85 Sackville Road Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04351147 (England and Wales)

85 SACKVILLE ROAD LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R H Bunning

J E Bunning

REGISTERED OFFICE:

The Coach House

Ardingly Road

Lindfield

West Sussex

RH16 2QY

REGISTERED NUMBER:

04351147 (England and Wales)

FIXED ASSETS

Investment property

5

1,452,000

1,100,000

CURRENT ASSETS

Debtors

6

6,769

5,925

Cash at bank

181,045

57,671

187,814

63,596

CREDITORS

Amounts falling due within one year

7

(1,031,547

)

(635,856

)

NET CURRENT LIABILITIES

(843,733

)

(572,260

)

TOTAL ASSETS LESS CURRENT LIABILITIES

608,267

527,740

PROVISIONS FOR LIABILITIES

(14,792

)

(18,136

)

NET ASSETS

593,475

509,604

CAPITAL AND RESERVES

Called up share capital

60

60

Revaluation reserve

10

214,461

181,565

Retained earnings

378,954

327,979

SHAREHOLDERS' FUNDS

593,475

509,604

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 18 October 2018 and were signed on its behalf by:

J E Bunning - Director

1.	STATUTORY INFORMATION

85 Sackville Road 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.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of the 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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are presented in sterling (£) which is also the functional currency for the

company.

Turnover

Turnover represents rent receivable from property owned by the company and other income generated

from lease extensions.

Investment property

The company's properties are held for long term investment and are included in the Balance Sheet at

their fair values. The fair value is reviewed annually, with reference to open market values, by the

directors of the company. Surpluses or deficits on revaluation of such properties are recognised

through the Income Statement.

Investment properties are not depreciated and leasehold investment properties are not amortised

where the unexpired term is over twenty years.

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.

Taxation

Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for

the current or past reporting periods using tax rates that have been enacted or substantively enacted

by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

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

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

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest. Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair

value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

Significant judgements and estimates

The preparation of the financial statements required directors to make judgements, estimates and

assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates. The key

judgements that have a significant effect on the amounts recognised in the financial statements are:

Valuation of investment property

The company's investment properties are measured at fair value. The valuation was carried out by

Mr R H Bunning, director, who is considered to be appropriately qualified and experienced to provide a

reliable valuation.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2017

1,100,000

Additions

322,448

Revaluations

29,552

At 31 January 2018

1,452,000

NET BOOK VALUE

At 31 January 2018

1,452,000

At 31 January 2017

1,100,000

Fair value at 31 January 2018 is represented by:

£

Valuation in 2018

29,552

Valuation in 2017

25,000

Valuation in 2016

35,000

Valuation in 2015

54,583

Valuation in 2014

34,775

Valuation in 2013

16,530

Valuation in 2012

13,856

Valuation in 2011

9,093

Valuation in 2010

10,000

Valuation in 2009

864

Cost

1,222,747

1,452,000

Investment properties have been valued on open market basis at 31 January 2018 by Mr R H Bunning,

director.

A deferred tax provision totalling £14,792 (2017 - £18,136) has been recognised at the Corporation

Tax rate of 17%.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,769

5,925

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

12,083

17,784

Other creditors

1,019,464

618,072

1,031,547

635,856

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

60

60

Between one and five years

240

240

In more than five years

4,650

4,710

4,950

5,010

9.	FINANCIAL INSTRUMENTS

2018

2017

Note

£

£

Financial assets at fair value through profit or loss

- Investment property

6

1,452,000

1,100,000

1,452,000

1,100,000

Income and net gains attributable to the above assets:

- Rental income

84,114

82,689

- Other income

-

20,000

- Gains on investment properties

6

29,552

25,000

113,666

127,689

10.

RESERVES

Revaluation

reserve

£

At 1 February 2017

181,565

Revaluation movement

29,552

Deferred tax movement

3,344

At 31 January 2018

214,461

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed the following amounts to directors and shareholders:

2018

2017

£

£

Mr R H Bunning (director)

55,191

54,401

Mr J E Bunning (director and shareholder)

291,976

141,976

Mr J Bunning (shareholder)

202,500

202,500

Miss K A Bunning (shareholder)

270,200

205,200

819,867

604,077

These loans are regarded as being payable on demand and are non-interest bearing.