Country Rhythm Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03834346 (England and Wales)

Country Rhythm Limited

Unaudited Financial Statements

for the Year Ended 30 March 2018

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

R F Frost

Mrs J S Frost

Secretary:

Mrs J S Frost

Registered office:

Field End, Ridgeway Close

Oxshott

Leatherhead

Surrey

KT22 0LQ

Registered number:

03834346 (England and Wales)

Accountants:

Warr & Co Limited

Chartered Accountants

Mynshull House

78 Churchgate

Stockport

Cheshire

SK1 1YJ

Fixed assets

Tangible assets

4

651

-

Investment property

5

5,475,000

5,475,000

5,475,651

5,475,000

Current assets

Debtors

6

699

60,325

Cash at bank

2,024

3,514

2,723

63,839

Creditors

Amounts falling due within one year

7

(123,945

)

(38,520

)

Net current (liabilities)/assets

(121,222

)

25,319

Total assets less current liabilities

5,354,429

5,500,319

Creditors

Amounts falling due after more than one year

8

(1,706,743

)

(1,706,743

)

Provisions for liabilities

10

(289,046

)

(289,046

)

Net assets

3,358,640

3,504,530

Capital and reserves

Called up share capital

10,000

10,000

Share premium

1,729,611

1,729,611

Fair value reserve

11

1,515,843

1,515,843

Retained earnings

103,186

249,076

Shareholders' funds

3,358,640

3,504,530

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 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 4 December 2018 and were signed on its behalf by:

R F Frost - Director

1.	Statutory information

Country Rhythm Limited 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding 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 reducing balance

Investment property

Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair

value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principle set out in FRS 102. The directors consider that, because investment

properties are not held for consumption, but for their investment potential, to depreciate them would not give a

true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit

for the financial year would have been reduced by depreciation. However the amount of depreciation cannot

reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and

the amount relating to the depreciation of the property cannot be separately identified.

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.

3.	Employees and directors

The average number of employees during the year was 4 (2017 - 4 ) .

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

Additions

868

At 30 March 2018

868

Depreciation

Charge for year

217

At 30 March 2018

217

Net book value

At 30 March 2018

651

5.	Investment property

Total

£

Fair value

At 31 March 2017

and 30 March 2018

5,475,000

Net book value

At 30 March 2018

5,475,000

At 30 March 2017

5,475,000

Fair value at 30 March 2018 is represented by:

£

Valuation in 2018

5,475,000

If investment property had not been revalued it would have been included at the following historical cost:

30.3.18

30.3.17

£

£

Cost

3,670,111

3,670,111

Investment property was valued on an open market basis on 30 March 2018 by the directors .

6.

Debtors: amounts falling due within one year

30.3.18

30.3.17

£

£

Trade debtors

-

20,000

Other debtors

699

40,325

699

60,325

7.

Creditors: amounts falling due within one year

30.3.18

30.3.17

£

£

Trade creditors

6,378

4,279

Taxation and social security

10,018

16,203

Other creditors

107,549

18,038

123,945

38,520

8.

Creditors: amounts falling due after more than one year

30.3.18

30.3.17

£

£

Bank loans

1,706,743

1,706,743

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,706,743

1,706,743

9.	Secured debts

The following secured debts are included within creditors:

30.3.18

30.3.17

£

£

Bank loans

1,706,743

1,706,743

10.	Provisions for liabilities

30.3.18

30.3.17

£

£

Deferred tax

289,046

289,046

Deferred

tax

£

Balance at 31 March 2017

289,046

Balance at 30 March 2018

289,046

11.

Reserves

Fair

value

reserve

£

At 31 March 2017

and 30 March 2018

1,515,843

12.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 March 2018 and

30 March 2017:

30.3.18

30.3.17

£

£

R F Frost

Balance outstanding at start of year

39,004

-

Amounts advanced

-

39,004

Amounts repaid

(39,004

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

39,004

The loan attracted interest at a commercial rate and was fully repaid during the year.