Shillibeer Property Limited
Shillibeer Property Limited
Registered number: 09987837
Unaudited Financial Statements
For The Year Ended 28 February 2018
Shillibeer Property Limited
Unaudited Financial Statements
For The Year Ended 28 February 2018
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Shillibeer Property Limited
Balance Sheet
As at
28 February 2018
Balance Sheet
Registered number:
09987837
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 28 February 2018 | Period to 28 February 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Fair Value Reserve | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 225,368 | 193,827 | |||
Page 1
Shillibeer Property Limited
Balance Sheet (continued)
As at
28 February 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Shillibeer Property Limited
Notes to the Financial Statements
For The Year Ended 28 February 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention as amended by the fair value accounting rules for investment properties, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Tangible Fixed Assets and Depreciation
Tangible fixed assets includes investment properties held by the company for rental (see note below). With the exception of Investment properties fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.
1.3.
Investment Properties
All investment properties are stated at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.4.
Taxation
The tax expense represents the sum of tax corporation tax currently payable and deferred tax (see below).
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Profit and Loss Account because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the stated amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2017 = 3)
Page 3
Shillibeer Property Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2018
3.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost | |
| As at |
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| Revaluation | 32,996 |
| As at |
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| Net Book Value | |
| As at |
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| As at |
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4.
Debtors
| 28 February 2018 | Period to 28 February 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 28 February 2018 | Period to 28 February 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other creditors |
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| Director's current account (Mr Calvin Gregory-Lilley) |
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| Director's current account (Mr Calvin Gregory-Lilley (Snr)) |
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| Director's current account (Mrs Patricia Gregory-Lilley) |
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| Accruals and deferred income |
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Page 4
Shillibeer Property Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2018
7.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| Movements in fair value reserve | 26,727 |
| As at |
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8.
General Information
Shillibeer Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09987837 . The registered office is Hadley House, Melfort Road, Crowborough, East Sussex, TN6 1QT.
Page 5