752	25,139
Creditors: Amounts falling due within one year	6	(36,634)	(31,568)
Net current assets/(liabilities)		2,118	(6,429)
Total assets less current liabilities		123,923	494,042
Provisions for liabilities		(1,504)	(78,346)
Net assets		122,419	415,696
Capital and reserves
Called up share capital		100	100
Revaluation reserve		93,354	396,512
Profit and loss account		28,965	19,084
Total equity		122,419	415,696

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 2

Paradise Coach House Limited

Balance Sheet

30 April 2017

For the financial year ending 30 April 2017 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 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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 September 2017 and signed on its behalf by:
 

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

A Hales

Director

Company Registration Number: 01297105

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Paradise Coach House Limited

Statement of Changes in Equity

Year Ended 30 April 2017

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 May 2016	100	396,512	19,084	415,696
Profit for the year	-	-	9,881	9,881
Other comprehensive income	-	(303,158)	-	(303,158)
Total comprehensive income	-	(303,158)	9,881	(293,277)
At 30 April 2017	100	93,354	28,965	122,419

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 May 2015	100	396,231	14,444	410,775
Profit for the year	-	-	9,640	9,640
Other comprehensive income	-	281	-	281
Total comprehensive income	-	281	9,640	9,921
Dividends	-	-	(5,000)	(5,000)
At 30 April 2016	100	396,512	19,084	415,696

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Paradise Coach House Limited

Notes to the Financial Statements

Year Ended 30 April 2017

1	General information

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

The address of its registered office is:
Paradise Park
Trelissick Road
Hayle
Cornwall
TR27 4HY
England

The principal place of business is:
Bird In Hand
31 Trelissick Road
HAYLE
TR27 4HY

These financial statements were authorised for issue by the Board on 20 September 2017.

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 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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 May 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance in given in note 7.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 5

Paradise Coach House Limited

Notes to the Financial Statements

Year Ended 30 April 2017

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
Furniture, fittings and equipment	20% Cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 6

Paradise Coach House Limited

Notes to the Financial Statements

Year Ended 30 April 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2016 - 3).

Page 7

Paradise Coach House Limited

Notes to the Financial Statements

Year Ended 30 April 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2016	500,000	80,369	580,369
Revaluations	(380,000)	-	(380,000)
Additions	-	1,814	1,814
At 30 April 2017	120,000	82,183	202,183
Depreciation
At 1 May 2016	-	79,898	79,898
Charge for the year	-	480	480
At 30 April 2017	-	80,378	80,378
Carrying amount
At 30 April 2017	120,000	1,805	121,805
At 30 April 2016	500,000	471	500,471

Revaluation

The Land and Buildings are being carried at a revalued amount, as the property was purchased in 1979 at a cost of £25,142. The revaluation was calculated based on the market value of the property. Had the property not been revalued, it would have a carrying value in the accounts of £25,142 as it is not depreciated.

5

Stocks

	2017 £	2016 £
Other inventories	3,000	3,000

6

Creditors

Page 8

Paradise Coach House Limited

Notes to the Financial Statements

Year Ended 30 April 2017

	Note	2017  £	2016  £
Due within one year
Trade creditors		9,980	6,781
Social security and other taxes		3,338	2,016
Other creditors		20,106	19,457
Accrued expenses		1,100	1,100
Corporation tax		2,110	2,214
		36,634	31,568

7	Transition to FRS 102

Reconciliation of Equity at 1 May 2015
			£
Funds attributable to members at 1 May 2015 under previous UK GAAP			489,402
Recognition of deferred tax on revalued assets			(78,627)
Funds attributable to members at 1 May 2015 under FRS 102			410,775

Reconciliation of Equity at 30 April 2016
			£
Funds attributable to members at 30 April 2016 under previous UK GAAP			494,041
Recognition of deferred tax on revalued assets			(78,345)
Funds attributable to members at 30 April 2016 under FRS 102			415,696

Reconciliation of Profit and Loss at 30 April 2016
			£
Profit for the year ended 30 April 2016 under previous UK GAAP			9,640
Profit for the year ended 30 April 2016 under FRS 102			9,640

Page 9