Channon Construction Limited Company Accounts

CHANNON CONSTRUCTION LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-04-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 02949326 2016-04-01 2017-03-31 02949326 2017-03-31 02949326 2016-03-31 02949326 2015-04-01 2016-03-31 02949326 2016-03-31 02949326 2015-03-31 02949326 core:PlantMachinery 2016-04-01 2017-03-31 02949326 core:MotorVehicles 2016-04-01 2017-03-31 02949326 bus:Director1 2016-04-01 2017-03-31 02949326 core:LandBuildings 2016-03-31 02949326 core:PlantMachinery 2016-03-31 02949326 core:FurnitureFittings 2016-03-31 02949326 core:MotorVehicles 2016-03-31 02949326 core:LandBuildings 2017-03-31 02949326 core:PlantMachinery 2017-03-31 02949326 core:FurnitureFittings 2017-03-31 02949326 core:MotorVehicles 2017-03-31 02949326 core:LandBuildings 2016-04-01 2017-03-31 02949326 core:FurnitureFittings 2016-04-01 2017-03-31 02949326 core:WithinOneYear 2017-03-31 02949326 core:WithinOneYear 2016-03-31 02949326 core:AfterOneYear 2017-03-31 02949326 core:AfterOneYear 2016-03-31 02949326 core:WithinOneYear 2015-03-31 02949326 core:AfterOneYear 2015-03-31 02949326 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-03-31 02949326 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2016-03-31 02949326 core:ShareCapital 2017-03-31 02949326 core:ShareCapital 2016-03-31 02949326 core:SharePremium 2017-03-31 02949326 core:SharePremium 2016-03-31 02949326 core:CapitalRedemptionReserve 2017-03-31 02949326 core:CapitalRedemptionReserve 2016-03-31 02949326 core:OtherReservesSubtotal 2017-03-31 02949326 core:OtherReservesSubtotal core:RestatedAmount 2016-03-31 02949326 core:RetainedEarningsAccumulatedLosses 2017-03-31 02949326 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2016-03-31 02949326 core:RestatedAmount 2016-03-31 02949326 core:RestatedAmount 2015-03-31 02949326 core:LandBuildings 2016-03-31 02949326 core:PlantMachinery 2016-03-31 02949326 core:FurnitureFittings 2016-03-31 02949326 core:MotorVehicles 2016-03-31 02949326 bus:Director2 2016-04-01 2017-03-31 02949326 bus:FRS102 2016-04-01 2017-03-31 02949326 bus:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 02949326 bus:FullAccounts 2016-04-01 2017-03-31 02949326 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 02949326 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 02949326 core:ParentEntities 2016-04-01 2017-03-31 02949326 core:ParentEntities 2015-04-01 2016-03-31 02949326 core:UltimateParent 2016-04-01 2017-03-31 02949326 core:ParentEntities 2017-03-31 02949326 core:ParentEntities 2016-03-31

COMPANY REGISTRATION NUMBER: 02949326

CHANNON CONSTRUCTION LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2017

CHANNON CONSTRUCTION LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

CHANNON CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		3,887,389		3,803,261

CURRENT ASSETS

Stocks		500	500
Debtors	6	271,767	276,124
Cash at bank and in hand		154,679	141,161
		---------	---------
		426,946	417,785

CREDITORS: amounts falling due within one year	7	610,328		519,617
		---------		---------
NET CURRENT LIABILITIES			183,382		101,832
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,704,007		3,701,429

CREDITORS: amounts falling due after more than one year	8		1,250,000		1,250,000

PROVISIONS

Taxation including deferred tax	320,898	331,333
	------------	------------
NET ASSETS	2,133,109	2,120,096
	------------	------------

CAPITAL AND RESERVES

Called up share capital	107	107
Share premium account	6,357	6,357
Capital redemption reserve	45,000	45,000
Non distributable reserve	2,077,984	2,053,049
Profit and loss account	3,661	15,583
	------------	------------
MEMBERS FUNDS	2,133,109	2,120,096
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CHANNON CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 22 December 2017 , and are signed on behalf of the board by:

