Whalebone Investment Company Limited - Accounts to registrar - small 17.2
Whalebone Investment Company Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017 |
| FOR |
| WHALEBONE INVESTMENT COMPANY LIMITED |
| WHALEBONE INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00673945) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31st March 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| WHALEBONE INVESTMENT COMPANY LIMITED |
| COMPANY INFORMATION |
| for the year ended 31st March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Priestley House |
| Priestley Gardens |
| Chadwell Heath |
| Essex |
| RM6 4SN |
| SOLICITORS: |
| 8-10 Eastern Road |
| Romford |
| Essex |
| RM1 3PJ |
| WHALEBONE INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00673945) |
| STATEMENT OF FINANCIAL POSITION |
| 31st March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Investments | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 8 |
| 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. |
| WHALEBONE INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00673945) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31st 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 by: |
| WHALEBONE INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00673945) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31st March 2017 |
| 1. | STATUTORY INFORMATION |
| Whalebone Investment Company 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 |
| Changes in accounting policies |
| The principle accounting policies adopted in the preparation of the financial statements are set out below and |
| have also been consistently applied within the same accounts following the transition to FRS 102 Section 1A |
| small entities on 1st April 2015. |
| Turnover |
| Turnover represents the fair value of rental income receivable, excluding value added tax, once the income and |
| related costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the |
| company. |
| Investment properties |
| Investment properties are stated at fair value and gains/losses are recognised in the Income Statement. Deferred |
| tax is provided on these gains/losses at the corporation tax rates and applicable allowances expected to apply |
| when the property is sold. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Rental income |
| The company receives rental income under operating leases and other agreements. The income is recognised on a |
| straight line basis over the lease term or period of agreement. The fair value of assets used to generate this |
| income is disclosed in the note to fixed asset investments. The managing agents monitor and control the general |
| repairs and maintenance of properties to ensure applicable contractual obligations are fulfilled. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WHALEBONE INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00673945) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31st March 2017 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1st April 2016 |
| Revaluations | 98,000 |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| Cost or valuation at 31st March 2017 is represented by: |
| £ |
| Valuation in 2017 | 2,063,000 |
| If Investment properties had not been revalued they would have been included at the following historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 12,360 | 12,360 |
| Investment properties were valued on an open market value basis on 28th November 2017 by Shaw & Company (Surveyors) Ltd |
| . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CURRENT ASSET INVESTMENTS |
| 2017 | 2016 |
| £ | £ |
| Other |
| Current asset investments related to an investment property, previously classified as a fixed asset, which was sold |
| in December 2016. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| WHALEBONE INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00673945) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31st March 2017 |
| 8. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1st April 2016 |
| Reclassification/transfer | 83,681 |
| At 31st March 2017 |
| The fair value reserve represents a non-distributable reserve arising from the net fair value gains on the |
| revaluation of investment properties, following the transition to FRS 102 Section 1A (Small Companies). |
| 9. | CONTINGENT LIABILITIES |
| The parent company's bank loan, amounting to £208,000 (2016 - £310,000), has been secured on investment |
| properties held by the company. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Whalebone Holdings Ltd. which is considered to be the ultimate |
| controlling party. |