Saxon Urban (Five) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04265214 (England and Wales)

SAXON URBAN (FIVE) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N H Brunskill

D C L Miller

J L Miller

REGISTERED OFFICE:

50 Aylesbury Road

Aston Clinton

Aylesbury

Buckinghamshire

HP22 5AH

REGISTERED NUMBER:

04265214 (England and Wales)

FIXED ASSETS

Investment property

3

1,586,152

1,836,152

CURRENT ASSETS

Debtors

4

47,640

66,563

Cash at bank

21,010

27,573

68,650

94,136

CREDITORS

Amounts falling due within one year

5

(647,225

)

(603,631

)

NET CURRENT LIABILITIES

(578,575

)

(509,495

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,007,577

1,326,657

CREDITORS

Amounts falling due after more than one year

6

(261,226

)

(632,248

)

PROVISIONS FOR LIABILITIES

(19,780

)

(19,780

)

NET ASSETS

726,571

674,629

CAPITAL AND RESERVES

Called up share capital

2

2

Reserves non-distributable

7

85,492

85,492

Retained earnings

7

641,077

589,135

SHAREHOLDERS' FUNDS

726,571

674,629

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 28 August 2019 and were signed on its behalf by:

D C L Miller - Director

1.	STATUTORY INFORMATION

Saxon Urban (Five) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

FRS 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 including Section 1A:

-

the requirements of Section 7 Statement of Cash Flows; and

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and

assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both

current and future periods.

In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose.

Turnover

Sales of properties are recognised on completion if a legally binding contract has been exchanged. All

deposits received for pre-sales are held as payments on account and are not recognised until the

above conditions are satisfied.

Rental and sundry income, excluding VAT is recognised in the period to which it relates.

Investment property

Investment property is carried at fair value and any revaluation surpluses are recognised in the income

statement. Deferred tax is provided on these gains at the rate expected to apply when the property is

sold.

Debtors

Trade and other debtors are measured at their transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest. Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Cash at bank and in hand

Cash at bank in the Balance Sheet comprise cash at bank and in hand and short term deposits with an

original maturity date of three months or less.

Creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at the present value of the future

payments discounted at the prevailing market rate of interest. Other financial liabilities are initially

measured at fair value net of their transaction costs. They are subsequently measured at amortised

cost using the effective interest method.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2017

1,836,152

Additions

10,000

Disposals

(260,000

)

At 30 November 2018

1,586,152

NET BOOK VALUE

At 30 November 2018

1,586,152

At 30 November 2017

1,836,152

The directors revalued the properties to their assessment of market value as at 30 November 2018

taking account into the opinion of their advisors and having assessed the prevailing values in the

market place.The directors believe value of the investment properties should remain unchanged in the

financial statements.

The company also owns 12 car parking bays attached to the investment property. These have been

valued by the directors at an amount of £98,733.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,140

3,622

Other debtors

45,500

62,941

47,640

66,563

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

40,000

40,000

Trade creditors

392

5,350

Amounts owed to related companies

594,535

550,714

Other creditors

12,298

7,567

647,225

603,631

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

261,226

632,248

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable in more than 5 years

-

472,248

The bank loan is secured by a charge over the share capital, assets and certain future income of the

company, and specifically the investment property held by the company and disclosed in Note 4 of the

financial statements. The loan bears interest at the rate of 6.7% pa and is repayable in quarterly

instalments of capital of £12,500.

7.

RESERVES

Retained

Reserves

earnings

non-distributable

Totals

£

£

£

At 1 December 2017

549,135

85,492

634,627

Profit for the year

91,942

-

91,942

At 30 November 2018

641,077

85,492

726,569