Ernest Derricott Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00304354 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Ernest Derricott Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs R S Boyce-Derricott

Mrs T V Watson

SECRETARY:

Mrs T V Watson

REGISTERED OFFICE:

5 Woolstitch Park

Clifton Road

Netherseal

Swadlincote

Derbyshire

DE12 8BT

REGISTERED NUMBER:

00304354 (England and Wales)

ACCOUNTANTS:

Derek Young & Co Accountants LLP

Chartered Accountants

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

FIXED ASSETS

Tangible assets

4

3,536

4,943

Investments

5

1,000

1,000

Investment property

6

5,552,824

4,602,824

5,557,360

4,608,767

CURRENT ASSETS

Debtors

446,598

479,754

Cash at bank and in hand

43,790

35,624

490,388

515,378

CREDITORS

Amounts falling due within one year

14,995

10,370

NET CURRENT ASSETS

475,393

505,008

TOTAL ASSETS LESS CURRENT LIABILITIES

6,032,753

5,113,775

PROVISIONS FOR LIABILITIES

475,430

486,499

NET ASSETS

5,557,323

4,627,276

CAPITAL AND RESERVES

Called up share capital

7

4,725

4,725

Retained earnings

5,552,598

4,622,551

SHAREHOLDERS' FUNDS

5,557,323

4,627,276

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 12 December 2017 and were signed on its behalf by:

Mrs T V Watson - Director

1.	STATUTORY INFORMATION

Ernest Derricott 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

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.

Preparation of consolidated financial statements

The financial statements contain information about Ernest Derricott Ltd as an individual company and do not contain

consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the

Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents amounts derived from the provision of goods and services falling within the company's ordinary

activities, after deduction of trade discounts, value added tax and any other tax based on the amounts so derived.

Tangible fixed assets

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

Fixtures & fittings

-

20% on reducing balance

Equipment

-

33% on cost

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.

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.

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 2 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

15,701

DEPRECIATION

At 1 April 2016

10,758

Charge for year

1,407

At 31 March 2017

12,165

NET BOOK VALUE

At 31 March 2017

3,536

At 31 March 2016

4,943

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

1,000

NET BOOK VALUE

At 31 March 2017

1,000

At 31 March 2016

1,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

4,602,824

Revaluations

950,000

At 31 March 2017

5,552,824

NET BOOK VALUE

At 31 March 2017

5,552,824

At 31 March 2016

4,602,824

Fair value at 31 March 2017 is represented by:

£

Valuation in 1995

(75,000

)

Valuation in 2008

2,081,767

Valuation in 2009

(391,250

)

Valuation in 2010

1,950,000

Valuation in 2012

(250,000

)

Valuation in 2015

175,000

Valuation in 2016

(108,463

)

Valuation in 2017

950,000

Cost

1,220,770

5,552,824

Investment property was valued on an open market basis on 31 March 2017 by the directors .

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

4,725

Ordinary

1

4,725

4,725

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY

The controlling party throughout the year was Mrs T Watson by virtue of her holding 2363 of the issued share capital in the

company.

10.	TRANSITION TO FRS 102

FRS 102 requires that deferred tax be provided against all land and buildings. Under previous UK GAAP deferred tax was

only provided if the property was likely to be sold in the foreseeable future.

It is also a requirement to transfer revaluation reserves in respect of investment properties to retained earnings.