ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

YORK DEVELOPMENT COMPANY LIMITED - Company Information

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.falsetrueThe principal activity continued to be that of Property Investment.false2016-04-01 SC183756 2016-04-01 2017-03-31 SC183756 2015-04-01 2016-03-31 SC183756 2017-03-31 SC183756 2016-03-31 SC183756 2015-04-01 SC183756 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-04-01 SC183756 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2016-03-31 SC183756 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-04-01 2016-03-31 SC183756 d:Director1 2016-04-01 2017-03-31 SC183756 c:FreeholdInvestmentProperty 2016-04-01 2017-03-31 SC183756 c:FreeholdInvestmentProperty 2017-03-31 SC183756 c:FreeholdInvestmentProperty 2016-03-31 SC183756 c:FreeholdInvestmentProperty 2 2016-04-01 2017-03-31 SC183756 c:CurrentFinancialInstruments 2017-03-31 SC183756 c:CurrentFinancialInstruments 2016-03-31 SC183756 c:Non-currentFinancialInstruments 2017-03-31 SC183756 c:Non-currentFinancialInstruments 2016-03-31 SC183756 c:CurrentFinancialInstruments c:WithinOneYear 2017-03-31 SC183756 c:CurrentFinancialInstruments c:WithinOneYear 2016-03-31 SC183756 c:ShareCapital 2017-03-31 SC183756 c:ShareCapital 2016-03-31 SC183756 c:ShareCapital 2015-04-01 SC183756 c:InvestmentPropertiesRevaluationReserve 2017-03-31 SC183756 c:InvestmentPropertiesRevaluationReserve 2 2016-04-01 2017-03-31 SC183756 c:InvestmentPropertiesRevaluationReserve 3 2016-04-01 2017-03-31 SC183756 c:InvestmentPropertiesRevaluationReserve 2016-03-31 SC183756 c:InvestmentPropertiesRevaluationReserve 2015-04-01 SC183756 c:InvestmentPropertiesRevaluationReserve 2 2015-04-01 2016-03-31 SC183756 c:MergerReserve 2017-03-31 SC183756 c:MergerReserve 2016-03-31 SC183756 c:MergerReserve 3 2015-04-01 2016-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 2017-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 2 2016-04-01 2017-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 3 2016-04-01 2017-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 2015-04-01 2016-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 2016-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 2015-04-01 SC183756 c:RetainedEarningsAccumulatedLosses 2 2015-04-01 2016-03-31 SC183756 c:RetainedEarningsAccumulatedLosses 3 2015-04-01 2016-03-31 SC183756 c:TaxLossesCarry-forwardsDeferredTax 2017-03-31 SC183756 d:OrdinaryShareClass1 2016-04-01 2017-03-31 SC183756 d:OrdinaryShareClass1 2017-03-31 SC183756 d:FRS102 2016-04-01 2017-03-31 SC183756 d:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 SC183756 d:FullAccounts 2016-04-01 2017-03-31 SC183756 d:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC183756

YORK DEVELOPMENT COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2017

YORK DEVELOPMENT COMPANY LIMITED

REGISTERED NUMBER: SC183756

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Investments	4		194,366		194,366
Investment property	5		106,119		128,286
			300,485		322,652
Current assets
Debtors: amounts falling due within one year	6	52,675		58,919
Current asset investments	7	55,223		55,223
Cash at bank and in hand		236,545		199,177
		344,443		313,319
Creditors: amounts falling due within one year	8	(11,050)		(20,257)
Net current assets			333,393		293,062
Total assets less current liabilities			633,878		615,714

Net assets			633,878		615,714

Capital and reserves
Called up share capital	700,000	700,000
Investment property reserve	(43,881)	(71,714)
Revaluation reserve	(60,746)	(60,746)
Profit and loss account	38,505	48,174
	633,878	615,714

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YORK DEVELOPMENT COMPANY LIMITED

REGISTERED NUMBER: SC183756

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 by:

J Gerber

Director

Date: 21 December 2017

The notes on pages 4 to 12 form part of these financial statements.

