St Cyrs Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06708688 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

ST CYRS LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

K M George

R A George

REGISTERED OFFICE:

The Meadows

Treen

St Levan

Penzance

Cornwall

TR19 6LQ

REGISTERED NUMBER:

06708688 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Tangible assets

3

295

365

Investment property

4

350,000

350,000

350,295

350,365

CURRENT ASSETS

Debtors

5

479

348

Cash at bank

734

2,083

1,213

2,431

CREDITORS

Amounts falling due within one year

6

1,348

2,016

NET CURRENT (LIABILITIES)/ASSETS

(135

)

415

TOTAL ASSETS LESS CURRENT LIABILITIES

350,160

350,780

CREDITORS

Amounts falling due after more than one year

7

(320,558

)

(323,212

)

PROVISIONS FOR LIABILITIES

8

(2,345

)

(2,773

)

NET ASSETS

27,257

24,795

CAPITAL AND RESERVES

Called up share capital

2

2

Undistributable retained earnings

11,204

10,799

Distributable retained earnings

16,051

13,994

SHAREHOLDERS' FUNDS

27,257

24,795

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 November 2017 and were signed on its behalf by:

K M George - Director

1.	STATUTORY INFORMATION

St Cyrs Ltd 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

The 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. The financial statements have been prepared under the historical cost

convention except for the modification to a fair value basis for certain financial instruments as specified

in the accounting policies below.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the going concern basis is adopted in preparing the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

Tangible fixed assets

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

Fixtures and fittings

-

15% straight line

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

The company holds one freehold investment property which is included in the balance sheet at its open

market value. The surplus or deficit on annual revaluation is transferred to the investment property

revaluation reserve.

Depreciation is not provided on the investment property. This treatment may be a departure from the

requirements of the Companies Act concerning depreciation of fixed assets. However, the property is

not held for consumption but for investment and the directors consider that systematic annual

depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the

accounts to give a true and fair view.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax

assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items

charged or credited to other comprehensive income or equity, when the tax follows the transaction or

event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are

offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends

either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive

income because it excludes items of income or expense that are taxable or deductible in other periods.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively

enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

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 tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Revenue recognition

Revenue is recognised at commencement of the let, which is considered to be the date that it is

probable that the economic benefits will flow to company and the revenue can be reliably measured.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitute a financing transaction, where the transaction is measure at the present value of the future

receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Other financial assets and / or liabilities, which include forward contracts are initially measured at their

fair value, which is normally the transaction price and are subsequently carried at fair value with all

changes being recognised in the profit or loss.

Financial liabilities are decolonised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2016

and 31 March 2017

16,540

DEPRECIATION

At 1 April 2016

16,175

Charge for year

70

At 31 March 2017

16,245

NET BOOK VALUE

At 31 March 2017

295

At 31 March 2016

365

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

350,000

NET BOOK VALUE

At 31 March 2017

350,000

At 31 March 2016

350,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2010

13,499

Cost

336,501

350,000

If the investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

336,501

336,501

Investment property was valued on an open market value basis on 31 March 2017 by the directors, R A & K M George

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

479

348

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

566

1,167

Other creditors

782

849

1,348

2,016

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Directors Loan Account

320,558

323,212

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Other timing differences

2,295

2,700

Deferred tax

50

73

2,345

2,773

Deferred

tax

£

Balance at 1 April 2016

2,773

Timing differences

(23

)

Revaluation Reserve

(405

)

Balance at 31 March 2017

2,345

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY

The directors R A George & K M George hold the controlling interest in the company by virtue of their

100% Shareholding.