Easby Stud and Development Company Limited Company Accounts
Easby Stud and Development Company Limited Company Accounts
COMPANY REGISTRATION NUMBER:
01725969
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Financial Statements |
Year ended 31 December 2016
Contents |
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Statement of financial position |
1 |
Notes to the financial statements |
3 |
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Statement of Financial Position |
2016 |
2015 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
4 |
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Current assets
Stocks |
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Debtors |
5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
6 |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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Net assets |
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Statement of Financial Position (continued) |
2016 |
2015 |
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Note |
£ |
£ |
£ |
Capital and reserves
Called up share capital |
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Revaluation reserve |
7 |
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Profit and loss account |
7 |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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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
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2017
, and are signed on behalf of the board by:
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Director |
Company registration number:
01725969
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Notes to the Financial Statements |
Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Heatherlea, 37 Quakers Lane, Richmond, North Yorkshire, DL10 4BB.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Income tax
Tangible assets
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:
Fixtures and fittings |
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Investment property
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Provisions
Financial instruments
4.
Tangible assets
Land and buildings |
Fixtures and fittings |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 and 31 December 2016 |
– |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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The investment properties have been valued on an open market basis by the directors and are held for use in operating leases.
5.
Debtors
2016 |
2015 |
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£ |
£ |
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Other debtors |
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6.
Creditors:
amounts falling due within one year
2016 |
2015 |
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£ |
£ |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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7.
Fair value reserves included in profit and loss account
reserves
8.
Related party transactions
At the year end
Easby Stud and Development Company Limited
had a loan balance outstanding included within debtors of £75,000 (2015 - £75,000) to a Turkish property company which is privately owned by Mr G R and Mrs L Orchard and their adult son. This is a commercial loan and interest is charged at a rate of 1% above bank base rate.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
Reconciliation of equity
1 January 2015 |
31 December 2015 |
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As previously stated |
Effect of transition |
FRS 102 (as restated) |
As previously stated |
Effect of transition |
FRS 102 (as restated) |
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£ |
£ |
£ |
£ |
£ |
£ |
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Fixed assets |
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– |
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– |
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Current assets |
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– |
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– |
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Creditors: amounts falling due within one year |
(
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– |
(
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(
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– |
(
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Net current assets |
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– |
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– |
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Total assets less current liabilities |
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– |
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– |
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Provisions |
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(
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(
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(
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(
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Net assets |
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(
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(
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Capital and reserves |
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(
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(
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A transitional adjustment was required to provide for deferred tax of £29,941 on revalued investment properties as at 1 January 2015. The tax charge for the year end 31 December 2015 has decreased by £1,501 as a result of the deferred tax movement on revalued investment properties compared to previously reported accounts prepared under the Financial Reporting Standard for Smaller Entities ( effective January 2015).