Countrywide (SW) Ltd - Period Ending 2017-11-30

Countrywide (SW) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2017

Registration number: 04594401

Countrywide (SW) Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Countrywide (SW) Ltd

Balance Sheet

30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	-	220,015
Investment property	5	165,078	-
		165,078	220,015
Current assets
Debtors	6	59,688	95,764
Cash at bank and in hand		177,416	41,595
		237,104	137,359
Creditors: Amounts falling due within one year	7	(54,164)	(96,587)
Net current assets		182,940	40,772
Total assets less current liabilities		348,018	260,787
Creditors: Amounts falling due after more than one year	7	-	(11,052)
Provisions for liabilities		-	(9,056)
Net assets		348,018	240,679
Capital and reserves
Called up share capital		102	102
Profit and loss account		347,916	240,577
Total equity		348,018	240,679

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Countrywide (SW) Ltd

Balance Sheet

30 November 2017

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 May 2018 and signed on its behalf by:
 

......................................... Mrs K Ford Director

......................................... Mr G Ford Director

Company Registration Number: 04594401

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Countrywide (SW) Ltd

Notes to the Financial Statements

Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
166 Fore Street
Saltash
Cornwall
PL12 6JR

These financial statements were authorised for issue by the Board on 1 May 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

Countrywide (SW) Ltd

Notes to the Financial Statements

Year Ended 30 November 2017

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	4% straight line
Furniture, fittings and equipment	33% reducing balance
Motor vehicles	25% reducing balance
Other property, plant and equipment	33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Countrywide (SW) Ltd

Notes to the Financial Statements

Year Ended 30 November 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2016 - 10).

Page 5

Countrywide (SW) Ltd

Notes to the Financial Statements

Year Ended 30 November 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2016	175,745	1,166	121,218	275,747	573,876
Additions	-	-	-	615	615
Disposals	-	(1,166)	(121,218)	(276,362)	(398,746)
Transfers	(175,745)	-	-	-	(175,745)
At 30 November 2017	-	-	-	-	-
Depreciation
At 1 December 2016	9,000	757	83,242	260,862	353,861
Charge for the year	1,667	-	-	-	1,667
Eliminated on disposal	-	(757)	(83,242)	(260,862)	(344,861)
Transfers	(10,667)	-	-	-	(10,667)
At 30 November 2017	-	-	-	-	-
Carrying amount
At 30 November 2017	-	-	-	-	-
At 30 November 2016	166,745	409	37,976	14,885	220,015

Included within the net book value of land and buildings above is £Nil (2016 - £166,745) in respect of freehold land and buildings.
 

5	Investment properties

	2017 £
Transfers to and from property, plant and equipment	165,078

There has been no valuation of investment property by an independent valuer.

Page 6

Countrywide (SW) Ltd

Notes to the Financial Statements

Year Ended 30 November 2017

6

Debtors

	2017  £	2016  £
Trade debtors	30,151	93,651
Other debtors	26,750	-
Prepayments	2,787	2,113
	59,688	95,764

7

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	-	23,005
Trade creditors		2,458	7,074
Corporation tax		24,327	9,961
Social security and other taxes		9,162	20,774
Other creditors		14,887	31,943
Accrued expenses		3,330	3,830
		54,164	96,587
Due after one year
Loans and borrowings	8	-	11,052

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	8	-	11,052

Page 7

Countrywide (SW) Ltd

Notes to the Financial Statements

Year Ended 30 November 2017

8	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Bank borrowings	-	11,052

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	-	23,005

Natwest bank have a legal charge over Unit 3, Burraton Road, Saltash.

9	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 December 2015. There were no changes to the previously stated equity as at 1 December 2015 and 30 November 2016 or in the profit for the year ended 30 November 2017 as a result of the transition to FRS102.

Page 8