Nightingale Properties (Weston-Super-Mare) Limited - Period Ending 2017-03-31

Company registration number: 03651485

Nightingale Properties (Weston-Super-Mare) Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Nightingale Properties (Weston-Super-Mare) Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 7

Nightingale Properties (Weston-Super-Mare) Limited

(Registration number: 03651485)
Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Fixed assets
Investment property	5	3,523,992	3,523,992
Current assets
Debtors	6	102,678	3,092
Cash at bank and in hand		71,844	4,700
		174,522	7,792
Creditors: Amounts falling due within one year	7	(306,169)	(268,265)
Net current liabilities		(131,647)	(260,473)
Net assets		3,392,345	3,263,519
Capital and reserves
Called up share capital		100	100
Fair value reserve		71,092	71,092
Profit and loss reserve		3,321,153	3,192,327
Total equity		3,392,345	3,263,519

Page 1

Nightingale Properties (Weston-Super-Mare) Limited

(Registration number: 03651485)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 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. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 28 November 2017 .
 

R R Nightingale Director

Page 2

Nightingale Properties (Weston-Super-Mare) Limited

Statement of Changes in Equity
for the Year Ended 31 March 2017

	Ordinary share capital £	Fair value reserve £	Profit and loss reserve £	Total £
At 1 April 2016	100	71,092	3,192,327	3,263,519
Movement in year :
Profit for the year	-	-	133,826	133,826
Total comprehensive income	-	-	133,826	133,826
Dividends	-	-	(5,000)	(5,000)
Total movement for the year	-	-	128,826	128,826
At 31 March 2017	100	71,092	3,321,153	3,392,345

	Ordinary share capital £	Revaluation reserve £	Fair value reserve £	Profit and loss reserve £	Total £
At 1 April 2015	100	99,519	-	2,963,626	3,063,245
Movement in year :
Profit for the year	-	-	-	200,274	200,274
Other comprehensive income	-	-	-	28,427	28,427
Total comprehensive income	-	-	-	228,701	228,701
Transfers of realised profit	-	(28,427)	-	-	(28,427)
Transfer of fair value adjustment	-	(71,092)	71,092	-	-
Total movement for the year	-	(99,519)	71,092	228,701	200,274
At 31 March 2016	100	-	71,092	3,192,327	3,263,519

Page 3

Nightingale Properties (Weston-Super-Mare) Limited

Notes to the Financial Statements
for the Year Ended 31 March 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:
3/5 College Street
Burnham-on-Sea
Somerset
TA8 1AR

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. This is the first set of financial statements prepared in accordance with the new reporting standard and as a result of this transition, no transitional adjustments were required.

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.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment property in the ordinary course of the company’s activities. Turnover is shown net of refunds, discounts and sales/value added tax in instances where the rental property has been opted to tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Nightingale Properties (Weston-Super-Mare) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and 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
Computer equipment	Straight line over 3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses 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.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2016 - 2).

Page 5

Nightingale Properties (Weston-Super-Mare) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

4	Tangible assets

	Computer equipment  £	Total £
Cost or valuation
At 1 April 2016	879	879
At 31 March 2017	879	879
Depreciation
At 1 April 2016	879	879
At 31 March 2017	879	879
Carrying amount
At 31 March 2017	-	-

5	Investment properties

	2017  £
At 1 April 2016	3,523,992

There has been no valuation of investment property by an independent valuer however the investment property is carried at what the director believes to be fair value.

6

Debtors

	Note	2017  £	2016  £
Amounts owed by group undertakings	8	100,000	-
Other debtors		2,678	3,092
		102,678	3,092

Page 6

Nightingale Properties (Weston-Super-Mare) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

7

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Taxation and social security		6,713	6,719
Corporation tax		33,782	49,853
Other creditors		265,674	211,693
		306,169	268,265

8	Related party transactions

Transactions with directors

R R Nightingale is the director of the company. During the year R R Nightingale received dividends totalling £5,000 (2016: £nil). At the balance sheet date the amount owed to R R Nightingale by the company was £207,853 (2016: £162,473).

Transactions with other related parties

Leaker's Removals & Containerised Storage Limited is a company with a director who is the son of R R Nightingale, the director of the company. During the year the company made payments to Leaker's Removals & Containerised Storage Limited amounting to £100,000 (2016: £nil). At the balance sheet date Leaker's Removals & Containerised Storage Limited owed the company £100,000 (2016: £nil).
 

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