Easby Stud and Development Company Limited Company Accounts

Easby Stud and Development Company Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 01725969
Easby Stud and Development Company Limited
Filleted Unaudited Financial Statements
31 December 2016
Easby Stud and Development Company Limited
Financial Statements
Year ended 31 December 2016
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Easby Stud and Development Company Limited
Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Fixed assets
Tangible assets
4
1,325,682
1,178,363
Current assets
Stocks
31,568
54,592
Debtors
5
79,073
81,650
Cash at bank and in hand
145,773
273,594
---------
---------
256,414
409,836
Creditors: amounts falling due within one year
6
13,708
28,824
---------
---------
Net current assets
242,706
381,012
------------
------------
Total assets less current liabilities
1,568,388
1,559,375
Provisions
Taxation including deferred tax
22,857
28,363
------------
------------
Net assets
1,545,531
1,531,012
------------
------------
Easby Stud and Development Company Limited
Statement of Financial Position (continued)
31 December 2016
2016
2015
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
244,471
244,471
Profit and loss account
7
1,300,960
1,286,441
------------
------------
Members funds
1,545,531
1,531,012
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2016 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 were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:
Mr G R Orchard
Director
Company registration number: 01725969
Easby Stud and Development Company Limited
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
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 the 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.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
10% straight line
Investment property
Investment properties are valued at their open market value. No depreciation is provided on freehold investment properties.
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2016
1,178,353
8,602
1,186,955
Additions
147,319
147,319
------------
-------
------------
At 31 December 2016
1,325,672
8,602
1,334,274
------------
-------
------------
Depreciation
At 1 January 2016 and 31 December 2016
8,592
8,592
------------
-------
------------
Carrying amount
At 31 December 2016
1,325,672
10
1,325,682
------------
-------
------------
At 31 December 2015
1,178,353
10
1,178,363
------------
-------
------------
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
£
£
Other debtors
79,073
81,650
--------
--------
6. Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
1,776
10,177
Social security and other taxes
6,298
9,499
Other creditors
5,634
9,148
--------
--------
13,708
28,824
--------
--------
7. Fair value reserves included in profit and loss account
reserves
Within the profit and loss account reserve is a fair value adjustment of investment property of £244,471 (2015 - £244,471), being the uplift in fair value above cost and the associated deferred tax provided on the uplift of £22,933 (2015 - £28,440). As these fair value adjustments are not realised profits or losses, the amount of £221,538 (2015 - £216,031) derived from these items form unrealised, non distributable 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
As previously stated
Effect of transition
FRS 102 (as restated)
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
£
£
£
Fixed assets
1,178,383
1,178,383
1,178,363
1,178,363
Current assets
534,678
534,678
409,836
409,836
Creditors: amounts falling due within one year
( 30,841)
( 30,841)
( 28,824)
( 28,824)
------------
----
------------
------------
----
------------
Net current assets
503,837
503,837
381,012
381,012
------------
----
------------
------------
----
------------
Total assets less current liabilities
1,682,220
1,682,220
1,559,375
1,559,375
Provisions
91
( 29,941)
( 29,850)
77
( 28,440)
( 28,363)
------------
--------
------------
------------
--------
------------
Net assets
1,682,311
( 29,941)
1,652,370
1,559,452
( 28,440)
1,531,012
------------
--------
------------
------------
--------
------------
------------
--------
------------
------------
--------
------------
Capital and reserves
1,682,311
( 29,941)
1,652,370
1,559,452
( 28,440)
1,531,012
------------
--------
------------
------------
--------
------------
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).