Cadnant Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05266843 (England and Wales)

CADNANT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Tavernor

SECRETARY:

G J Hedgecock

REGISTERED OFFICE:

Plas Cadnant

Cadnant Road

Menai Bridge

Anglesey

LL59 5NH

REGISTERED NUMBER:

05266843 (England and Wales)

FIXED ASSETS

Investment properties

4

5,173,116

1,115,000

CURRENT ASSETS

Debtors

5

88,368

20,998

Cash at bank

394,932

2,566,366

483,300

2,587,364

CREDITORS

Amounts falling due within one year

6

(334,646

)

(643,956

)

NET CURRENT ASSETS

148,654

1,943,408

TOTAL ASSETS LESS CURRENT LIABILITIES

5,321,770

3,058,408

CREDITORS

Amounts falling due after more than one year

7

3,396,151

1,314,779

CAPITAL AND RESERVES

Called up share capital

8

1

1

Revaluation reserve

(380,899

)

(380,899

)

Retained earnings

2,306,517

2,124,527

SHAREHOLDERS' FUNDS

1,925,619

1,743,629

5,321,770

3,058,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 2 July 2018 and were signed by:

A J Tavernor - Director

1.	STATUTORY INFORMATION

Cadnant Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

The significant 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT. The policies

adopted for the recognition of turnover are as follows:

Rental income

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line

basis over the lease term.

Interest receivable

Interest income is recognised using the effective interest method is recognised as the company's right to

receive payment is established.

Investment properties

In the opinion of the director the investment property is included at an amount that accords to its fair value at

the balance sheet date. Revaluation deficits are initially recognised in the profit and loss account before being

transferred to the Revaluation reserve on the balance sheet.

A deferred tax asset has not been provided on the revaluation deficit as it is unlikely that any provision would

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current

or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates

and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable with one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 January 2017

1,115,000

Additions

4,058,116

At 31 December 2017

5,173,116

NET BOOK VALUE

At 31 December 2017

5,173,116

At 31 December 2016

1,115,000

The historical cost of the investment property as at 31 December 2017 was £5,554,016 (2016 £1,495,900).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,916

18,250

Other debtors

46,842

-

Sundry debtor

2,610

2,748

88,368

20,998

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

206,133

140,127

Tax

-

62,195

VAT

37,682

411,820

Other creditors

26,976

-

Accrued expenses

63,855

29,814

334,646

643,956

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

2,469,438

393,066

Other creditors

926,713

921,713

3,396,151

1,314,779

Bank loans totalling £2,675,571 (2016 £533,193) are partly secured against the assets of the company and a

charge against assets owned personally by the director.

Bank loans include aggregate amounts of £1,709,484 (2016 £220,975) which fall due after five years and which

are repayable by instalments.

Other loans include aggregate amounts of £926,713 (2016 - £921,713) which fall due after five years and

which are repayable other than by instalments.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1