Englewood Commercial Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07962988 (England and Wales)

ENGLEWOOD COMMERCIAL LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P E Smith FRICS

REGISTERED OFFICE:

2 Brockworth Road

Churchdown

Gloucester

Gloucestershire

GL3 2NH

REGISTERED NUMBER:

07962988 (England and Wales)

ACCOUNTANTS:

Philip Smart & Associates

Accountants and Chartered Tax Advisers

Hunters Lodge

Brendon

Lynton

Devon

EX35 6PS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

512

683

512

683

CURRENT ASSETS

Debtors

6

11,108

6,235

Cash at bank

27,177

33,239

38,285

39,474

CREDITORS

Amounts falling due within one year

7

32,616

30,469

NET CURRENT ASSETS

5,669

9,005

TOTAL ASSETS LESS CURRENT LIABILITIES

6,181

9,688

PROVISIONS FOR LIABILITIES

8

60

85

NET ASSETS

6,121

9,603

CAPITAL AND RESERVES

Called up share capital

9

10

10

Retained earnings

6,111

9,593

SHAREHOLDERS' FUNDS

6,121

9,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 28 November 2018 and were signed by:

P E Smith FRICS - Director

1.	STATUTORY INFORMATION

Englewood Commercial 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.	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.

Turnover and revenue recognition

Turnover represents the revenue generated from the sale of services. Revenue is measured at the fair value of the

consideration received and receivable excluding value added tax.

Revenue from services is recognised when the services have been provided and the contractual right to the

consideration has been earned. In the case of incomplete contracts; an assessment is made of the extent to which

revenue has been earned and the amount determined is recognised within turnover.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses.

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

life.

Computer and office equipment - 25 per cent on reducing balance

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.

Leasing commitments

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

lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2017

and 28 February 2018

5,000

AMORTISATION

At 1 March 2017

and 28 February 2018

5,000

NET BOOK VALUE

At 28 February 2018

-

At 28 February 2017

-

5.	TANGIBLE FIXED ASSETS

Computer

and

office

equipment

£

COST

At 1 March 2017

and 28 February 2018

1,927

DEPRECIATION

At 1 March 2017

1,244

Charge for year

171

At 28 February 2018

1,415

NET BOOK VALUE

At 28 February 2018

512

At 28 February 2017

683

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,499

2,139

Other debtors

34

34

Corporation tax

96

-

Prepayments and accrued income

8,479

4,062

11,108

6,235

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Corporation tax

-

2,730

Other taxation and social

security

268

128

Other creditors

617

640

Directors' loan accounts

23,164

24,052

Accrued expenses

8,567

2,919

32,616

30,469

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

60

85

Deferred

tax

£

Balance at 1 March 2017

85

Accelerated capital allowances

(25

)

Balance at 28 February 2018

60

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

10

Ordinary

£1

10

10

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

11.	RELATED PARTY DISCLOSURES

Mr P E Smith owns the entire share capital of the company and has ultimate control of it by virtue of his

shareholding.

On 5 March 2012; Mr Smith granted a non-exclusive licence for the company to occupy property in his

ownership. The total rent and service charges paid by the company to Mr Smith during the accounting period

was £1,512.

During the accounting reference period; the company provided property management services to Mr Smith in

respect of which fees amounting to £2,253 were received.

Dividends totalling £3,000, loan interest of £1,078 and directors remuneration of £6,756 were paid to Mr Smith

during the year. In addition, deemed direct earnings amounting to £5,232 payable by a public sector body were

accounted for as directors remuneration.