Weymouth Harbour Estates Limited - Period Ending 2017-03-31
Weymouth Harbour Estates Limited - Period Ending 2017-03-31
Company registration number:
for the Year Ended
Weymouth Harbour Estates Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Weymouth Harbour Estates Limited
(Registration number: 02994828)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investment property |
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|
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Provisions for liabilities |
|||
Deferred tax liabilities |
(404,509) |
(348,120) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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|
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Fair value reserve |
2,490,619 |
2,072,104 |
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Profit and loss reserve |
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Total equity |
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Page 1
Weymouth Harbour Estates Limited
(Registration number: 02994828)
Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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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 accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
As part of the first time adoption of FRS 102 Section 1A, property revaluations have been recognised as fair value movements and deferred tax has been recognised on these, as shown in note 10.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable from the rental of property in the ordinary course of the company’s activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 3
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
The current 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 taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% of written down value |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 4
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Staff numbers |
The company is run and administered by the directors of the company for whom no contracts of service are in place. The company therefore has no employees in the current or prior year.
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Investment properties |
2017 |
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At 1 April 2016 |
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Fair value adjustments |
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At 31 March 2017 |
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Page 5
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
The investment properties class of fixed assets were adjusted on 31 March 2017 to fair value by Mr M Jones who is internal to the company. The basis of this valuation was based upon a rental yield.
The class of asset has a current value of £5,679,869 (2016 - £5,209,086) and a carrying amount at historical cost of £2,834,601 (2016 - £2,834,601). The depreciation on this historical cost is nil (2016 - £nil).
There has been no valuation of investment property by an independent valuer.
Debtors |
2017 |
2016 |
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Trade debtors |
- |
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Other debtors |
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|
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|
|
Less non-current portion |
( |
( |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Corporation tax |
89,305 |
80,306 |
Other creditors |
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|
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Reserves reconciliation |
Fair value reserve |
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At 1 April 2016 |
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Movement in year : |
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Transfer of fair value adjustment |
418,515 |
At 31 March 2017 |
2,490,619 |
Page 6
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Related party transactions |
Summary of transactions with other related parties
Also included in debtors is a loan to a company which is controlled by a family member of the directors. Interest is charged at a commercial rate. At the balance sheet date the amount due was £82,069 (2016 - £89,348).
Transition to FRS 102 |
Page 7
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Balance Sheet at 1 April 2015
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Tangible assets |
121 |
- |
- |
121 |
Investment property |
4,718,855 |
- |
- |
4,718,855 |
4,718,976 |
- |
- |
4,718,976 |
|
Current assets |
||||
Debtors |
608,430 |
- |
- |
608,430 |
Cash at bank and in hand |
1,140,508 |
- |
- |
1,140,508 |
1,748,938 |
- |
- |
1,748,938 |
|
Creditors: Amounts falling due within one year |
(65,084) |
- |
- |
(65,084) |
Net current assets |
1,683,854 |
- |
- |
1,683,854 |
Total assets less current liabilities |
6,402,830 |
- |
- |
6,402,830 |
Provisions for liabilities |
(37,864) |
- |
(216,841) |
(254,705) |
Net assets/(liabilities) |
6,364,966 |
- |
(216,841) |
6,148,125 |
Capital and reserves |
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Called up share capital |
6,000 |
- |
- |
6,000 |
Revaluation reserve |
1,890,235 |
(1,890,235) |
- |
- |
Fair value reserve |
- |
1,890,235 |
(216,841) |
1,673,394 |
Profit and loss reserve |
4,468,731 |
- |
- |
4,468,731 |
Total equity |
6,364,966 |
- |
(216,841) |
6,148,125 |
Page 8
Weymouth Harbour Estates Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Tangible assets |
91 |
- |
- |
91 |
Investment property |
5,209,086 |
- |
- |
5,209,086 |
5,209,177 |
- |
- |
5,209,177 |
|
Current assets |
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Debtors |
1,782,970 |
- |
- |
1,782,970 |
Cash at bank and in hand |
378,847 |
- |
- |
378,847 |
2,161,817 |
- |
- |
2,161,817 |
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Creditors: Amounts falling due within one year |
(98,922) |
- |
- |
(98,922) |
Net current assets |
2,062,895 |
- |
- |
2,062,895 |
Total assets less current liabilities |
7,272,072 |
- |
- |
7,272,072 |
Provisions for liabilities |
(45,739) |
- |
(302,381) |
(348,120) |
Net assets/(liabilities) |
7,226,333 |
- |
(302,381) |
6,923,952 |
Capital and reserves |
||||
Called up share capital |
6,000 |
- |
- |
6,000 |
Revaluation reserve |
2,374,485 |
(2,374,485) |
- |
- |
Fair value reserve |
- |
2,374,485 |
(302,381) |
2,072,104 |
Profit and loss reserve |
4,845,848 |
- |
- |
4,845,848 |
Total equity |
7,226,333 |
- |
(302,381) |
6,923,952 |
Page 9