Fordent Properties Limited 31/12/2017 iXBRL

Fordent Properties Limited 31/12/2017 iXBRL

FORDENT PROPERTIES LIMITED - Company Information

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31/12/2017 2017-12-31 false false false false true false false false false false false false false true false false true false false false false false true true false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 01229527 2017-01-01 2017-12-31 01229527 2017-12-31 01229527 2016-12-31 01229527 2016-01-01 2016-12-31 01229527 2016-12-31 01229527 core:LandBuildings core:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 01229527 core:PlantMachinery 2017-01-01 2017-12-31 01229527 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 01229527 bus:RegisteredOffice 2017-01-01 2017-12-31 01229527 bus:OrdinaryShareClass1 2017-01-01 2017-12-31 01229527 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 01229527 bus:Director1 2017-01-01 2017-12-31 01229527 core:LandBuildings core:OwnedOrFreeholdAssets 2016-12-31 01229527 core:PlantMachinery 2016-12-31 01229527 core:FurnitureFittingsToolsEquipment 2016-12-31 01229527 core:MotorVehicles 2016-12-31 01229527 core:LandBuildings core:OwnedOrFreeholdAssets 2017-12-31 01229527 core:PlantMachinery 2017-12-31 01229527 core:FurnitureFittingsToolsEquipment 2017-12-31 01229527 core:MotorVehicles 2017-12-31 01229527 core:DeferredTaxation 2017-01-01 2017-12-31 01229527 core:LandBuildings core:OwnedOrFreeholdAssets 2016-12-31 01229527 core:WithinOneYear 2017-12-31 01229527 core:WithinOneYear 2016-12-31 01229527 core:UKTax 2017-01-01 2017-12-31 01229527 core:UKTax 2016-01-01 2016-12-31 01229527 core:ShareCapital 2017-12-31 01229527 core:ShareCapital 2016-12-31 01229527 core:RevaluationReserve 2017-12-31 01229527 core:RetainedEarningsAccumulatedLosses 2017-12-31 01229527 core:RetainedEarningsAccumulatedLosses 2016-12-31 01229527 bus:OrdinaryShareClass1 core:ShareCapital 2017-12-31 01229527 bus:OrdinaryShareClass1 core:ShareCapital 2016-12-31 01229527 core:AcceleratedTaxDepreciationDeferredTax 2017-12-31 01229527 core:AcceleratedTaxDepreciationDeferredTax 2016-12-31 01229527 core:RevaluationPropertyPlantEquipmentDeferredTax 2017-12-31 01229527 core:FurnitureFittingsToolsEquipment 2016-12-31 01229527 core:DeferredTaxation 2016-12-31 01229527 core:DeferredTaxation 2017-12-31 01229527 bus:LeadAgentIfApplicable 2016-01-01 2016-12-31 01229527 bus:SmallEntities 2017-01-01 2017-12-31 01229527 bus:Audited 2017-01-01 2017-12-31 01229527 bus:FullAccounts 2017-01-01 2017-12-31 01229527 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 01229527 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 01229527 1 2017-01-01 2017-12-31
Company registration number: 01229527
Fordent Properties Limited
Audited financial statements
31 December 2017
Fordent Properties Limited
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Notes to the financial statements
Fordent Properties Limited
Directors and other information
Director Timothy Ogunleye
Company number 01229527
Registered office 23 Marsham Way
Gerrards Cross
South Bucks
SL9 8AB
Business address Greenacres Court
Acres Lane
Upton
Chester
CH2 1LJ
Auditor LBH Accountancy Services Limited
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers Royal Bank of Scotland plc
41 Cornmarket
Derby
DE1 2DG
Fordent Properties Limited
Director's responsibilities statement
Year ended 31 December 2017
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fordent Properties Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 8 6,861,984 1,209,996
_______ _______
6,861,984 1,209,996
Current assets
Stocks 3,150 3,150
Debtors 9 457,405 336,109
Cash at bank and in hand 187,825 346,310
_______ _______
648,380 685,569
Creditors: amounts falling due
within one year 10 ( 392,977) ( 408,214)
_______ _______
Net current assets 255,403 277,355
_______ _______
Total assets less current liabilities 7,117,387 1,487,351
Provisions for liabilities 11 ( 952,199) ( 12,859)
_______ _______
Net assets 6,165,188 1,474,492
_______ _______
Capital and reserves
Called up share capital 13 100 100
Non distributable reserve 4,772,535 -
Profit and loss account 1,392,553 1,474,392
_______ _______
Shareholder funds 6,165,188 1,474,492
_______ _______
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 income and retained earnings has not been delivered.
These financial statements were approved and authorised for issue on 18 September 2018 , and are signed by:
Timothy Ogunleye
Director
Company registration number: 01229527
Fordent Properties Limited
Notes to the financial statements
