Suitcrown Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01567721 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

SUITCROWN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

Mr J D Codling

Mrs J M Codling

Mrs S E Codling

SECRETARY:

Mrs S E Codling

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

01567721 (England and Wales)

AUDITORS:

Seymour Taylor Audit Limited, Statutory Auditor

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

BANKERS:

Lloyds Bank plc

79 High Street

Chesham

Buckinghamshire

HP5 1DE

FIXED ASSETS

Investment property

3

1,803,575

1,575,000

CURRENT ASSETS

Debtors

4

10,151

15,452

Investments

5

355,700

318,988

Cash at bank

27,697

30,057

393,548

364,497

CREDITORS

Amounts falling due within one year

6

66,978

69,961

NET CURRENT ASSETS

326,570

294,536

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,130,145

1,869,536

PROVISIONS FOR LIABILITIES

7

95,527

76,506

NET ASSETS

2,034,618

1,793,030

CAPITAL AND RESERVES

Called up share capital

384,755

Share premium

12,000

Revaluation reserve

8

1,300,296

1,035,009

Retained earnings

337,567

361,266

SHAREHOLDERS' FUNDS

2,034,618

1,793,030

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 14 December 2017 and were signed on
its behalf by:

Mr J D Codling - Director

1.	STATUTORY INFORMATION

Suitcrown Limited is a private company limited by shares and incorporated in England and Wales. The

address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire,

HP11 1BS. The principal place of business is Grubbins, Grubbins Lane, Speen, Princes Risborough,

Bucks, HP27 0SE. The registered number is 01567721.

The principal activity of the company is that of the collection of rents, supervision of its properties and

maintenance of investments.

The presentation currency of these financial statements is Sterling (£), being the currency of the

primary economic market in which the entity operates (its functional currency). All amounts in these

financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

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, modified to include

certain items at fair value.

Turnover

Turnover represents the amount of rental income and recharged expenses accruing within the financial

year, excluding value added tax.

Leasing incentives

The company from time to time provides incentives to enter into new lease agreements. These

incentives may take the form of an initial period of the lease being rent free or at a reduced rent. In

accordance with the standard accounting treatment for lease incentives, the rent free period or

reduction in rent is allocated on a straight line basis over the full lease term or, where a lease

commenced prior to the date of transition to Section 1A of FRS 102, up to the rent review date.

Investment property

Investment properties are properties which are held either to earn rental income or for capital

appreciation or for both.

Investment properties are measured at cost upon initial recognition. The initial cost of the property

comprises of its purchase price and any directly attributable expenditure.

Subsequently, where the fair value can be measured reliably without undue cost or effort, investment

property is measured at fair value at each reporting date with changes in fair value recognised in the

income statement in the period that they arise. No depreciation is provided in respect of investment

properties applying the fair value model.

If a reliable measure of fair value is not available without undue cost or effort for an item of investment

property, the entity shall thereafter account for that item as a tangible fixed asset until a reliable

measure of fair value becomes available.

Taxation

Tax on the profit or loss 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 directly in equity or other

comprehensive income, in which case it is recognised directly in equity or other comprehensive

income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using

tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax

payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses

in tax assessments in periods different from those in which they are recognised in the financial

statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed

asset, if and when all conditions for retaining the tax allowances have been met, are not provided for.

Deferred tax is not recognised on permanent differences arising because certain types of income or

expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are

greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related

difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax

balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instrument Issues" of FRS 102 to its financial statements.

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.

Investments

Listed investments are included in the balance sheet at market value.

Transition to FRS 102

The entity transitioned from previous UK GAAP to Section 1A of FRS 102 as at 1 July 2015. Details of

how Section 1A of FRS 102 has affected the reported financial position and financial performance are

given in the final note to the financial statements.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

1,575,000

Revaluations

228,575

At 30 June 2017

1,803,575

NET BOOK VALUE

At 30 June 2017

1,803,575

At 30 June 2016

1,575,000

A professional valuation of the company's property assets was carried out by Keith Martindale FRICS

of Stream Partners Limited as at 30 June 2017. The results of the valuation are shown above, and are

reflected in these financial statements.

In respect of the fixed assets stated at valuations, the comparable historical cost values are as follows:

2017

2016

£

Historical cost

517,915

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

8,999

14,173

Prepayments and accrued income

1,152

1,279

10,151

15,452

5.	CURRENT ASSET INVESTMENTS

2017

2016

£

Listed investments

355,700

318,988

The fair value of listed investments is determined by reference to the quoted price for identical assets

in an active market at the statement of financial position date.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Corporation tax

14,013

19,182

VAT

5,218

7,185

Other creditors

5,200

2,500

Accruals and deferred income

42,547

41,094

66,978

69,961

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

Deferred tax

95,527

76,506

Deferred

tax

£

Balance at 1 July 2016

76,506

Charge to Statement of Comprehensive Income during year

19,021

Balance at 30 June 2017

95,527

8.

RESERVES

Revaluation

reserve

£

At 1 July 2016

1,035,009

Revaluation in the year

265,287

At 30 June 2017

1,300,296

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Elizabeth Horton ACA FCCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Audit Limited, Statutory Auditor

10.	FIRST YEAR ADOPTION

These are the first financial statements that comply with Section 1A of FRS 102. The company

transitioned to Section 1A of FRS 102 on 1 July 2015.

Transitional adjustments are in relation to the provision of deferred tax on investment properties and

fixed asset investments. The effects of these transitional adjustments are shown on pages 12 to 14.

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

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