Shepherd Cox Mixed Use (Hendon) Ltd 31/03/2019 iXBRL

Shepherd Cox Mixed Use (Hendon) Ltd 31/03/2019 iXBRL

BROADWING HENDON LIMITED - Company Information

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Company registration number: 09466229
Shepherd Cox Mixed Use (Hendon) Ltd
Unaudited filleted financial statements
31 March 2019
Shepherd Cox Mixed Use (Hendon) Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Shepherd Cox Mixed Use (Hendon) Ltd
Directors and other information
Directors Mr Lee Bramzell
Mr Immanuel Ezekiel
Mr Nick Carlile
Company number 09466229
Registered office 32-33 Gosfield Street
London
W1W 6HL
Shepherd Cox Mixed Use (Hendon) Ltd
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 1,654,751 1,400,000
_______ _______
1,654,751 1,400,000
Current assets
Debtors 5 11,323 6,131
Cash at bank and in hand 25,855 18,645
_______ _______
37,178 24,776
Creditors: amounts falling due
within one year 6 ( 8,122) ( 179,457)
_______ _______
Net current assets/(liabilities) 29,056 ( 154,681)
_______ _______
Total assets less current liabilities 1,683,807 1,245,319
Creditors: amounts falling due
after more than one year 7 ( 1,022,643) ( 819,563)
Provisions for liabilities ( 126,456) -
_______ _______
Net assets 534,708 425,756
_______ _______
Capital and reserves
Called up share capital 111 111
Share premium account 10,090 10,090
Revaluation reserve 539,150 415,606
Profit and loss account ( 14,643) ( 51)
_______ _______
Shareholders funds 534,708 425,756
_______ _______
For the year ending 31 March 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 13 December 2019 , and are signed on behalf of the board by:
Mr Lee Bramzell
Director
Company registration number: 09466229
Shepherd Cox Mixed Use (Hendon) Ltd
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Shepherd Cox Mixed Use (Hendon) Ltd, 32-33 Gosfield Street, London, W1W 6HL.
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
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
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 is measured initially 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 not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 April 2018 1,400,000 - 1,400,000
Additions - 6,334 6,334
Revaluation 250,000 - 250,000
_______ _______ _______
At 31 March 2019 1,650,000 6,334 1,656,334
_______ _______ _______
Depreciation
At 1 April 2018 - - -
Charge for the year - 1,583 1,583
_______ _______ _______
At 31 March 2019 - 1,583 1,583
_______ _______ _______
Carrying amount
At 31 March 2019 1,650,000 4,751 1,654,751
_______ _______ _______
At 31 March 2018 1,400,000 - 1,400,000
_______ _______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 April 2018 1,400,000
Fair value adjustments 250,000
_______
At 31 March 2019 1,650,000
_______
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:
Long leasehold property Total
£ £
At 31 March 2019
Aggregate cost 984,394 984,394
Aggregate depreciation - -
_______ _______
Carrying amount 984,394 984,394
_______ _______
At 31 March 2018
Aggregate cost 984,394 984,394
Aggregate depreciation - -
_______ _______
Carrying amount 984,394 984,394
_______ _______
5. Debtors
2019 2018
£ £
Trade debtors 7,993 5,511
Other debtors 3,330 620
_______ _______
11,323 6,131
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts - 24,796
Trade creditors 3,856 4,479
Other creditors 4,266 150,182
_______ _______
8,122 179,457
_______ _______
7. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 1,022,643 819,563
_______ _______
The company has a mortgage facility with Aldermore Bank which is secured by way of a fixed and floating charge over the assets of the company.
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Immanuel Ezekiel ( 32,426) - 35,187 2,761
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Immanuel Ezekiel - ( 113,538) 81,112 ( 32,426)
_______ _______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019 2018 2019 2018
£ £ £ £
Associated Companies - - ( 2,467) ( 104,748)
_______ _______ _______ _______
Amounts owed to Associated Companies at the year ended 31 March 2019.