Salcombe Park Limited - Period Ending 2016-12-31
Salcombe Park Limited - Period Ending 2016-12-31
Registration number:
Salcombe Park Limited
for the Year Ended 31 December 2016
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
Salcombe Park Limited
(Registration number: 05097413)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Salcombe Park Limited
(Registration number: 05097413)
Company Information
Directors |
Mr J P Parker Mr N M Parker |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Salcombe Park Limited
(Registration number: 05097413)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 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.
Page 2 |
Salcombe Park Limited
(Registration number: 05097413)
Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
Mr J P Parker
Director
Page 3 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
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.
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.
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 |
Plant and machinery |
25% reducing balance |
Vehicles |
20% reducing balance |
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.
Page 4 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
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 inventories 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.
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.
Page 5 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Land and buildings |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
- |
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Charge for the year |
- |
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At 31 December 2016 |
- |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Included within the net book value of land and buildings above is £1,200,000 (2015 - £1,200,000) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Land and buildings was revalued on
Stocks |
2016 |
2015 |
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Work in progress |
- |
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Other stocks |
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Page 7 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
Debtors |
Note |
2016 |
2015 |
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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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- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accrued expenses |
4,403 |
69,599 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
- |
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Other borrowings |
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- |
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Page 8 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
2016 |
2015 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
- |
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Other borrowings |
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Transition to FRS 102 |
Balance Sheet at 1 January 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
317,631 |
- |
890,396 |
1,208,027 |
Current assets |
||||
Stocks |
77,116 |
- |
- |
77,116 |
Debtors |
148,478 |
- |
- |
148,478 |
Cash at bank and in hand |
308,518 |
- |
- |
308,518 |
534,112 |
- |
- |
534,112 |
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Creditors: Amounts falling due within one year |
(199,895) |
- |
- |
(199,895) |
Net current assets |
334,217 |
- |
- |
334,217 |
Total assets less current liabilities |
651,848 |
- |
890,396 |
1,542,244 |
Creditors: Amounts falling due after more than one year |
(254,120) |
- |
- |
(254,120) |
Provisions for liabilities |
(4,193) |
- |
(173,593) |
(177,786) |
Net assets |
393,535 |
- |
716,803 |
1,110,338 |
Capital and reserves |
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Called up share capital |
(280) |
- |
- |
(280) |
Capital redemption reserve |
(200) |
- |
- |
(200) |
Revaluation reserve |
- |
- |
(716,803) |
(716,803) |
Profit and loss account |
(393,055) |
- |
- |
(393,055) |
Total equity |
(393,535) |
- |
(716,803) |
(1,110,338) |
Page 9 |
Salcombe Park Limited
(Registration number: 05097413)
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
325,329 |
- |
890,396 |
1,215,725 |
Current assets |
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Stocks |
120,927 |
- |
- |
120,927 |
Debtors |
105,615 |
- |
- |
105,615 |
Cash at bank and in hand |
46,752 |
- |
- |
46,752 |
273,294 |
- |
- |
273,294 |
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Creditors: Amounts falling due within one year |
(153,913) |
- |
- |
(153,913) |
Net current assets |
119,381 |
- |
- |
119,381 |
Total assets less current liabilities |
444,710 |
- |
890,396 |
1,335,106 |
Creditors: Amounts falling due after more than one year |
(208,716) |
- |
- |
(208,716) |
Provisions for liabilities |
(3,145) |
- |
(172,794) |
(175,939) |
Net assets |
232,849 |
- |
717,602 |
950,451 |
Capital and reserves |
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Called up share capital |
(240) |
- |
- |
(240) |
Capital redemption reserve |
(240) |
- |
- |
(240) |
Revaluation reserve |
- |
- |
(717,602) |
(717,602) |
Profit and loss account |
(232,369) |
- |
- |
(232,369) |
Total equity |
(232,849) |
- |
(717,602) |
(950,451) |
Page 10 |