Sub-Struct Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03149097 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2019

FOR

SUB-STRUCT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr B Painter

SECRETARY:

Mr C J Painter

REGISTERED OFFICE:

Compton

10 The Grove

Hampton In Arden

Solihull

West Midlands

B92 0HD

REGISTERED NUMBER:

03149097 (England and Wales)

ACCOUNTANTS:

Williams, Ashton & Anderson

359 Yardley Road

Yardley

Birmingham

West Midlands

B25 8NB

FIXED ASSETS

Tangible assets

4

1,593

2,126

Investment property

5

655,000

655,000

656,593

657,126

CURRENT ASSETS

Debtors

6

137

137

CREDITORS

Amounts falling due within one year

7

245,857

234,887

NET CURRENT LIABILITIES

(245,720

)

(234,750

)

TOTAL ASSETS LESS CURRENT LIABILITIES

410,873

422,376

CREDITORS

Amounts falling due after more than one year

8

(198,586

)

(214,137

)

PROVISIONS FOR LIABILITIES

(8,999

)

(8,999

)

NET ASSETS

203,288

199,240

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

182,266

182,266

Retained earnings

20,922

16,874

SHAREHOLDERS' FUNDS

203,288

199,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2020 and were signed by:

Mr B Painter - Director

1.	STATUTORY INFORMATION

Sub-Struct 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property furniture

-

25% on reducing balance

Plant and equipment

-

25% on reducing balance

Office furniture

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 1 ).

4.	TANGIBLE FIXED ASSETS

Property

Plant and

Office

furniture

equipment

furniture

£

£

£

COST

At 1 January 2019

and 31 December 2019

2,648

23,445

3,355

DEPRECIATION

At 1 January 2019

2,609

22,506

3,075

Charge for year

10

236

70

At 31 December 2019

2,619

22,742

3,145

NET BOOK VALUE

At 31 December 2019

29

703

210

At 31 December 2018

39

939

280

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

8,771

8,055

46,274

DEPRECIATION

At 1 January 2019

7,903

8,055

44,148

Charge for year

217

-

533

At 31 December 2019

8,120

8,055

44,681

NET BOOK VALUE

At 31 December 2019

651

-

1,593

At 31 December 2018

868

-

2,126

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

and 31 December 2019

655,000

NET BOOK VALUE

At 31 December 2019

655,000

At 31 December 2018

655,000

Fair value at 31 December 2019 is represented by:

£

Valuation in 2004

129,054

Valuation in 2005

10,770

Valuation in 2006

24,441

Valuation in 2007

(88,000

)

Valuation in 2012

(35,000

)

Valuation in 2018

150,000

Cost

463,735

655,000

The director Mr B Painter has owned several properties over the years and is of the opinion that the fair value of investment properties included in the accounts is an accurate reflection based on current market values of similar properties. The most recent valuation of £655,000 was carried out at 31 December 2018 by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

CIS Tax

137

137

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

20,628

20,006

Tax

1,056

1,637

VAT

6,608

6,608

Director's loan account

216,265

205,056

Accruals and deferred income

1,300

1,580

245,857

234,887

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans - 1-2 years

13,750

13,750

Bank loans - 2-5 years

41,250

41,250

Bank loans - > 5 years by instalments

143,586

159,137

198,586

214,137

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - > 5 years by instalments

143,586

159,137

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank overdrafts

6,878

6,256

Bank loans

212,336

227,887

219,214

234,143

The bank borrowings are secured by fixed charges over the investment properties.

A debenture was created on 30 July 2006 to secure all monies due or to become due from the company to the chargee, Lloyds Bank Plc on any account whatsoever.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B Painter.