Weatherstone Properties Limited - Period Ending 2017-07-31

Registration number: 01691001

Weatherstone Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

Weatherstone Properties Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Weatherstone Properties Limited

Company Information

Director

C Weatherstone

Registered office

1 English Business Park English Close Hove East Sussex BN3 7ET

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Weatherstone Properties Limited
for the Year Ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Weatherstone Properties Limited for the year ended 31 July 2017 as set out on pages 3 to 11 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Weatherstone Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Weatherstone Properties Limited and state those matters that we have agreed to state to the Board of Directors of Weatherstone Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weatherstone Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Weatherstone Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Weatherstone Properties Limited. You consider that Weatherstone Properties 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 accounts of Weatherstone Properties 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 accounts.

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

1 June 2018

Page 2

Weatherstone Properties Limited

(Registration number: 01691001)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	3,646	3,190
Investment property	5	910,000	770,000
Investments		952,325	952,325
Other financial assets	7	6	6
		1,865,977	1,725,521
Current assets
Stocks	8	632,432	632,432
Debtors	9	1,123,595	1,175,989
Cash at bank and in hand		1	2
		1,756,028	1,808,423
Creditors: Amounts falling due within one year	10	(1,915,464)	(2,828,168)
Net current liabilities		(159,436)	(1,019,745)
Total assets less current liabilities		1,706,541	705,776
Creditors: Amounts falling due after more than one year	10	(888,000)	-
Provisions for liabilities		(55,455)	(36,377)
Net assets		763,086	669,399
Capital and reserves
Called up share capital		999	999
Other reserves		451,373	330,451
Profit and loss account		310,714	337,949
Total equity		763,086	669,399

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Weatherstone Properties Limited

(Registration number: 01691001)
Balance Sheet as at 31 July 2017

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 June 2018



 

.........................................

C Weatherstone

Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

1	General information

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

The address of its registered office is:
1 English Business Park
English Close
Hove
East Sussex
BN3 7ET

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.

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
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

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

Page 5

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2016 - 2).

Page 6

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 August 2016	104,035	2,909	106,944
Additions	1,672	-	1,672
At 31 July 2017	105,707	2,909	108,616
Depreciation
At 1 August 2016	100,944	2,810	103,754
Charge for the year	1,191	25	1,216
At 31 July 2017	102,135	2,835	104,970
Carrying amount
At 31 July 2017	3,572	74	3,646
At 31 July 2016	3,091	99	3,190

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

5	Investment properties

	2017 £
At 1 August	770,000
Fair value adjustments	140,000
At 31 July	910,000

6	Investments

	2017 £	2016 £
Investments in subsidiaries	75	75
Investments in associates	952,250	952,250
	952,325	952,325

Page 7

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Subsidiaries	£
Cost or valuation
At 1 August 2016	75
Provision
Carrying amount
At 31 July 2017	75
At 31 July 2016	75

Associates	£
Cost
At 1 August 2016	952,250
Provision
Carrying amount
At 31 July 2017	952,250
At 31 July 2016	952,250

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Weatherstone Properties (Brighton) Limited		Ordinary	75%	75%
	England and Wales

Associates
Reefsouth Limited		Ordinary	50%	50%
	England and Wales

The principal activity of Weatherstone Properties (Brighton) Limited is Dormant

The principal activity of Reefsouth Limited is Property development and investment

The profit for the financial period of Weatherstone Properties (Brighton) Limited was £- and the aggregate amount of capital and reserves at the end of the period was £(100).

The profit for the financial period of Reefsouth Limited was £381,996 and the aggregate amount of capital and reserves at the end of the period was £1,820,366.

Page 8

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

7	Other financial assets (current and non-current)

	2017 £	2016 £
Non-current financial assets
Financial assets at cost less impairment	6	6

8

Stocks

	2017 £	2016 £
Other inventories	632,432	632,432

9

Debtors

	2017 £	2016 £
Trade debtors	3	-
Other debtors	1,123,592	1,175,989
Total current trade and other debtors	1,123,595	1,175,989

10

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	11	158,626	1,231,808
Trade creditors		1,646	6,517
Amounts owed to group undertakings and undertakings in which the company has a participating interest	12	1,241,429	1,290,114
Taxation and social security		-	927
Other creditors		513,763	298,802
		1,915,464	2,828,168
Due after one year
Loans and borrowings	11	888,000	-

11	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	888,000	-

Page 9

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	626	1,231,808
Other borrowings	158,000	-
	158,626	1,231,808

12	Related party transactions

Transactions with directors

2017	At 31 July 2017 £

2016	At 1 August 2015 £	At 31 July 2016 £
C Weatherstone
Directors loan from company	(395,905)	(395,905)

Summary of transactions with entities with joint control or significant interest

Britannia House Developments Limited, a company who the Director Mr C Weatherstone is a director and shareholder.
 

 

Summary of transactions with associates

Weatherstone Properties Limited
 Weatherstone Properties Limited owns 50% of the issued share capital in Reefsouth Limited, the other 50% is owned by the 100% shareholder of Weatherstone Properties Ltd Mr C Weatherstone.

Loans to related parties

2017	Entities with joint control or significant influence £
At start of period	625,053
Repaid	(2,326)
At end of period	622,727

Page 10

Weatherstone Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

2016	Entities with joint control or significant influence £
Advanced	625,053

Loans from related parties

2017	Associates £
At start of period	1,290,114
Repaid	(48,685)
At end of period	1,241,429

2016	Associates £
At start of period	1,260,001
Advanced	30,113
At end of period	1,290,114

Page 11