Skerrols Property Company Limited - Period Ending 2017-01-31

Skerrols Property Company Limited

Annual Report and Unaudited Financial Statements
Period from 1 April 2016 to 31 January 2017

Registration number: 01075183

Skerrols Property Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

Skerrols Property Company Limited

Company Information

Directors

Hon M A Morrison GCVO Mr M S Thorpe

Company secretary

Mrs V M Meeker

Registered office

The Pavilion Botleigh Grange Business Park Hedge End Southampton SO30 2AF

Accountants

Francis Clark LLP Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Page 1

Skerrols Property Company Limited

Balance Sheet

31 January 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	4	2,665,000	2,665,000
Current assets
Cash at bank and in hand		259,317	267,449
Creditors: Amounts falling due within one year	5	(44,140)	(83,193)
Net current assets		215,177	184,256
Net assets		2,880,177	2,849,256
Capital and reserves
Called up share capital		1,625	1,625
Other reserves		468,042	-
Profit and loss account		2,410,510	2,847,631
Total equity		2,880,177	2,849,256

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 2

Skerrols Property Company Limited

Balance Sheet

31 January 2017

For the financial period ending 31 January 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 period 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 3 October 2017 and signed on its behalf by:
 

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

Hon M A Morrison GCVO

Director

Company Registration Number: 01075183

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Skerrols Property Company Limited

Statement of Changes in Equity

Period from 1 April 2016 to 31 January 2017

	Share capital £	Non-distributable reserve £	Profit and loss account £	Total £
At 1 April 2016	1,625	-	2,847,631	2,849,256
Profit for the period	-	-	116,770	116,770
Total comprehensive income	-	-	116,770	116,770
Dividends	-	-	(85,849)	(85,849)
Transfers	-	468,042	(468,042)	-
At 31 January 2017	1,625	468,042	2,410,510	2,880,177

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	1,625	2,763,499	2,765,124
Profit for the period	-	169,981	169,981
Total comprehensive income	-	169,981	169,981
Dividends	-	(85,849)	(85,849)
At 31 March 2016	1,625	2,847,631	2,849,256

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Skerrols Property Company Limited

Notes to the Financial Statements

Period from 1 April 2016 to 31 January 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:
The Pavilion
Botleigh Grange Business Park
Hedge End
Southampton
SO30 2AF
United Kingdom

These financial statements were authorised for issue by the Board on 3 October 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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 April 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.

Disclosure of long or short period

The company has a 10 month period to 31 January 2017. The shorter period has been used in order to align the company's accounting period with other reporting periods.

Page 5

Skerrols Property Company Limited

Notes to the Financial Statements

Period from 1 April 2016 to 31 January 2017

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• 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.

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.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2016 - 1).

Page 6

Skerrols Property Company Limited

Notes to the Financial Statements

Period from 1 April 2016 to 31 January 2017

4	Investment properties

	2017 £
At 1 April	2,665,000

The investment properties were revalued on 20 May 2014 by Brackenridge Hanson Tate, Savills and John Arkwright & Co, RICS qualified surveyors who are external to the company. The basis of valuation was open market value.

5

Creditors

	Note	31 January 2017  £	31 March 2016  £
Due within one year
Social security and other taxes		3,967	6,351
Other creditors		-	1,800
Accruals and deferred income		26,436	32,547
Corporation tax		13,737	42,495
		44,140	83,193

6

Taxation

Tax charged/(credited) in the profit and loss account

	1 April 2016 to 31 January 2017  £	Year ended 31 March 2016  £
Current taxation
UK corporation tax	26,105	42,495
UK corporation tax adjustment to prior periods	(12,351)	-
	13,754	42,495

Page 7

Skerrols Property Company Limited

Notes to the Financial Statements

Period from 1 April 2016 to 31 January 2017

7	Transition to FRS 102

Under the previous accounting standards, the investment properties were held at market value with any movements in valuation being held in a revaluation reserve. Under FRS102, the properties are held at fair value and any movements are recognised in the profit and loss account. On transition to FRS102, the previously existing revaluation reserve was transferred to the profit and loss account.

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	As restated £
Capital and reserves
Revaluation reserve		211,356	(211,356)	-
Profit and loss account		2,552,143	211,356	2,763,499
Total equity		2,763,499	-	2,763,499

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	As restated £
Capital and reserves
Revaluation reserve		211,356	(211,356)	-
Profit and loss account		2,636,275	211,356	2,847,631
Total equity		2,847,631	-	2,847,631

Page 8