Winckley Estates Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01074806 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

WINCKLEY ESTATES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M A Crook

Mrs V L Bauer

SECRETARY:

Mr M A Crook

REGISTERED OFFICE:

Nook Farm

Carrhouse Lane

Bretherton

Leyland

Lancashire

PR26 9AR

REGISTERED NUMBER:

01074806 (England and Wales)

ACCOUNTANTS:

James Todd & Co

Greenbank House

141 Adelphi Street

Preston

Lancashire

PR1 7BH

FIXED ASSETS

Tangible assets

4

55,039

56,534

Investments

5

2

2

Investment property

6

1,158,384

1,158,384

1,213,425

1,214,920

CURRENT ASSETS

Stocks

2,615

2,615

Debtors

4,607

19,659

Cash at bank

62,544

91,333

69,766

113,607

CREDITORS

Amounts falling due within one year

187,428

300,227

NET CURRENT LIABILITIES

(117,662

)

(186,620

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,095,763

1,028,300

CREDITORS

Amounts falling due after more than one year

7

(311,986

)

(262,769

)

PROVISIONS FOR LIABILITIES

(33,630

)

(43,616

)

NET ASSETS

750,147

721,915

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Revaluation reserve

9

570,670

570,670

Retained earnings

176,477

148,245

SHAREHOLDERS' FUNDS

750,147

721,915

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 July 2018 and were signed on its behalf by:

Mr M A Crook - Director

1.	STATUTORY INFORMATION

Winckley Estates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Winckley Estates 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on reducing balance

The freehold property held by the company is used by the company, and has been accounted for under Section

1A "Small Entities" of Financial Reporting Standard 102, at cost, and is depreciated at the rate of 2% per annum

on cost.

Investment property

The property held by the company is classed as investment property, which is held to earn rentals and / or for

capital appreciation. Investment property is stated at open market value, at the most recent valuation. Gains or

losses arising from the changes in the fair values of investment properties are included in the Income Statement

for the period in which they arise. Deferred tax is provided on these movements where applicable.

Stocks

Stock is valued at the lower of cost and net realisable value. Long term contracts are valued at cost, net of

amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched

with turnover. Transfers to turnover are made on the basis of cost plus known profit attributable to the stage of

completion of each contract.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, prepayments, trade

creditors, accruals, cash at bank, bank loans, and intercompany loans. They are all measured at the amount of

consideration expected to be received or paid.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Revenue recognition

Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable

for goods and services supplied net of discounts.

Rents receivable are recognised when a liability arises on the tenant in accordance with the tenancy agreement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 November 2016

and 31 October 2017

68,972

DEPRECIATION

At 1 November 2016

12,438

Charge for year

1,495

At 31 October 2017

13,933

NET BOOK VALUE

At 31 October 2017

55,039

At 31 October 2016

56,534

Cost or valuation at 31 October 2017 is represented by:

Totals

£

Cost

68,972

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 November 2016

and 31 October 2017

2

NET BOOK VALUE

At 31 October 2017

2

At 31 October 2016

2

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 31 October 2017

1,158,384

NET BOOK VALUE

At 31 October 2017

1,158,384

At 31 October 2016

1,158,384

Fair value at 31 October 2017 is represented by:

£

Valuation in 1992

169,950

Valuation in 2011

400,720

Cost

587,714

1,158,384

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

587,714

587,714

Investment property was valued on an open market basis on 14 July 2011 by M A Crook, a director of the company

.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Bank loan

198,513

174,402

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

17,859

21,743

Bank loans

340,354

284,861

358,213

306,604

The bank loan and overdraft are secured by legal charges over the company's freehold property in the form of a

debenture dated 9 October 1989, and legal charges dating from 20th July 1987 over six freehold properties held

for rental purposes, and one other freehold property. The company has also given a debenture in favour of Royal

Bank of Scotland PLC, in respect of the borrowing requirements of its wholly owned subsidiary company

Marlion (Preston) Limited.

9.

RESERVES

Revaluation

reserve

£

At 1 November 2016

and 31 October 2017

570,670

The revaluation reserve is considered to be non-distributable.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £17,500 (2016 - £11,100) were paid to the directors .

At 31st October 2017 the company owed £88,566 (2016: £146,163) to a director. No interest has been charged

to the company in respect of this loan which is repayable on demand and classified in creditors due within one

year.

11.	ULTIMATE CONTROLLING PARTY

12.	FINANCIAL REPORTING STANDARD 102 - FIRST YEAR ADOPTION

31/10/2016

£

Net assets of the company as previously stated

765,531

Recognition of deferred tax provision in respect of investment property

(43,616

)

Net assets of the company as restated

721,915

These financial statements for the year ended 31 October 2017 are the first financial statements that comply with

the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. The transition to Financial

Reporting Standard 102 Section 1A for small entities has resulted in a limited number of changes resulting in the

restatement of the above figures for the comparative period.

13.	GOING CONCERN

The company sold one of its investment properties during an earlier year and additionally replaced its existing

bank loan facility with an extended bank loan facility on 15 November 2013, as referred to in note 9.

Although the company has substantial net assets at the balance sheet date, it has net current liabilities meaning

that it is unable to pay its creditors as and when they fall due. The company continues to trade through the

support of its bankers and its creditors the largest of whom are the directors loan accounts.