23 Sackville Gardens Limited Company Accounts

23 SACKVILLE GARDENS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05272607

23 SACKVILLE GARDENS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2017

23 SACKVILLE GARDENS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

23 SACKVILLE GARDENS LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 23 SACKVILLE GARDENS LIMITED

YEAR ENDED 31 OCTOBER 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 23 Sackville Gardens Limited for the year ended 31 October 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 Board of Directors of 23 Sackville Gardens Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of 23 Sackville Gardens Limited and state those matters that we have agreed to state to you, as a body, 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 23 Sackville Gardens Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 23 Sackville Gardens 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 23 Sackville Gardens Limited. You consider that 23 Sackville Gardens 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 23 Sackville Gardens 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.

UHY HACKER YOUNG Chartered Accountants

168 Church Road Hove BN3 2DL

6 June 2018

23 SACKVILLE GARDENS LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2017

	2017		2016
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	4		5	5

Current assets

Debtors	5	6,615	4,357
Cash at bank and in hand		914	1,270
		-------	-------
		7,529	5,627

Creditors: amounts falling due within one year	6	5,695		4,165
		-------		-------
Net current assets			1,834	1,462
			-------	-------
Total assets less current liabilities			1,839	1,467
			-------	-------
Net assets			1,839	1,467
			-------	-------

Capital and reserves

Called up share capital	5	5
Profit and loss account	1,834	1,462
	-------	-------
Shareholders funds	1,839	1,467
	-------	-------

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 October 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 .

23 SACKVILLE GARDENS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 6 June 2018 , and are signed on behalf of the board by:

K P Cook
Director

Company registration number: 05272607

23 SACKVILLE GARDENS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 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 168 Church Road, Hove, BN3 2DL.

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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors

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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Freehold property
	£
Cost
At 1 November 2016 (as restated) and 31 October 2017	5
	----
Depreciation
At 1 November 2016 and 31 October 2017	–
	----
Carrying amount
At 31 October 2017	5
	----
At 31 October 2016	5
	----

On 7 January 2005 the company acquired the freehold of 23 Sackville Gardens at £nil consideration. This freehold is shown in the accounts at a £5 nominal value for completeness.

5. Debtors

	2017	2016
		(restated)
	£	£
Trade debtors	5,437	3,277
Other debtors	1,178	1,080
	-------	-------
	6,615	4,357
	-------	-------

6. Creditors: amounts falling due within one year

	2017	2016
		(restated)
	£	£
Other creditors	5,695	4,165
	-------	-------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
K P Cook	( 341)	( 384)	( 725)
J Katz	( 341)	( 1,146)	( 1,487)
	----	-------	-------
	( 682)	( 1,530)	( 2,212)
	----	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
K P Cook	( 725)	384	( 341)
J Katz	( 725)	384	( 341)
	-------	----	----
	( 1,450)	768	( 682)
	-------	----	----

8. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. The lessees are the owners of the company and contribute to the service charge for the property in accordance with the proportions prescribed within their leases on an arms length basis. There is no ultimate controlling party.

9. Transition to FRS 102

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

No transitional adjustments were required in equity or profit or loss for the year.