ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

SHELLWOOD PROPERTY COMPANY LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseThe principal activity of the company continued to be that of property investmentfalse2016-04-01 00604338 2016-04-01 2017-03-31 00604338 2017-03-31 00604338 2016-03-31 00604338 c:Director1 2016-04-01 2017-03-31 00604338 d:Buildings 2016-04-01 2017-03-31 00604338 d:Buildings 2017-03-31 00604338 d:Buildings 2016-03-31 00604338 d:LandBuildings 2017-03-31 00604338 d:LandBuildings 2016-03-31 00604338 d:OfficeEquipment 2016-04-01 2017-03-31 00604338 d:OfficeEquipment 2017-03-31 00604338 d:OfficeEquipment 2016-03-31 00604338 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 00604338 d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 00604338 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2017-03-31 00604338 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2016-03-31 00604338 d:CurrentFinancialInstruments 2017-03-31 00604338 d:CurrentFinancialInstruments 2016-03-31 00604338 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 00604338 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 00604338 d:ShareCapital 2017-03-31 00604338 d:ShareCapital 2016-03-31 00604338 d:RevaluationReserve 2017-03-31 00604338 d:RevaluationReserve 2016-03-31 00604338 d:RetainedEarningsAccumulatedLosses 2017-03-31 00604338 d:RetainedEarningsAccumulatedLosses 2016-03-31 00604338 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 00604338 d:TaxLossesCarry-forwardsDeferredTax 2017-03-31 00604338 c:OrdinaryShareClass1 2016-04-01 2017-03-31 00604338 c:OrdinaryShareClass1 2017-03-31 00604338 c:OrdinaryShareClass1 2016-03-31 00604338 c:OrdinaryShareClass2 2016-04-01 2017-03-31 00604338 c:OrdinaryShareClass2 2017-03-31 00604338 c:OrdinaryShareClass3 2016-04-01 2017-03-31 00604338 c:OrdinaryShareClass3 2017-03-31 00604338 c:FRS102 2016-04-01 2017-03-31 00604338 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 00604338 c:FullAccounts 2016-04-01 2017-03-31 00604338 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00604338









SHELLWOOD PROPERTY COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017
 
SHELLWOOD PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 00604338

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 3 
265,578
265,000

Investments
 4 
1,049,014
1,439,280

  
1,314,592
1,704,280

Current assets
  

Debtors: amounts falling due within one year
 5 
610,044
134,682

Cash at bank and in hand
 6 
199,047
232,212

  
809,091
366,894

Creditors: amounts falling due within one year
 7 
(40,777)
(28,126)

Net current assets
  
 
 
768,314
 
 
338,768

Total assets less current liabilities
  
2,082,906
2,043,048

Provisions for liabilities
  

Deferred tax
 8 
(96,862)
(86,445)

  
 
 
(96,862)
 
 
(86,445)

Net assets
  
1,986,044
1,956,603


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Other reserves
  
484,309
432,226

Profit and loss account
  
1,500,735
1,523,377

  
1,986,044
1,956,603


Page 1
 
SHELLWOOD PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 00604338
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 June 2017.



N M  Fenton
Director
The notes on pages 3 to 10 form part of these financial statements.

Page 2
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

1.


General information

 Shellwood Property Company Limited is a private limited company, limited by shares, domiciled in England and Wales,registration number 00604338. The registered office is 64 New Cavendish Street, London,W1G 8TB.
The principal activity of the company continued to be that of property investment. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Information on the impact of first-time adoption of FRS 102 is given in note 13.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 3
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation charged
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. 

Page 4
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.9

Creditors

Short term creditors are measured at the transaction price. 

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.11

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 5
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Tangible fixed assets





Freehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2016
265,000
7,490
272,490


Additions
-
650
650



At 31 March 2017

265,000
8,140
273,140



Depreciation


At 1 April 2016
-
7,490
7,490


Charge for the year on owned assets
-
72
72



At 31 March 2017

-
7,562
7,562



Net book value



At 31 March 2017
265,000
578
265,578



At 31 March 2016
265,000
-
265,000

Page 6
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

           3.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2017
2016
£
£

Freehold
265,000
265,000

265,000
265,000



4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2016
1,439,280


Disposals
(442,349)


Revaluations
52,083



At 31 March 2017

1,049,014






Net book value



At 31 March 2017
1,049,014



At 31 March 2016
1,439,280


5.


Debtors

2017
2016
£
£


Other debtors
607,621
130,716

Prepayments and accrued income
2,423
3,966

610,044
134,682


Page 7
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

6.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
199,047
232,212

199,047
232,212



7.


Creditors: Amounts falling due within one year

2017
2016
£
£

Corporation tax
13,548
12,392

Other creditors
20,412
10,934

Accruals and deferred income
6,817
4,800

40,777
28,126


Page 8
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

8.


Deferred taxation



2017


£






At beginning of year
(86,445)


Charged to profit or loss
(10,417)



At end of year
(96,862)

The provision for deferred taxation is made up as follows:

2017
£


Fair value gains on listed investments
(50,499)

Fair value gains on investment properties
(46,363)

(96,862)


9.


Share capital

2017
2016
£
£
Shares classified as equity

Allotted, called up and fully paid



9,000 (2016 - 20,000) Ordinary A shares of £0.05 each
450
1,000
2,500 Ordinary B shares of £0.05 each
125
-
8,500 Ordinary C shares of £0.05 each
425
-

1,000

1,000


10.


Prior year adjustment

A change in fair value of listed investments was unrecorded in the prior period, resulting in an increase in total comprehensive income and an increase in the fair value of fixed asset investments of £62,300.


11.


Related party transactions

Included within other creditors is an amount of £520 (2016 - £1,040) due to N M Fenton, a Director of
the company and £10,000 (2016 - £nil) due to W Fenton a Shareholder of the company.

Page 9
 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

12.


Controlling party

There is no ultimate controlling party. 


13.


First time adoption of FRS 102

FRS 102 requires that changes in fair value of listed investments are recognised in the Statement of Comprehensive Income and that deferred tax is provided on these gains. The impact of this transition can be reconciled as follows:
Statement of Changes in Equity as previously stated at 31 March 2016 £1,842,636
Impact of change in fair value of listed investments £200,412
Impact of deferred tax (£86,445)
Statement of Changes in Equity as restated at 31 March 2016 £1,956,603
Statement of Comprehensive Income as previously stated for the year ended 31 March 2016 £64,623
Impact of change in fair value of listed investments £200,412
Impact of deferred tax (£86,445)
Statement of Comprehensive Income as restated for the year ended 31 March 2016 £178,590

 
Page 10