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YORK DEVELOPMENT COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2017

	Called up share capital	Investment property revaluation reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2015	700,000	(72,517)	-	35,504	662,987

Loss for the year	-	-	-	(47,273)	(47,273)
Revaluation of investment properties	-	803	-	(803)	-
Revaluation of fixed asset investments	-	-	(60,746)	60,746	-

At 1 April 2016	700,000	(71,714)	(60,746)	48,174	615,714

Profit for the year	-	-	-	18,164	18,164
Revaluation of investment properties	-	(6,267)	-	6,267	-
Transfer between investment property revaluation reserve & P/L account	-	34,100	-	(34,100)	-
At 31 March 2017	700,000	(43,881)	(60,746)	38,505	633,878

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YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

The principal activity of the company is that of property investment.
The company is a private company limited by shares and is incorporated in England and Wales.
The address of its registered office is 3rd Floor, George House, 50 George Square, Glasgow, G2 1EH.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The date of transition to FRS 102 Section 1A was 1 April 2015.
The transition to FRS 102 Section 1A has resulted in differences to the accounts and accounting policies. Information on the impact of first time adoption of FRS 102 Section 1A is given in note 11.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of its share of profit from syndicated properties on an accruals basis.

2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.5

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.

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YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.8

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Interest income

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

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YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.10

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the year was 4 (2016 - 4).

4.	Fixed asset investments

		Other fixed asset investments
		£
	Cost or valuation
	At 1 April 2016	194,366
	At 31 March 2017	194,366

	Net book value
	At 31 March 2017	194,366
	At 31 March 2016	194,366

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YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2016	128,286
	Disposals	(15,900)
	Surplus/(deficit) on revaluation	(6,267)
	At 31 March 2017	106,119

The 2017 valuations were made by McBeath Property Consultancy Limited, on an open market value for existing use basis.

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YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Debtors

					2017	2016
					£	£


Other debtors	48,995	55,223
Prepayments and accrued income	680	696
Deferred taxation	3,000	3,000
	52,675	58,919

7.	Current asset investments
		2017	2016
		£	£

	Unlisted investments	55,223	55,223

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	5,831	2,717
Other creditors	-	12,500
Accruals and deferred income	5,219	5,040
	11,050	20,257

Page 9

YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

9.	Deferred taxation

		2017
		£

	At beginning of year	3,000
	At end of year	3,000

	The deferred tax asset is made up as follows:
					2017
					£

	Tax losses carried forward	3,000
		3,000

Allotted, called up and fully paid

700,000 ordinary shares of £1 each	700,000	700,000

Page 10


		YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

11.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 April 2015	Effect of transition 1 April 2015	FRS 102 (as restated) 1 April 2015	As previously stated 31 March 2016	Effect of transition 31 March 2016	FRS 102 (as restated) 31 March 2016
		£	£	£	£	£	£

Fixed assets	127,483	255,112	382,595	321,849	803	322,652
Current assets	576,023	(258,112)	317,911	313,319	(3,000)	310,319
Creditors: amounts falling due within one year	(40,520)	-	(40,520)	(20,257)	-	(20,257)
Net current assets	535,503	(258,112)	277,391	293,062	(3,000)	290,062
Total assets less current liabilities	662,986	(3,000)	659,986	614,911	(2,197)	612,714
Provisions for liabilities	3,000	-	3,000	-	3,000	3,000
Net assets	665,986	(3,000)	662,986	614,911	803	615,714

Capital and reserves

662,986

614,911

803

615,714

Page 11

YORK DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

11.First time adoption of FRS 102 (continued)

		As previously stated 31 March 2016	Effect of transition 31 March 2016	FRS 102 (as restated) 31 March 2016
		£	£	£

Turnover	8,342	-	8,342
	8,342	-	8,342
Administrative expenses	(2,161)	-	(2,161)
Operating profit	6,181	-	6,181
Income from shares in group undertakings	9,165	-	9,165
Interest receivable and similar income	41	-	41
Interest payable and similar charges	(20)	-	(20)
Fair value movements on investments	-	(60,746)	(60,746)
Fair value movements	-	803	803
Taxation	(2,697)	-	(2,697)
Profit/(loss) on ordinary activities after taxation and for the financial year	12,670	(59,943)	(47,273)

Explanation of changes to previously reported profit and equity:

Revaluation of investments
Under FRS 102 the fair value movements must be charged to the profit and loss account. Previously, if investments were revalued the fair value movement would be charged to the statement of financial position if the investments were not impaired. This change has resulted in profit decreasing by £59,943 for 2016.

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