Sheriol Thirty - Two Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02699826 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

SHERIOL THIRTY - TWO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTORS:

Mr R T Sperring

Mr E M C Samuel-Camps

SECRETARY:

Fryern Company Secretarial Services Limited

REGISTERED OFFICE:

1st Floor

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

REGISTERED NUMBER:

02699826 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Investments

3

500,102

500,102

Investment property

4

6,626,338

6,211,173

7,126,440

6,711,275

CURRENT ASSETS

Debtors

5

1,535,865

913,153

Cash at bank

12,455

190,897

1,548,320

1,104,050

CREDITORS

Amounts falling due within one year

6

822,569

601,643

NET CURRENT ASSETS

725,751

502,407

TOTAL ASSETS LESS CURRENT LIABILITIES

7,852,191

7,213,682

CREDITORS

Amounts falling due after more than one year

7

(3,989,510

)

(3,493,136

)

PROVISIONS FOR LIABILITIES

(318,477

)

(340,166

)

NET ASSETS

3,544,204

3,380,380

CAPITAL AND RESERVES

Called up share capital

1,010

1,010

Capital redemption reserve

110,375

110,375

Fair value reserve

2,226,107

2,204,418

Retained earnings

1,206,712

1,064,577

SHAREHOLDERS' FUNDS

3,544,204

3,380,380

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Income Statement 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:

Mr R T Sperring - Director

1.	STATUTORY INFORMATION

Sheriol Thirty - Two 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 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.

FIRST YEAR ADOPTION OF FINANCIAL REPORTING STANDARD 102 ( FRS 102) SECTION 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 November 2015.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Sheriol Thirty - Two Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

Inherent in the application of many of the accounting policies used in preparing the financial statements is the

need for directors to make judgements, estimates and assumptions that affect the reported amount of assets

and liabilities at the date of the financial statement and the reporting amounts of revenues and expenses during

the year. Actual outcomes could differ from those estimates and assumptions used. The accounting judgements

and estimates that could have significant impact on the results of the company are set out below and should be

read in conjunction with the information provided in the Notes to the financial statements:

Critical Judgements

>

Management determine whether financial instruments are basic or advanced and when to deal with recognising, derecognising, measuring and disclosing financial instruments. These decisions depend on an assessment made of the accounting standards.

>

Management determine the point of recognition of revenue. Factors taken into consideration in reaching such a decision include an assessment of whether the risks and rewards of ownership have been transferred to the customer.

>

Management determine whether a deferred tax asset should be recognised in resect of the reduction in fair value of the investment property. Factors taken into consideration in reaching such a decision include the likelihood that losses on the disposal of the investment property can be offset against future taxable profits.

>

The investment properties are valued by external valuers and as such there will inevitably be a degree of judgement involved in that each property is unique and the value can only ultimately be reliably tested using factors based on the overall market.

Significant Estimates

>

There are no estimates included in the accounts which carry a significant risk of causing a material adjustment to the carrying amounts of any assets or liabilities within the next financial year.

CHANGES IN ACCOUNTING POLICIES

As a result of the transition to FRS 102 Section 1A deferred tax in relation to the loss on revaluation of the

investment property has been included on transition, details of this are shown at the end of this report. There are

no other adjustments on transition to report.

REVENUE RECOGNITION

Turnover represents the amounts receivable by the company, excluding VAT, in respect of commercial property

letting services provided.

Revenue is recognised when the amount of revenue can be measured reliably and it is probable that the

economic benefits associated with the transaction will flow to the entity.

INVESTMENT PROPERTIES

Investment property is carried at fair value determined by the directors, professional external valuers may be

used as and when the directors feel it is necessary. Fair value is derived from current market rents and

investment property yields from comparable real estate, adjusted if necessary for any difference in the nature,

location or condition of the specific asset. The directors continuously monitor the fair value of the property and if

a material movement occurs this will be included in the financial statements. Changes in fair value are

recognised in the profit and loss. No depreciation is provided.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

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

FIXED ASSET INVESTMENTS

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed

for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or

recoverable amount. Recoverable amount is the higher of its net realisable value and its value in use.

SHORT-TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price

whether or not a rate of interest is charged on the balance.

3.	FIXED ASSET INVESTMENTS

2017

2016

£

£

Other investments not loans

500,102

500,102

Additional information is as follows:

Other

investments

£

COST

At 1 November 2016

and 31 October 2017

500,000

NET BOOK VALUE

At 31 October 2017

500,000

At 31 October 2016

500,000

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Camargue West Bromwich Limited

2

2

Camargue Monks Brook Limited

100

100

102

102

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

6,211,173

Additions

415,165

At 31 October 2017

6,626,338

NET BOOK VALUE

At 31 October 2017

6,626,338

At 31 October 2016

6,211,173

Fair value at 31 October 2017 is represented by:

£

Valuation in 1996

198,950

Valuation in 2003

861,117

Valuation in 2006

375,000

Valuation in 2007

260,000

Valuation in 2008

(251,863

)

Valuation in 2009

313,099

Valuation in 2011

123,746

Valuation in 2013

(33,000

)

Valuation in 2015

221,831

Valuation in 2016

475,704

Cost

4,081,754

6,626,338

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

4,081,755

3,666,589

The investment property was valued on 31 October 2017 at fair value as determined by the directors. Details on

the assumptions made are given in note 2.

The surplus on revaluation of investment property arising of £21,689 (31 October 2016: £398,331) has been

credited to the profit and loss for the year. There are no other tangible assets.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

29,684

6,138

Other debtors

1,506,181

907,015

1,535,865

913,153

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

131,835

112,667

Trade creditors

319,520

223,106

Taxation and social security

123,959

109,435

Other creditors

247,255

156,435

822,569

601,643

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

3,989,510

3,493,136

All of the above loans are secured on the company's investment properties.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year the Directors owed the company £421,176. During the year the Directors introduced

capital of £971,446 and after withdrawing the sum of £705,834 and paid interest of £20,424 charged at

commercial rates an amount of £707,212 was owed to the company at the balance sheet date.

9.	RELATED PARTY DISCLOSURES

At the beginning of the year the company was owed £313,253 by associated companies. During the year the

company transferred amounts of £470,947 to associated companies and received amounts of £202,452 from

associated companies. As a result of this the company was owed £581,749 at the balance sheet date. The loan

is repayable on demand, no interest is being charged on the loan and no security has been provided on this

balance.

At the beginning of the year the company owed associated companies £360,161. During the year the company

transferred amounts of £302,931 to associated companies and received amounts of £109,947 from associated

companies. As a result of this the company owed associated companies £167,177 at the balance sheet date.

The loan is repayable on demand, no interest is being charged on the loan and no security has been provided

on this balance.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Sheriol Thirty - Two Limited for the year ended 31 October 2017 which comprise the Income

Statement, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Sheriol Thirty - Two 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 Sheriol Thirty - Two Limited. You consider that Sheriol Thirty - Two 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 Sheriol Thirty - Two 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.

Rothman Pantall LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................