Shillibeer Property Limited
Shillibeer Property Limited
Registered number: 09987837
Unaudited Financial Statements
For the Period 4 February 2016 to 28 February 2017
Shillibeer Property Limited
Unaudited Financial Statements
For the Period 4 February 2016 to 28 February 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—6 |
Shillibeer Property Limited
Balance Sheet
As at
28 February 2017
Balance Sheet
Registered number:
09987837
For the period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| Period to 28 February 2017 | |||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 8 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 193,827 | ||
Page 1
Shillibeer Property Limited
Balance Sheet (continued)
As at
28 February 2017
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 4 to 6 form part of these financial statements.
Page 2
Shillibeer Property Limited
Statement of Changes in Equity
For the Period 4 February 2016 to 28 February 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Profit for the period and total comprehensive income | - |
|
3,727 |
| Arising on shares issued during the period |
|
- | 190,100 |
| As at |
|
|
193,827 |
See note 8 for details of shares issued.
Page 3
Shillibeer Property Limited
Notes to the Unaudited Accounts
For the Period 4 February 2016 to 28 February 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention as amended by the fair value accounting rules for investment in properties, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Tangible Fixed Assets and Depreciation
Tangible fixed assets includes investment properties held by the company for rental (see note below).
With the exception of Investment properties fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.
1.3.
Investment properties
Investment properties are not depreciated except for properties held on lease with an unexpired term of less than 20 years. Such properties are depreciated over the period of the remaining lease.
Investment properties are included on the balance sheet at their open market value at the balance sheet date based on the directors' knowledge of the housing market and residential property rental markets, with reference to professional valuations where available. The directors' knowledge is applied to each property on an individual basis to ensure that local factors are considered.
Changes in market value are adjusted through the profit and loss account along with any resulting change to the deferred tax charge/credit. Any unrealised net gains are held in a 'Fair value reserve'.
1.4.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes and in general deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. Investment properties which are subjected to revaluation have a corresponding amount for deferred taxation brought into account
However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.5.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Average number of employees
The company had no employees during the period other than the directors.
Page 4
Shillibeer Property Limited
Notes to the Unaudited Accounts (continued)
For the Period 4 February 2016 to 28 February 2017
5.
Tangible Assets
| Investment Properties | |
|---|---|
| £ | |
| Cost | |
| As at |
|
| Additions | 192,004 |
| As at |
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| Net Book Value | |
| As at |
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| As at |
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In the opinion of the directors the open market value of the properties was not materially different from their cost at the balance sheet date.
6.
Debtors
| Period to 28 February 2017 | |
|---|---|
| £ | |
| Due within one year | |
| Prepayments and accrued income |
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| Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
| Period to 28 February 2017 | |
|---|---|
| £ | |
| Corporation tax |
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| Other creditors |
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| Director's current account (Mr Calvin Gregory-Lilley) |
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| Accruals and deferred income |
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Page 5
Shillibeer Property Limited
Notes to the Unaudited Accounts (continued)
For the Period 4 February 2016 to 28 February 2017
9.
Transactions With and Loans to Directors
On incorporation the company issued and allotted to Mr Calvin Gregory-Lilley 100 ordinary £1 shares in exchange for cash.
On 24 March 2016 the company purchased, at open market (professional valuation March 2016), from Mr Calvin Gregory-Lilley (Snr) and Mrs Patricia Gregory-Lilley a residential property. The company purchased the property for £190,000, incurring additional costs of £2,004. Payment to Mr C Gregry-Lilley (Snr) and Mrs P Gregory-Lilley was in the form of 190,000 new ordinary £1 shares in the company (95,000 allotted to Mr C Gregory-Lilley (Snr) and 95,000 allotted to Mrs P Gregory-Lilley).
10.
Ultimate Controlling Party
The company is jointly controlled by its directors, Mr Calvin Gregory-Lilley, Mr Calvin Gregory-Lilley (Snr) and Mrs Patricia Gregory-Lilley
11.
General Information
Shillibeer Property Limited Registered number 09987837 is a limited by shares company incorporated in England & Wales. The Registered Office is Hadley House, Melfort Road, Crowborough, East Sussex, TN6 1QT.
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