Eastwood Property Solutions Limited Company Accounts

Eastwood Property Solutions Limited Company Accounts

EASTWOOD PROPERTY SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07241705
Eastwood Property Solutions Limited
Filleted Unaudited Financial Statements
31 May 2017
Eastwood Property Solutions Limited
Financial Statements
Year ended 31 May 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
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
Eastwood Property Solutions Limited
Statement of Financial Position
31 May 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
273,363
281,023
Current assets
Debtors
5
5,853
287
Cash at bank and in hand
17,722
13,834
--------
--------
23,575
14,121
Creditors: amounts falling due within one year
6
291,621
292,328
---------
---------
Net current liabilities
268,046
278,207
---------
---------
Total assets less current liabilities
5,317
2,816
-------
-------
Net assets
5,317
2,816
-------
-------
Capital and reserves
Called up share capital
10
10
Profit and loss account
5,307
2,806
-------
-------
Shareholders funds
5,317
2,816
-------
-------
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 31 May 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 .
These financial statements were approved by the board of directors and authorised for issue on 26 February 2018 , and are signed on behalf of the board by:
Mr K M Fegan
Director
Company registration number: 07241705
Eastwood Property Solutions Limited
Notes to the Financial Statements
Year ended 31 May 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 2 Charnwood House, Marsh Road, Ashton, Bristol, BS3 2NA.
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 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Turnover represents rent receivable for the period.
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. 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.
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:
Frehold property
-
2% straight line
Property improvements
-
2% straight line
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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Land and buildings
£
Cost
At 1 June 2016 and 31 May 2017
306,416
---------
Depreciation
At 1 June 2016
25,393
Charge for the year
7,660
---------
At 31 May 2017
33,053
---------
Carrying amount
At 31 May 2017
273,363
---------
At 31 May 2016
281,023
---------
5. Debtors
2017
2016
£
£
Trade debtors
5,853
–
Other debtors
–
287
-------
----
5,853
287
-------
----
6. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
2,550
3,257
Other creditors
289,071
289,071
---------
---------
291,621
292,328
---------
---------
7. Director's advances, credits and guarantees
The company was under the control of Mr K M Fegan throughout the current and previous year. Mr K M Fegan is the managing director and majority shareholder. The property is occupied by a member of the directors family. Rent is payable at a commercial rate. As at the year end the company owed the director, Mr K M Fegan £287,701 (2016: £287,701) regarding payments made on behalf of the company to finance the purchase of two investment properties. The loan in repayable on demand and no interest has been charged.
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Eastwood Property Solutions Limited
Management Information
Year ended 31 May 2017
The following pages do not form part of the financial statements.
Eastwood Property Solutions Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Eastwood Property Solutions Limited
Year ended 31 May 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 Eastwood Property Solutions Limited for the year ended 31 May 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 Eastwood Property Solutions Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Eastwood Property Solutions 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 Eastwood Property Solutions Limited and its director for our work or for this report.
It is your duty to ensure that Eastwood Property Solutions 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 profit of Eastwood Property Solutions Limited. You consider that Eastwood Property Solutions 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 Eastwood Property Solutions 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.
STONE & CO Chartered Accountants
2 Charnwood House Marsh Road Ashton Bristol BS3 2NA