Drakestown Properties Ltd. - Accounts to registrar (filleted) - small 18.2
Drakestown Properties Ltd. - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
DRAKESTOWN PROPERTIES LTD. |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
DRAKESTOWN PROPERTIES LTD. (REGISTERED NUMBER: 01824543) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 7 |
DRAKESTOWN PROPERTIES LTD. |
COMPANY INFORMATION |
for the year ended 31 December 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |
DRAKESTOWN PROPERTIES LTD. (REGISTERED NUMBER: 01824543) |
BALANCE SHEET |
31 December 2019 |
31/12/19 | 31/12/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value revaluation reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
DRAKESTOWN PROPERTIES LTD. (REGISTERED NUMBER: 01824543) |
BALANCE SHEET - continued |
31 December 2019 |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on its behalf by: |
DRAKESTOWN PROPERTIES LTD. (REGISTERED NUMBER: 01824543) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2019 |
1. | STATUTORY INFORMATION |
Drakestown Properties Ltd. is a |
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 |
Significant judgements and estimates |
Investment Properties |
The value of the properties is assessed by the directors or an independent property valuation specialist |
at each reporting date using publicly available market evidence comprising primarily of values of |
comparable properties in the area and national market statistics. However, it is inherently difficult to |
assess the true market value of the properties without actively marketing the properties for sale. |
Changes in accounting policies |
As a result of the company adopting Financial Reporting Standard 102 (FRS 102) for the first time, the |
company has changed its accounting policy with regard to deferred tax on investment properties. |
Previously, a deferred tax provision was only required where there was a contractual obligation to sell a |
property and therefore a known tax liability arising where relevant. FRS 102 has introduced a |
requirement for deferred tax to be provided on investment property at each balance sheet date by |
comparing the carrying fair value of the properties with their original cost, enhancement expenditure |
and any reductions to potential capital gains such as by way of indexation allowances. |
The company has therefore amended its accounting policy for this change and has, where applicable, |
included a relevant deferred tax liability at the rate prevailing at the date of approval of the financial |
statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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. |
The company's properties are held for long-term investment and depreciation is not provided in respect |
of such properties. At the balance sheet date the investment properties are included at their fair value. |
This policy represents a departure from the statutory accounting principles, which require depreciation |
to be provided on all fixed assets. The Directors considers that this policy is necessary in order that the |
financial statements may give a true and fair view. |
DRAKESTOWN PROPERTIES LTD. (REGISTERED NUMBER: 01824543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & loss |
account, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
Additions |
At 31 December 2019 |
DEPRECIATION |
At 1 January 2019 |
Charge for year |
At 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
DRAKESTOWN PROPERTIES LTD. (REGISTERED NUMBER: 01824543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
As at the year end £2,700,000 (2018 : £2,700,000) of the investment property fair value was based on |
a valuation by the directors, having used publicly available market evidence to assess the current |
market value of each asset. |
Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting |
period. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RESERVES |
Fair |
value |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2019 | 1,608,864 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2019 | 1,603,861 |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
DRAKESTOWN PROPERTIES LTD. |
The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Profit & Loss Account and |
certain other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Drakestown Properties Ltd. for the year ended 31 December 2019 which comprise |
the Profit & Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity |
and the related notes from the company's accounting records and from information and explanations you |
have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Drakestown Properties Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drakestown Properties Ltd. and state those matters that we have agreed to state to the Board of Directors of Drakestown Properties Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Drakestown Properties Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drakestown Properties Ltd.. You consider that Drakestown Properties Ltd. is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Drakestown Properties Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |