Fonthill Investments Limited Filleted accounts for Companies House (small and micro)

FONTHILL INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC193883

Fonthill Investments Limited

Filleted Unaudited Financial Statements

31 March 2018

Fonthill Investments Limited

Statement of Financial Position

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	1,250,189	1,150,377

Current assets

Debtors	6	125	3,720

Creditors: amounts falling due within one year	7	190,108	159,195
		---------	---------
Net current liabilities		189,983	155,475
		------------	------------
Total assets less current liabilities		1,060,206	994,902

Creditors: amounts falling due after more than one year	8	210,518	258,927

Provisions

Taxation including deferred tax	15,626	1,760
	------------	---------
Net assets	834,062	734,215
	------------	---------

Fonthill Investments Limited

Statement of Financial Position (continued)

31 March 2018

	2018	2017
Note	£	£

Capital and reserves

Called up share capital	1,000	1,000
Revaluation reserve	159,702	73,607
Profit and loss account	673,360	659,608
	---------	---------
Shareholders funds	834,062	734,215
	---------	---------

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 .

These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:

Mr J C Leheny

Director

Company registration number: SC193883

Fonthill Investments 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 Scotland. The address of the registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.

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

Basis of preparation

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

Going concern

The directors are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The company also continues to have financial support from the bank. As a result,the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. (i) Determining fair value of investment properties The valuation of the investment properties is reviewed annually by the directors based on current market conditions and other known factors. This requires a degree of judgement to determine the fair values. (ii) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (iii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of rental income, excluding any Value Added Tax which may be applicable.

Income tax

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.

Tangible assets

All fixed assets are initially recorded at cost.

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:

	Equipment	-	20% straight line

Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Investment properties	Equipment	Total
	£	£	£
Cost or valuation
At 1 April 2017	1,150,000	3,009	1,153,009
Revaluations	100,000	–	100,000
	------------	-------	------------
At 31 March 2018	1,250,000	3,009	1,253,009
	------------	-------	------------
Depreciation
At 1 April 2017	–	2,632	2,632
Charge for the year	–	188	188
	------------	-------	------------
At 31 March 2018	–	2,820	2,820
	------------	-------	------------
Carrying amount
At 31 March 2018	1,250,000	189	1,250,189
	------------	-------	------------
At 31 March 2017	1,150,000	377	1,150,377
	------------	-------	------------

Tangible assets held at valuation

The Investment properties were revalued by the directors on 31 March 2018. The directors are satisfied that this value is appropriate for the current year. The original cost of the investment properties was £1,096,914 (2017: £1,096,914).

6. Debtors

	2018	2017
	£	£
Other debtors	125	3,720
	----	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	51,000	53,079
Corporation tax	6,693	6,833
Social security and other taxes	4,168	2,175
Other creditors	128,247	97,108
	---------	---------
	190,108	159,195
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	210,518	258,927
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £16,286 (2017: £66,776) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

A loan of £275,000 was advanced on 06/03/2013. The repayment is over 10 years. Interest is charged at base rate plus 3.41%. A loan of £150,000 was advanced on 09/12/2015. The repayment is over 7 years. Interest is charged at a fixed rate of 4.9%. Both loans are secured by a Standard Security and floating charge over the properties and assets of the company.