Corsegreat Developments Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00700240 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

CORSEGREAT DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J G S Smith-Bosanquet

Mr S G D C Smith-Bosanquet

Mrs E L Brown

SECRETARY:

Mr J G S Smith-Bosanquet

REGISTERED OFFICE:

Stanchils

Hengrave

Bury St Edmunds

Suffolk

IP28 6NB

REGISTERED NUMBER:

00700240 (England and Wales)

ACCOUNTANTS:

Howard & Company

Chartered Accountants

Unit 17

Park Farm Business Centre

Fornham St. Genevieve

Bury St. Edmunds

Suffolk

IP28 6TS

FIXED ASSETS

Tangible assets

4

1,916,895

2,156,254

Investments

5

7

7

1,916,902

2,156,261

CURRENT ASSETS

Debtors

6

2,750

9,833

Cash at bank

39,857

6,225

42,607

16,058

CREDITORS

Amounts falling due within one year

7

36,863

281,465

NET CURRENT ASSETS/(LIABILITIES)

5,744

(265,407

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,922,646

1,890,854

PROVISIONS FOR LIABILITIES

8

48,549

67,420

NET ASSETS

1,874,097

1,823,434

CAPITAL AND RESERVES

Called up share capital

9

38

38

Investment property

revaluation reserve

10

1,363,613

1,440,985

Retained earnings

510,446

382,411

SHAREHOLDERS' FUNDS

1,874,097

1,823,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Total Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 5 November 2017 and were signed on its behalf by:

Mr J G S Smith-Bosanquet - Director

1.	STATUTORY INFORMATION

Corsegreat Developments Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This is the first year in which the financial statements have been prepared under FRS 102. For an

explanation of the transition see pages 13 to 15.

Turnover

Turnover represents property income from rents and outgoings receivable under operating leases

and premiums for long leases received in the period.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation

and accumulated impairment losses. Cost includes costs directly attributable to making the asset

capable of operating as intended.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or

loss) for the current or past reporting periods. It is measured at the amount expected to be paid or

recovered using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only

to the extent that it is probable that they will be recovered against the reversal of deferred tax

liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is

measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and

loss account in other administration expenses.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Investment property

Investment properties for which fair values can be measured reliably without undue cost or effort are

measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The company's investment property is measured on an open market basis by the directors who are

not professionally qualified valuers.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease

term and the expected useful life of the asset. Minimum lease payments are apportioned between

the finance charge and the reduction of the outstanding lease liability using the effective interest

method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods

and the rights to receive future lease payments as a debtor. Minimum lease payments are

apportioned between finance income and the reduction of the lease debtor with finance income

allocated so as to produce a constant periodic rate of interest on the net investment in the finance

lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on

a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Investment

Fixtures

property

Office

and

freehold

equipment

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2016

2,154,000

3,177

5,191

2,162,368

Disposals

(239,000

)

-

-

(239,000

)

At 31 March 2017

1,915,000

3,177

5,191

1,923,368

DEPRECIATION

At 1 April 2016

-

2,289

3,825

6,114

Charge for year

-

222

137

359

At 31 March 2017

-

2,511

3,962

6,473

NET BOOK VALUE

At 31 March 2017

1,915,000

666

1,229

1,916,895

At 31 March 2016

2,154,000

888

1,366

2,156,254

Cost or valuation at 31 March 2017 is represented by:

Investment

Fixtures

property

Office

and

freehold

equipment

fittings

Totals

£

£

£

£

Valuation in 2017

1,403,506

-

-

1,403,506

Cost

511,494

3,177

5,191

519,862

1,915,000

3,177

5,191

1,923,368

If investment properties had not been revalued they would have been included at the following

historical cost:

31.3.17

31.3.16

£

£

Cost

511,494

654,613

Investment properties were valued on an open market basis on 31 March 2017 by Mr S G D C Smith-Bosanquet

.

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST

At 1 April 2016

and 31 March 2017

7

NET BOOK VALUE

At 31 March 2017

7

At 31 March 2016

7

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

2,750

9,833

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

-

795

Taxation and social security

9,723

3,749

Other creditors

27,140

276,921

36,863

281,465

8.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

48,549

67,420

Deferred

tax

£

Balance at 1 April 2016

67,420

Accelerated capital allowances

(72

)

Relative to disposals

(13,509

)

Indexation adjustment

(5,290

)

Balance at 31 March 2017

48,549

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

3,800

Ordinary

1p

38

38

10.

RESERVES

Investment

property

revaluation

reserve

£

At 1 April 2016

1,440,985

Realised gain

(77,372

)

At 31 March 2017

1,363,613