H Salinger & Co Limited 05/04/2019 iXBRL

H Salinger & Co Limited 05/04/2019 iXBRL

H. SALINGER & CO. LIMITED - Company Information

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05/04/2019 2019-04-05 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2018-04-06 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 00329301 2018-04-06 2019-04-05 00329301 2019-04-05 00329301 2018-04-05 00329301 2017-04-06 2018-04-05 00329301 2018-04-05 00329301 bus:Director1 2018-04-06 2019-04-05 00329301 core:FurnitureFittingsToolsEquipment 2018-04-05 00329301 core:FurnitureFittingsToolsEquipment 2019-04-05 00329301 core:WithinOneYear 2019-04-05 00329301 core:WithinOneYear 2018-04-05 00329301 core:ShareCapital 2019-04-05 00329301 core:ShareCapital 2018-04-05 00329301 core:HedgingReserve 2019-04-05 00329301 core:HedgingReserve 2018-04-05 00329301 core:RetainedEarningsAccumulatedLosses 2019-04-05 00329301 core:RetainedEarningsAccumulatedLosses 2018-04-05 00329301 core:HedgingReserve 2018-04-05 00329301 core:HedgingReserve 2017-04-05 00329301 core:HedgingReserve 2017-04-06 2018-04-05 00329301 core:FurnitureFittingsToolsEquipment 2018-04-06 2019-04-05 00329301 core:FurnitureFittingsToolsEquipment 2018-04-05 00329301 bus:SmallEntities 2018-04-06 2019-04-05 00329301 bus:AuditExempt-NoAccountantsReport 2018-04-06 2019-04-05 00329301 bus:FullAccounts 2018-04-06 2019-04-05 00329301 bus:SmallCompaniesRegimeForAccounts 2018-04-06 2019-04-05 00329301 bus:PrivateLimitedCompanyLtd 2018-04-06 2019-04-05 00329301 core:PlantMachinery 2018-04-06 2019-04-05
Company registration number: 00329301
H Salinger & Co Limited
Unaudited filleted financial statements
05 April 2019
H Salinger & Co Limited
Contents
Statement of financial position
Notes to the financial statements
H Salinger & Co Limited
Statement of financial position
5 April 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 6,502,095 6,501,462
_______ _______
6,502,095 6,501,462
Current assets
Debtors 6 2,683 2,881
Cash at bank and in hand 99,881 86,677
_______ _______
102,564 89,558
Creditors: amounts falling due
within one year 7 ( 156,068) ( 167,239)
_______ _______
Net current liabilities ( 53,504) ( 77,681)
_______ _______
Total assets less current liabilities 6,448,591 6,423,781
Provisions for liabilities ( 889,115) ( 889,115)
_______ _______
Net assets 5,559,476 5,534,666
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 5,478,639 5,478,639
Profit and loss account 79,837 55,027
_______ _______
Shareholders funds 5,559,476 5,534,666
_______ _______
For the year ending 05 April 2019 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 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.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2019 , and are signed on behalf of the board by:
B L Salinger
Director
Company registration number: 00329301
H Salinger & Co Limited
Notes to the financial statements
Year ended 5 April 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 32 The Ridgeway, Friern, Barnet, London, N11 3LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial ReportingStandard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of theCompanies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.The financial statements are prepared in sterling, which is the functional currency of the company.Monetary amounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Consolidation
The company which is a 100% wholly owned subsidiary of a holding company undertaking that comprises a small group, has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies act 2006 on this basis.
Turnover
Turnover is all in respect of the principal activity of letting and management of the company's unfurnished properties and represents amounts receivable for rents and the sale of properties held for resale. Rents are recognised on an accruals basis. Amounts received in advance are deferred and released to the profit and loss account when they fall due.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - Over 5 years
Fittings fixtures and equipment - Over 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Properties held in stock by the company are stated at the lower of cost and estimated selling price less costs to sell. Properties held in stock are classified as properties held by the company which management are not wishing to retain in the medium to long term.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies andpreference shares that are classified as debt, are initially recognised at transaction price unless thearrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Cash at Bank and in Hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Investment Properties Total
£ £ £
Cost
At 6 April 2018 9,123 6,500,000 6,509,123
Additions 1,249 - 1,249
_______ _______ _______
At 5 April 2019 10,372 6,500,000 6,510,372
_______ _______ _______
Depreciation
At 6 April 2018 7,662 - 7,662
Charge for the year 615 - 615
_______ _______ _______
At 5 April 2019 8,277 - 8,277
_______ _______ _______
Carrying amount
At 5 April 2019 2,095 6,500,000 6,502,095
_______ _______ _______
At 5 April 2018 1,461 6,500,000 6,501,461
_______ _______ _______
Investment property
The Directors have considered the Market valuation of the properties owned by the company and are of the opinion that there will be no significant change in the property valuations from 5th April 2018 to 5th April 2019, and as a result the carrying amount of £6,500,000 remains unchanged.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Properties Total
£ £
At 5 April 2019
Aggregate cost 171,436 171,436
Aggregate depreciation (69,257) (69,257)
_______ _______
Carrying amount 102,179 102,179
_______ _______
At 5 April 2018
Aggregate cost 171,436 171,436
Aggregate depreciation (65,745) (65,745)
_______ _______
Carrying amount 105,691 105,691
_______ _______
6. Debtors
2019 2018
£ £
Other debtors 2,683 2,881
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 833 -
Corporation tax 22,727 22,507
Other creditors 132,508 144,732
_______ _______
156,068 167,239
_______ _______
8. Fair value reserve
Included within other reserves is the fair value reserve as follows:
2019 2018
£ £
At start of year 5,478,639 5,151,399
Reclassification from fair value reserve to profit and loss account - 327,240
_______ _______
At end of year 5,478,639 5,478,639
_______ _______
9. Related party transactions
As at the Balance Sheet date the company owed the directors £101,136 (2018:£ 113,600).