Calvesten Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02902067 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

CALVESTEN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs D C Milner

Mrs B C Milner-Moore

SECRETARY:

Mrs D C Milner

REGISTERED OFFICE:

4th Floor, Stockdale House

Headingley Office Park

8 Victoria Road

Leeds

LS6 1PF

REGISTERED NUMBER:

02902067 (England and Wales)

ACCOUNTANTS:

Bartfields (UK) Limited

Chartered Accountants

4th Floor, Stockdale House

Headingley Office Park

8 Victoria Road

Leeds

LS6 1PF

BANKERS:

HSBC Bank PLC

66 Westgate

Wakefield

WF1 1XB

FIXED ASSETS

Tangible assets

4

3,117

4,843

Investments

5

1

1

Investment property

6

3,487,161

3,487,161

3,490,279

3,492,005

CURRENT ASSETS

Stocks

-

188,093

Debtors

7

76,506

62,844

Cash at bank and in hand

145,604

146,756

222,110

397,693

CREDITORS

Amounts falling due within one year

8

65,450

81,285

NET CURRENT ASSETS

156,660

316,408

TOTAL ASSETS LESS CURRENT LIABILITIES

3,646,939

3,808,413

CREDITORS

Amounts falling due after more than one year

9

(455,000

)

(432,067

)

PROVISIONS FOR LIABILITIES

(401,500

)

(406,000

)

NET ASSETS

2,790,439

2,970,346

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

11

2,790,339

2,970,246

SHAREHOLDERS' FUNDS

2,790,439

2,970,346

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 21 December 2017 and were signed on its behalf by:

Mrs B C Milner-Moore - Director

1.	STATUTORY INFORMATION

Calvesten Limited 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.

The principal activity of the company in the year under review was that of property developers, owners and

managers. The directors continue to look for future sites for residential development.

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.

The directors have formed a judgement, at the time of approving the financial statements, that there is a

reasonable expectation that the company has adequate resources to continue in operational existence for the

foreseeable future. For this reason, the directors continue to adapt the going concern basis in preparing the

financial statements.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

In respect of long term contracts for on-going services, turnover represents the value of work done in the year,

including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for

on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 15% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in other comprehensive income.

Stocks and work in progress

Stocks and Work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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.

Investments

Investments are initially recorded at cost with consideration taken for any diminution in value which is expected

to be permanent.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

36,319

DEPRECIATION

At 1 April 2016

31,476

Charge for year

1,726

At 31 March 2017

33,202

NET BOOK VALUE

At 31 March 2017

3,117

At 31 March 2016

4,843

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

1

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

3,487,161

NET BOOK VALUE

At 31 March 2017

3,487,161

At 31 March 2016

3,487,161

The company's investment property portfolio was valued by the directors on 31 March 2017.

In respect of properties stated at valuations, the comparable historical cost is £408,756 (2016 - £408,756).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

36,871

20,505

Other debtors

39,635

42,339

76,506

62,844

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

20,000

33,359

Trade creditors

5,089

3,391

Taxation and social security

4,957

18,015

Other creditors

35,404

26,520

65,450

81,285

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

455,000

432,067

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

475,000

465,427

The bank loan is secured against various of the company's freehold properties along with a fixed and floating

charge over all intellectual property of the company.

11.

RESERVES

Included within retained earnings are non-distributable reserves of £2,598,199 (2016 - £2,598,199).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

Mrs B C Milner-Moore

Balance outstanding at start of year

(23

)

(233

)

Amounts advanced

10,000

210

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,977

(23

)

Mrs D C Milner

Balance outstanding at start of year

20,416

7,324

Amounts advanced

-

64,379

Amounts repaid

(20,716

)

(51,287

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(300

)

20,416

These loans are interest free with no fixed terms of repayment.

13.	RELATED PARTY DISCLOSURES