Sheridan's Estate Agents Limited - Accounts to registrar (filleted) - small 17.3
Sheridan's Estate Agents Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| SHERIDAN'S ESTATE AGENTS LIMITED |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SHERIDAN'S ESTATE AGENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| First Floor |
| 5 Doolittle Yard |
| Froghall Road |
| Ampthill |
| Bedfordshire |
| MK45 2NW |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| BALANCE SHEET - continued |
| 31 MARCH 2017 |
| 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 its behalf by: |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Sheridan's Estate Agents Limited is a |
| 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 for the year ended 31 March 2017 are the first financial statements of |
| Sheridan's Estate Agents Limited prepared in accordance with FRS102, The Financial Reporting |
| Standard applicable in the UK and Republic of Ireland. The date of transition to FRS102 was 1 April |
| 2015. The reported financial position and financial performance for the previous period are not |
| affected by the transition to FRS102. |
| Turnover |
| Turnover represents sales commissions and lettings fees, excluding value added tax. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2013 and is being |
| amortised evenly over its estimated useful life of 10 years since 1 April 2016 |
| . |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in |
| equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
| enacted or substantively enacted by the balance sheet date. |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the |
| company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| AMORTISATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| Reclassification/transfer | ( |
) | ( |
) |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Included in cost of land and buildings is freehold land of £ 122,810 (2016 - £ 198,000 ) which is not |
| depreciated. |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| Revaluations | 159,800 |
| Reclassification/transfer | 122,309 |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| Fair value at 31 March 2017 is represented by: |
| £ |
| Valuation in 2017 | 500,000 |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 6. | INVESTMENT PROPERTY - continued |
| If the investment property had not been revalued it would have been included at the following |
| historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 340,200 | - |
| The investment property was valued on a market value basis basis on 31 March 2017 by the directors. |
| . |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 25,003 | 33,728 |
| Other creditors |
| Client funds | 324,229 | 278,666 |
| Directors' current accounts | 520,163 | 349,532 |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans due in 1-2 years |
| Bank loans due in 2-5 years |
| Other loans due in 1-2 years | 32,717 | 30,654 |
| Other loans due after 5 years | 81,064 | 91,823 |
| SHERIDAN'S ESTATE AGENTS LIMITED (REGISTERED NUMBER: 06494335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2017 | 2016 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans due after 5 years | 81,064 | 91,823 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Bank and other loans are secured by way of a fixed and floating charge over the following assets: |
| Freehold property at 22 High Street, Shefford |
| Freehold property at 24 High Street, Shefford |
| 11. | RESERVES |
| Revaluation |
| reserve |
| £ |
| Transfer | 129,800 |
| At 31 March 2017 |
| During the year the company revalued its investment property to fair value. The amounts transferred |
| to the revaluation reserve are show net of the deferred tax arising on the transaction. |