Year ended 31 December 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 23 Marsham Way, Gerrards Cross, South Bucks, SL9 8AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis as modified to include the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of residential retirement nursing home fees receivable by the company during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not yet reserved at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at tax rates that are expected to apply in the periods which timing differences reverse, base on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 20 % straight line
Fixture and fittings - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the cost.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Auditors remuneration
2017 2016
£ £
Fees payable for the audit of the financial statements 7,800 7,800
_______ _______
5. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2017 2016
Nursing and care staff 124 121
_______ _______
The aggregate payroll costs incurred during the year were:
2017 2016
£ £
Wages and salaries 2,371,904 2,292,627
Other pension costs 9,844 8,522
_______ _______
2,381,748 2,301,149
_______ _______
6. Interest payable and similar expenses
2017 2016
£ £
Bank loan 111,261 147,037
_______ _______
7. Tax on profit
Major components of tax expense
2017 2016
£ £
Current tax:
UK current tax expense 55,904 19,623
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 6,738) ( 3,576)
_______ _______
Tax on profit 49,166 16,047
_______ _______
8. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost or valuation
At 1 January 2017 1,416,426 15,417 334,315 3,598 1,769,756
Disposals - - ( 64,016) - ( 64,016)
Revaluation 5,383,574 - - - 5,383,574
_______ _______ _______ _______ _______
At 31 December 2017 6,800,000 15,417 270,299 3,598 7,089,314
_______ _______ _______ _______ _______
Depreciation
At 1 January 2017 307,024 15,417 233,721 3,598 559,760
Charge for the year 28,015 - 28,914 - 56,929
Disposals - - ( 54,320) - ( 54,320)
Revaluations ( 335,039) - - - ( 335,039)
_______ _______ _______ _______ _______
At 31 December 2017 - 15,417 208,315 3,598 227,330
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2017 6,800,000 - 61,984 - 6,861,984
_______ _______ _______ _______ _______
At 31 December 2016 1,109,402 - 100,594 - 1,209,996
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 December 2017
Aggregate cost 1,416,426 1,416,426
Aggregate depreciation (335,039) (335,039)
_______ _______
Carrying amount 1,081,387 1,081,387
_______ _______
At 31 December 2016
Aggregate cost 1,416,426 1,416,426
Aggregate depreciation (307,024) (307,024)
_______ _______
Carrying amount 1,109,402 1,109,402
_______ _______
The Freehold Land and Buildings were revalued during the year ended 31st December 2016 by Mt K Cole MRICS if Messrs Knight Frank LLP at an amount of £6,800000.
9. Debtors
2017 2016
£ £
Trade debtors 389,747 300,463
Other debtors 67,658 35,646
_______ _______
457,405 336,109
_______ _______
10. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 91,194 71,962
Corporation tax 65,853 19,623
Social security and other taxes 54,750 63,182
Other creditors 181,180 253,447
_______ _______
392,977 408,214
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 January 2017 12,859 12,859
Additions 946,078 946,078
Charges against provisions ( 6,738) ( 6,738)
_______ _______
At 31 December 2017 952,199 952,199
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 2016
£ £
Included in provisions (note 11) 952,199 12,859
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2017 2016
£ £
Accelerated capital allowances 6,121 12,859
Revaluation of tangible assets 946,078 -
_______ _______
952,199 12,859
_______ _______
13. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
14. Summary audit opinion
The auditor's report for the year dated 18 September 2018 was unqualified.
The senior statutory auditor was Raymond Hamer FCCA for and on behalf of LBH Accountancy Services Limited
15. Related party transactions
Creditors includes £672 (2016 - £3,084) in respect of loans made from other companies under the effective control of Mr T K Ogunleye. Debtors includes £30,350 (2016 - £350) in respect of loans made to other companies under the effective control of Mr T K Ogunleye.
16. Controlling party
The company is controlled by Mr T K Ogunleye by virtue of his 100% share holding and directorship in the holding company, Zion Care Limited.
17. Ultimate parent undertaking
Zion Care Limited, a company incorporated in England and Wales is the holding company of Fordent Properties Limited .