Eyre Holdings Limited - Period Ending 2017-03-31

Company registration number: 01583832

Eyre Holdings Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Eyre Holdings Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Eyre Holdings Limited

(Registration number: 01583832)
Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Fixed assets
Investments	4	4,492,829	4,492,829
Current assets
Cash at bank and in hand		1,944	2,035
Total assets less current liabilities		4,494,773	4,494,864
Creditors: Amounts falling due after more than one year	6	(675,000)	(675,000)
Net assets		3,819,773	3,819,864
Capital and reserves
Called up share capital		2,118,344	2,118,344
Share premium reserve		1,318,114	1,318,114
Profit and loss reserve		383,315	383,406
Total equity		3,819,773	3,819,864

For the financial year ending 31 March 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 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. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 19 September 2017 and signed on its behalf by:
 

R A Crosthwaite-Eyre Director

Page 1

Eyre Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

1	General information

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

The address of its registered office is:
Mary Street House
Mary Street
Taunton
Somerset
TA1 3NW
England

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'.

Basis of preparation

These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

Page 2

Eyre Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

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.

Debtors

Short term loans are measured at transaction price less any impairment. Loans receivable are measured initially at fair value net of transaction costs and subsequently at amortised cost using the effective interest method less any impairment.

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.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Share premium reserve includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and loss account includes all current and prior period profits and losses.

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.

Page 3

Eyre Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

Classification of shares as a financial liability or equity

An equity instrument is a contract that provides a residual interest in the net assets of an entity. An equity instrument: provides no contractual obligation to deliver cash, or other financial assets, or to exchange financial assets or liabilities on terms which are unfavourable; is a non-derivative without contractual obligations to deliver a variable number of shares; or is a derivative that will be settled only by the exchange of a fixed amount of cash or other assets for a fixed number of the entity’s own equity instruments.

When shares issued are mandatorily redeemable for a fixed or determinable amount, at a fixed or determinable date in the future, or provide the holder with the right to require the issuer to redeem the instrument, at or after a certain date, for a fixed or determinable amount, a financial liability arises and the shares will be presented as a financial liability within the balance sheet.

When shares are issued with a component which gives rise to a contractual obligation to deliver cash or another financial asset to another party, a financial liability will arise and will be presented as such within the financial statements.

Any financial liability will be initially measured at fair value net of transaction costs and subsequently measured at amortised cost until redemption. The corresponding dividends relating to the financial liability will be presented as an interest expense in the profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4	Investments

	2017 £	2016 £
Investments in subsidiaries	4,492,829	4,492,829

Subsidiaries	£
Cost or valuation
At 1 April 2016	4,492,829
Provision
Carrying amount
At 31 March 2017	4,492,829
At 31 March 2016	4,492,829

Page 4

Eyre Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

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	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Brook Enterprises Limited	Mary Street House Mary Street Taunton TA1 3NW England	Ordinary	100%	100%

The principal activity of Brook Enterprises Limited is continue to be that of hotelier and golf club proprietor

The loss for the financial period of Brook Enterprises Limited was £359,459 and the aggregate amount of capital and reserves at the end of the period was £3,346,481.

5

Debtors

	2017  £
Total current trade and other debtors	-

6

Creditors

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	7	675,000	675,000

Page 5

Eyre Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Redeemable preference shares	675,000	675,000

Other borrowings

The redeemable preference shares are 5% cumulative participating preference ordinary shares which are entitled to a fixed net cash cumulative dividend in respect of the preferred share held at a rate of 5% on the paid up amount. The 5% fixed preferred dividend shall be payable yearly on 31 March and for any amounts not paid at the due date shall be increased by an amount equivalent to interest of 1% per month until the actual date of payment. The redeemable preference shares have no voting rights but would receive priority on winding up.

8	Parent and ultimate parent undertaking

The ultimate controlling party is Ogier Trustee (Jersey) Limited.

Page 6