The Sidings (Whalley) Limited Filleted accounts for Companies House (small and micro)

THE SIDINGS (WHALLEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02776639

THE SIDINGS (WHALLEY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

THE SIDINGS (WHALLEY) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		3,571,338		3,570,322

CURRENT ASSETS

Stocks		32,399	20,599
Debtors	5	30,193	22,452
Cash at bank and in hand		8,251	1,714
		--------	--------
		70,843	44,765

CREDITORS: amounts falling due within one year	6	173,299		174,455
		---------		---------
NET CURRENT LIABILITIES			102,456		129,690
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,468,882		3,440,632

CREDITORS: amounts falling due after more than one year	7		2,056,175		2,155,346

PROVISIONS

Taxation including deferred tax	35,399	36,923
	------------	------------
NET ASSETS	1,377,308	1,248,363
	------------	------------

CAPITAL AND RESERVES

Called up share capital		20,000	20,000
Capital redemption reserve	8	85,000	85,000
Profit and loss account	8	1,272,308	1,143,363
		------------	------------
SHAREHOLDERS FUNDS		1,377,308	1,248,363
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

THE SIDINGS (WHALLEY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 19 December 2018 , and are signed on behalf of the board by:

M.N. Hindle

Director

Company registration number: 02776639

THE SIDINGS (WHALLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haydock House, Pleckgate Road, Blackburn, Lancashire, BB1 8QW.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

The turnover shown in the profit and loss account represents rents, service charges and other sales receivable. Rental income is recognised over the lease term. Service charges are recognised in accordance with the period of consumption.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at 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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is included at fair value and valued by the directors. Gains and losses are included in the profit and loss account for the year. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

(e) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, Fittings & Equipment	-	15% per annum reducing balance

(f) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(g) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Finance charges are allocated to each period on a straight line basis.

(h) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. TANGIBLE ASSETS

	Investment Property	Fixtures, Fittings & Equipment	Total
	£	£	£
Cost
At 1 April 2017	3,500,000	130,748	3,630,748
Additions	–	13,603	13,603
	------------	---------	------------
At 31 March 2018	3,500,000	144,351	3,644,351
	------------	---------	------------
Depreciation
At 1 April 2017	–	60,426	60,426
Charge for the year	–	12,587	12,587
	------------	---------	------------
At 31 March 2018	–	73,013	73,013
	------------	---------	------------
Carrying amount
At 31 March 2018	3,500,000	71,338	3,571,338
	------------	---------	------------
At 31 March 2017	3,500,000	70,322	3,570,322
	------------	---------	------------

5. DEBTORS

	2018	2017
	£	£
Trade debtors	17,693	9,827
Other debtors	12,500	12,625
	--------	--------
	30,193	22,452
	--------	--------

6. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	23,996	11,221
Amounts owed to group undertakings	100,000	100,000
Accruals and deferred income	3,000	3,578
Corporation tax	31,603	28,975
Social security and other taxes	11,050	16,510
Obligations under finance leases and hire purchase contracts	–	2,171
Director loan accounts	3,650	12,000
	---------	---------
	173,299	174,455
	---------	---------

Borrowings under finance leases and hire purchase contracts are secured by the company.

7. CREDITORS: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	1,750,000	1,750,000
Amounts owed to group undertakings	306,175	405,346
	------------	------------
	2,056,175	2,155,346
	------------	------------

The bank borrowings are secured by the company.

8. RESERVES

The profit and loss account includes all current and prior period retained profits and losses. This includes a non-distributable amount relating to revaluation of investment properties amounting to £968,049.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

10. RELATED PARTY TRANSACTIONS

The company was under the control of the directors, Mr M.N. Hindle and Mr L. Hindle, throughout the year. During the year the company has continued to receive loan finance from its parent company, Whalley Holdings Limited. The maximum amount of the loan during the year was £505,346 and the amount outstanding at 31 March 2018 was £406,175. Interest has been charged at a rate of 4% per annum amounting to £15,901.

11. CONTROLLING PARTY

The company is a wholly owned subsidiary of Whalley Holdings Limited, a company controlled by the directors, Mr M.N. Hindle and Mr L. Hindle. The address of the registered office of Whalley Holdings Limited is Haydock House, Pleckgate Road, Blackburn, Lancashire, BB1 8QW.