Sheepy Magna Investments Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09015892 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

SHEEPY MAGNA INVESTMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J C P Smith

A S Smith

REGISTERED OFFICE:

Rye Hills Bar

Watery Lane

Sheepy Magna

Warwickshire

CV9 3RG

REGISTERED NUMBER:

09015892 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

340 Melton Road

Leicester

LE4 7SL

FIXED ASSETS

Investments

4

24,749,320

25,514,292

CURRENT ASSETS

Debtors

5

680

542

Cash at bank

1,254,672

4,050,193

1,255,352

4,050,735

CREDITORS

Amounts falling due within one year

6

33,457,359

35,814,795

NET CURRENT LIABILITIES

(32,202,007

)

(31,764,060

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,452,687

)

(6,249,768

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(7,452,689

)

(6,249,770

)

(7,452,687

)

(6,249,768

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27 June 2018 and were signed on its behalf by:

J C P Smith - Director

1.	STATUTORY INFORMATION

Sheepy Magna Investments Ltd is a limited company, registered in England and Wales. Its registered office

address is Rye Hills Barn, Watery Lane, Sheepy Magna, Warwickshire CV9 3RG and the registered number is

09015892.

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 as modified by the revaluation of certain assets.

Summary of significant accounting policies

The principal 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. The Company

has adopted FRS 102 (September 2015) 1A Small Entities in these financial statements. Details of the transition

to FRS 102 SEction 1A Small Entities are disclosed in the notes to the financial statements.

This is the first year in which the financial statements have been prepared under FRS 102 1A Small Entities.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Interest

in other

participating

Listed

Unlisted

interests

investments

investments

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2016

27,495,718

4,949,272

377,158

32,822,148

Additions

-

2,839,314

655,128

3,494,442

Disposals

-

(1,289,138

)

-

(1,289,138

)

At 30 September 2017

27,495,718

6,499,448

1,032,286

35,027,452

PROVISIONS

At 1 October 2016

7,998,707

(690,851

)

-

7,307,856

Revaluation adjustments

3,110,634

(140,358

)

-

2,970,276

At 30 September 2017

11,109,341

(831,209

)

-

10,278,132

NET BOOK VALUE

At 30 September 2017

16,386,377

7,330,657

1,032,286

24,749,320

At 30 September 2016

19,497,011

5,640,123

377,158

25,514,292

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

540

540

Directors' current accounts

138

-

Called up share capital not paid

2

2

680

542

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other loans

31,849,457

34,779,457

Other creditors

375

250

Accruals and deferred income

1,607,527

1,035,088

33,457,359

35,814,795

7.	OTHER FINANCIAL COMMITMENTS

At the Balance Sheet date the company had committed to invest $831,559 (2016 - $304,466) in unlisted

investments.

8.	RELATED PARTY DISCLOSURES

The following material transactions have been carried out with companies with related parties during the year:

Sheepy Magna Limited and Sheepy Magna Properties Limited are companies under the control of Mr J C P

Smith.

Transactions during the year

Amounts due from/(to )at year end

2017

2016

2017

2016

£

£

£

£

Sheepy Magna Limited

Loan interest payable to them

596,867

682,238

Amounts due to them included in other creditors

(31,849,457)

(34,779,707)

Amount due to them included in other creditors

(375)

(250)

Amounts due to them in accruals

(1,606,566)

(1,034,128)

Sheepy Magna Properties Ltd

Amounts due from them included in other debtors

540

540

9.	ULTIMATE CONTROLLING PARTY

The controlling party is J C P Smith.

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 30 September 2016. The date of transition to FRS 102 was 1 October

2016. There are no transitional adjustments arising from the first time adoption of FRS 102.