Suitcrown Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01567721 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

SUITCROWN LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

Mr J D Codling

Mrs J M Codling

Mrs S E Codling

SECRETARY:

Mrs S E Codling

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

01567721 (England and Wales)

AUDITORS:

Seymour Taylor Audit Limited, Statutory Auditor

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

BANKERS:

Lloyds Bank plc

79 High Street

Chesham

Buckinghamshire

HP5 1DE

FIXED ASSETS

Investment property

3

2,121,212

1,803,575

CURRENT ASSETS

Debtors

4

4,883

10,151

Investments

5

28,100

355,700

Cash at bank

25,208

27,697

58,191

393,548

CREDITORS

Amounts falling due within one year

6

66,110

66,978

NET CURRENT (LIABILITIES)/ASSETS

(7,919

)

326,570

TOTAL ASSETS LESS CURRENT LIABILITIES

2,113,293

2,130,145

PROVISIONS FOR LIABILITIES

7

100,574

95,527

NET ASSETS

2,012,719

2,034,618

CAPITAL AND RESERVES

Called up share capital

8

384,755

384,755

Share premium

12,000

12,000

Revaluation reserve

9

1,188,430

1,204,769

Retained earnings

427,534

433,094

SHAREHOLDERS' FUNDS

2,012,719

2,034,618

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

Mr J D Codling - Director

1.	STATUTORY INFORMATION

Suitcrown Limited is a private company limited by shares and incorporated in England and Wales. The

address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire, HP11

1BS. The principal place of business is Grubbins, Grubbins Lane, Speen, Princes Risborough, Bucks, HP27

0SE. The registered number is 01567721.

The principal activity of the company is that of the collection of rents, supervision of its properties and

maintenance of investments.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary

economic market in which the entity operates (its functional currency). All amounts in these financial

statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

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, modified to include certain

items at fair value.

Turnover

Turnover represents the amount of rental income and recharged expenses accruing within the financial year,

excluding value added tax.

Leasing incentives

The company from time to time provides incentives to enter into new lease agreements. These incentives

may take the form of an initial period of the lease being rent free or at a reduced rent. In accordance with the

standard accounting treatment for lease incentives, the rent free period or reduction in rent is allocated on a

straight line basis over the full lease term or, where a lease commenced prior to the date of transition to

Section 1A of FRS 102, up to the rent review date.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or

for both.

Investment properties are measured at cost upon initial recognition. The initial cost of the property comprises

of its purchase price and any directly attributable expenditure.

Subsequently, where the fair value can be measured reliably without undue cost or effort, investment

property is measured at fair value at each reporting date with changes in fair value recognised in the income

statement in the period that they arise. No depreciation is provided in respect of investment properties

applying the fair value model.

If a reliable measure of fair value is not available without undue cost or effort for an item of investment

property, the entity shall thereafter account for that item as a tangible fixed asset until a reliable measure of

fair value becomes available.

Taxation

Tax on the profit or loss 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 directly in equity or other comprehensive

income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax

rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in

respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax

assessments in periods different from those in which they are recognised in the financial statements.

Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when

all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not

recognised on permanent differences arising because certain types of income or expense are non-taxable or

are disallowable for tax or because certain tax charges or allowances are greater or smaller than the

corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference,

using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not

discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other

Financial Instrument Issues" of FRS 102 to its financial statements.

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.

Investments

Listed investments are included in the balance sheet at market value.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

1,803,575

Additions

317,637

At 30 June 2018

2,121,212

NET BOOK VALUE

At 30 June 2018

2,121,212

At 30 June 2017

1,803,575

A professional valuation of the company's property assets was carried out by Keith Martindale FRICS of

Stream Partners Limited as at 30 June 2017. The results of the valuation are shown above, and are reflected

in these financial statements. Keith Martindale reviewed the valuations as at 30 June 2018 and deemed

there to be no changes to the valuations.

In respect of the fixed assets stated at valuations, the comparable historical cost values are as follows:

2018

2017

£

£

Historical cost

835,552

517,915

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

4,693

8,999

Prepayments and accrued income

190

1,152

4,883

10,151

5.	CURRENT ASSET INVESTMENTS

2018

2017

£

£

Listed investments

28,100

355,700

The fair value of listed investments is determined by reference to the quoted price for identical assets in an

active market at the year end date.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Corporation tax

15,582

14,013

VAT

5,379

5,218

Other creditors

2,500

5,200

Accruals and deferred income

42,649

42,547

66,110

66,978

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

100,574

95,527

Deferred

tax

£

Balance at 1 July 2017

95,527

Charge to Statement of Comprehensive Income during year

5,047

Balance at 30 June 2018

100,574

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

21,500

Ordinary A

£1

21,500

21,500

263,255

Ordinary B

£1

263,255

263,255

100,000

Preference

£1

100,000

100,000

384,755

384,755

The preference shares are entitled to a fixed cumulative preferential cash dividend of 5 pence per annum on

each share payable in two equal instalments on 1 January and 1 July each year.

The 'A' and 'B' shares are entitled to dividends as follows:-

1) an amount of profits up to and equivalent to but not exceeding the preference dividend multiplied by the

nominal value of each issued 'A' and 'B' share shall be distributed amongst the holders of the 'A' shares and

the 'B' shares but on the basis that each 'A' share has a nominal value equivalent to 1.4 'B' shares.

2) the balance of any profits (if any) shall be distributed amongst all shareholders on the basis that each 'A'

share represents 1.4 'B' shares and 1.4 preference shares.

If the preference dividend is not paid it will accumulate from the due date and shall be a debt due by the

company and be payable in priority to any other dividend.

On the winding up of the company the assets, after the payments of the liabilities, will be applied as follows:-

1) any arrears or accruals of the preference dividends to the holders of the preference shares.

2) the balance of the assets will be distributed in proportion to the amounts paid up or credited as paid up as

such shares on the basis that each 'A' share represents 1.4 'B' shares and 1.4 preference shares.

Every member holding 'A' shares has seven votes for each share and every member holding 'B' shares and

preference shares shall have five votes for each share.

Save as above all 'A' shares, 'B' shares and cumulative preference shares shall rank pari passu in all

respects.

9.

RESERVES

Revaluation

reserve

£

At 1 July 2017

1,204,769

Transfer to profit and loss

(16,339

)

At 30 June 2018

1,188,430

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Elizabeth Horton ACA FCCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Audit Limited, Statutory Auditor