Taunton Land Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01281309 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2018

for

Taunton Land Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A C Jeffery

SFC Jeffery

J J Sloman

Mrs A Biss

Mrs E Kivell

Mrs H Sloman

Mrs C Brain

SECRETARY:

Mrs A C Jeffery

REGISTERED OFFICE:

Rumwell Hall

Rumwell

Taunton

Somerset

TA4 1EL

REGISTERED NUMBER:

01281309 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,001

1,489

Investments

5

120,000

120,000

Investment property

6

37,195,000

35,085,000

37,316,001

35,206,489

CURRENT ASSETS

Debtors

7

303,840

235,086

Cash at bank

85,114

68,207

388,954

303,293

CREDITORS

Amounts falling due within one year

8

1,477,606

1,442,352

NET CURRENT LIABILITIES

(1,088,652

)

(1,139,059

)

TOTAL ASSETS LESS CURRENT LIABILITIES

36,227,349

34,067,430

CREDITORS

Amounts falling due after more than one year

9

15,885,000

14,585,000

NET ASSETS

20,342,349

19,482,430

CAPITAL AND RESERVES

Called up share capital

546,593

546,593

Share premium

34,332

34,332

Capital redemption reserve

12,915

12,915

Fair value reserve

11

1,910,562

1,849,365

Retained earnings

17,837,947

17,039,225

20,342,349

19,482,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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 8 August 2018 and were signed on its behalf by:

J J Sloman - Director

1.	STATUTORY INFORMATION

Taunton Land Ltd 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.

Functional and presentation currency

The company's functional and presentational currency is the pound Sterling. All amounts in the financial

statements have been rounded to the nearest pound.

Turnover

The turnover shown in the profit and loss account represents rent and services due, exclusive of Value Added

Tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on straight line basis and 15% on reducing balance

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical

cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and

loss reserve.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

In accordance with section 16 of FRS 102, Investment properties are revalued annually and the surplus or deficit

on revaluation is transferred to the profit and loss account. Any profits generated by revaluation are transferred

from the profit and loss reserve account to the fair value reserve account, the fair value reserve account

represents the non-distributable element of shareholders funds.

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.

Pension costs

The company operates a defined benefit scheme for the directors. Pensions are already in payment from the

scheme and since it is sufficiently funded, no costs are charged in these accounts.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2017

and 30 April 2018

9,865

DEPRECIATION

At 1 May 2017

8,376

Charge for year

488

At 30 April 2018

8,864

NET BOOK VALUE

At 30 April 2018

1,001

At 30 April 2017

1,489

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2017

and 30 April 2018

559,630

PROVISIONS

At 1 May 2017

and 30 April 2018

439,630

NET BOOK VALUE

At 30 April 2018

120,000

At 30 April 2017

120,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2017

35,085,001

Additions

2,048,802

Revaluations

61,197

At 30 April 2018

37,195,000

NET BOOK VALUE

At 30 April 2018

37,195,000

At 30 April 2017

35,085,001

Fair value at 30 April 2018 is represented by:

£

Valuation in 2018

1,910,562

Cost

35,284,438

37,195,000

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

2018

2017

as restated

£

£

Cost

35,284,438

33,235,635

Freehold investment properties were revalued by the directors who are not professionally qualified valuers on

30th April 2018. The properties were revalued by professionally qualified valuers in the year ended 30th April

2014.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as restated

£

£

Trade debtors

71,104

9,540

Other debtors

11,819

10,837

Prepayments and accrued income

220,917

214,709

303,840

235,086

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as restated

£

£

Bank loans and overdrafts

500,000

599,308

Other loans

5,087

4,318

Trade creditors

63,909

74,852

Amounts owed to group undertakings

120,000

120,000

Corporation tax

149,207

26,143

Social security and other taxes

4,687

4,695

VAT

79,182

90,744

Other creditors

68,905

72,553

Directors' current accounts

12,519

10,622

Accruals and deferred income

474,110

439,117

1,477,606

1,442,352

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

as restated

£

£

Bank loans - 1-2 years

500,000

500,000

Bank loans - 2-5 years

15,385,000

14,085,000

15,885,000

14,585,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

as restated

£

£

Bank overdraft

-

99,308

Bank loans

16,385,000

15,085,000

16,385,000

15,184,308

The bank loans and overdraft are secured by first legal mortgages over the company`s freehold

properties, a fixed charge over book debt and a floating charge over all other assets.

11.

RESERVES

Fair

value

reserve

£

At 1 May 2017

1,849,365

Fair value/p&l transfer

61,197

At 30 April 2018

1,910,562