Swan Yard (Cirencester) Limited Company Accounts

Swan Yard (Cirencester) Limited Company Accounts

SWAN YARD (CIRENCESTER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05869091
Swan Yard (Cirencester) Limited
Filleted Unaudited Financial Statements
29 March 2017
Swan Yard (Cirencester) Limited
Financial Statements
Year ended 29 March 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
7
Swan Yard (Cirencester) Limited
Statement of Financial Position
29 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
1,625,000
1,625,000
Current assets
Debtors
5
15,813
52,715
Creditors: amounts falling due within one year
6
566,179
1,821,805
---------
------------
Net current liabilities
550,366
1,769,090
------------
------------
Total assets less current liabilities
1,074,634
( 144,090)
Creditors: amounts falling due after more than one year
7
1,278,107
–
------------
---------
Net liabilities
( 203,473)
( 144,090)
------------
---------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
( 658,031)
( 658,031)
Profit and loss account
454,557
513,940
---------
---------
Shareholders deficit
( 203,473)
( 144,090)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Swan Yard (Cirencester) Limited
Statement of Financial Position (continued)
29 March 2017
These financial statements were approved by the board of directors and authorised for issue on 13 December 2017 , and are signed on behalf of the board by:
Mr M D Booth
Director
Company registration number: 05869091
Swan Yard (Cirencester) Limited
Notes to the Financial Statements
Year ended 29 March 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Warnford Court,, 29 Throgmorton Street, London, EC2N 2AT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The company's assets comprise commercial investment property which generates rental income. The director notes the following in his deliberations on whether the going concern basis is appropriate for the financial statements. The director acknowledges that the circumstances of the company present a material uncertainty and whilst the accounts are prepared on a going concern basis, the validity of this basis depends on the continued support of the lenders.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
£
Cost
At 30 March 2016 and 29 March 2017
1,625,000
------------
Depreciation
At 30 March 2016 and 29 March 2017
–
------------
Carrying amount
At 29 March 2017
1,625,000
------------
At 29 March 2016
1,625,000
------------
The company's investment properties were valued on 31 March 2015, at an open market value, by the director, Mr M D Booth , a qualified Chartered Surveyor, The comparable historical aggregate cost of the properties included at valuation is £2,283,031 (2015 - £2,283,031).
5. Debtors
2017
2016
£
£
Trade debtors
14,125
14,442
Amounts owed by group undertakings and undertakings in which the company has a participating interest
–
35,256
Other debtors
1,688
3,017
--------
--------
15,813
52,715
--------
--------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
–
1,251,700
Trade creditors
526,981
531,959
Amounts owed to group undertakings and undertakings in which the company has a participating interest
–
1,324
Social security and other taxes
17,832
15,730
Other creditors
21,366
21,092
---------
------------
566,179
1,821,805
---------
------------
7. Creditors: amounts falling due after more than one year
2017
2016
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,278,107
–
------------
----
The company's assets are secured by a fixed and floating cross charge through the group structure.
8. Related party transactions
The ultimate controlling party is the parent company WMProp Group No 1 Limited, a company registered in England. WMProp Group No 1 Limited is controlled by Mr M D Booth , the director of the company.
Swan Yard (Cirencester) Limited
Management Information
Year ended 29 March 2017
The following pages do not form part of the financial statements.
Swan Yard (Cirencester) Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Swan Yard (Cirencester) Limited
Year ended 29 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swan Yard (Cirencester) Limited for the year ended 29 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Swan Yard (Cirencester) Limited in accordance with the terms of our engagement letter dated 25 October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Swan Yard (Cirencester) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swan Yard (Cirencester) Limited and its director for our work or for this report.
It is your duty to ensure that Swan Yard (Cirencester) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Swan Yard (Cirencester) Limited. You consider that Swan Yard (Cirencester) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Swan Yard (Cirencester) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McGILLS Chartered Accountants
Oakley House Tetbury Road Cirencester Gloucestershire GL7 1US
21 December 2017