Mr S J Channon Director Company registration number: 02949326

CHANNON CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017 1. GENERAL INFORMATION The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midland Buildings, 19a Briggate, Shipley, West Yorkshire, BD17 7BP. 2. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. 3. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Transition to FRS 102 The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition Turnover represents rents and construction income receivable, excluding value added tax. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 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. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% Reducing balance and 33.3% Straight line
Motor vehicles	-	25% reducing balance

Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. 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.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2016	3,784,983	2,163	13,234	15,737	3,816,117
Additions	72,627	–	1,307	–	73,934
Revaluations	14,500	–	–	–	14,500
	------------	-------	--------	--------	------------
At 31 March 2017	3,872,110	2,163	14,541	15,737	3,904,551
	------------	-------	--------	--------	------------
Depreciation
At 1 April 2016	–	1,182	7,740	3,934	12,856
Charge for the year	–	148	1,207	2,951	4,306
	------------	-------	--------	--------	------------
At 31 March 2017	–	1,330	8,947	6,885	17,162
	------------	-------	--------	--------	------------
Carrying amount
At 31 March 2017	3,872,110	833	5,594	8,852	3,887,389
	------------	-------	--------	--------	------------
At 31 March 2016	3,784,983	981	5,494	11,803	3,803,261
	------------	-------	--------	--------	------------

Included within the above is investment property as follows:

	£
At 1 April 2016	3,784,983
Additions	72,627
Fair value adjustments	14,500
	------------
At 31 March 2017	3,872,110
	------------

At 31 March 2017 the investment properties were revalued by the directors. The fair values were determined by the directors using their experience and knowledge of the property market in the area the properties are located.

6. DEBTORS

	2017	2016
	£	£
Trade debtors	32,206	26,486
Amounts owed by group undertakings and undertakings in which the company has a participating interest	206,520	208,359
Other debtors	33,041	41,279
	---------	---------
	271,767	276,124
	---------	---------

7. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	23,705	17,888
Amounts owed to group undertakings and undertakings in which the company has a participating interest	573,000	494,000
Corporation tax	10,019	4,262
Social security and other taxes	604	467
Other creditors	3,000	3,000
	---------	---------
	610,328	519,617
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	1,250,000	1,250,000
	------------	------------

Bank loans and overdrafts are secured by a legal charge over a portfolio of properties and a fixed and floating charge over assets and undertakings of the company.

9. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The parent company were recharged the following amounts £8,433 (2016 - £ 20,401 ). The parent company charged management fees and recharged expenses for the following amounts £3,097 (2016 - £3,221). At 31 March 2017 the parent company owed the following £ 206,520 (2016 - £ 208,359 ).

10. CONTROLLING PARTY

The ultimate holding company is Channon and Company Limited which is incorporated in England. Channon and Company Limited is under the control of Mr G A S Channon.

11. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	4,294,686	–	4,294,686	3,803,261	–	3,803,261
Current assets	315,583	–	315,583	417,785	–	417,785
Creditors: amounts falling due within one year	( 49,482)	–	( 49,482)	( 519,617)	–	( 519,617)
	------------	----	------------	------------	----	------------
Net current liabilities	266,101	–	266,101	( 101,832)	–	( 101,832)
	------------	----	------------	------------	----	------------
Total assets less current liabilities	4,560,787	–	4,560,787	3,701,429	–	3,701,429

Creditors: amounts falling due after more than one year	( 1,558,670)	–	( 1,558,670)	( 1,250,000)	–	( 1,250,000)
Provisions	–	( 473,703)	( 473,703)	–	( 331,333)	( 331,333)
	------------	---------	------------	------------	---------	------------
Net assets	3,002,117	( 473,703)	2,528,414	2,451,429	( 331,333)	2,120,096
	------------	---------	------------	------------	---------	------------

	------------	---------	------------	------------	---------	------------
Capital and reserves	3,002,117	( 473,703)	2,528,414	2,451,429	( 331,333)	2,120,096
	------------	---------	------------	------------	---------	------------

Deferred tax Under FRS 102, deferred tax is recognised on a timing difference plus approach, whereas previous UK GAAP required a timing difference approach. Consequently deferred tax has been recognised on all fair value remeasurements and on all fair value adjustments arising on business combinations (other than goodwill). There are no adjustments required on business combinations arising prior to transition. As a result of the transition to FRS 102, the company has recognised a deferred tax liability which has arisen from the revaluation of investment properties.