VINE_STREET_(LINCOLN)_LIM - Accounts


COMPANY REGISTRATION NUMBER 3331408
VINE STREET (LINCOLN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
VINE STREET (LINCOLN) LIMITED
COMPANY INFORMATION
Directors
D.A. Clapham
E.M.F. Penrose
Secretary
Mr E M F Penrose
Company number
3331408
Registered office
Yeldwood Farm
Sheffield Road
Baslow
Derbyshire
DE45 1PR
Accountants
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Bankers
Yorkshire Bank plc
14 Vicar Lane
Chesterfield
S40 1PY
Lloyds Bank plc
PO Box 1000
Andover
BX1 1LT
VINE STREET (LINCOLN) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
VINE STREET (LINCOLN) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
880
1,172
Investment properties
4
1,390,000
1,322,500
Investments
5
1
1
1,390,881
1,323,673
Current assets
Debtors
6
624,156
650,600
Cash at bank and in hand
10,262
40,208
634,418
690,808
Creditors: amounts falling due within one year
7
(286,920)
(299,263)
Net current assets
347,498
391,545
Total assets less current liabilities
1,738,379
1,715,218
Creditors: amounts falling due after more than one year
8
(292,372)
(295,741)
Provisions for liabilities
(2,742)
(79,992)
Net assets
1,443,265
1,339,485
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,443,165
1,339,385
Total equity
1,443,265
1,339,485

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

VINE STREET (LINCOLN) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 22 December 2017 and are signed on its behalf by:
E.M.F. Penrose
Director
Company Registration No. 3331408
VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information

Vine Street (Lincoln) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Yeldwood Farm, Sheffield Road, Baslow, Derbyshire, DE45 1PR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of properties and rent provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
16,181
Depreciation and impairment
At 1 April 2016
15,009
Depreciation charged in the year
292
At 31 March 2017
15,301
Carrying amount
At 31 March 2017
880
At 31 March 2016
1,172
VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
4
Investment property
2017
£
Fair value
At 1 April 2016
1,322,500
Revaluations
67,500
At 31 March 2017
1,390,000

Investment property comprises of 11 properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 7 March 2014 by Knight Frank Chartered Surveyors as updated during the year by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2017
2016
£
£
Investments
1
1
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
11,307
10,751
Amounts due from group undertakings
612,849
639,849
624,156
650,600
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,369
3,250
Trade creditors
2,884
2,713
Corporation tax
419
7,783
Other taxation and social security
1,123
18,471
Other creditors
279,125
267,046
286,920
299,263
VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 9 -
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
292,372
295,741
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
50Ordinary 'A' shares of £1 each
50
50
50Ordinary 'B' shares of £1 each
50
50
100
100
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
1,498
-
1,498
1,172
-
1,172
Investment properties
1,670,000
-
1,670,000
1,322,500
-
1,322,500
Investments
1
-
1
1
-
1
1,671,499
-
1,671,499
1,323,673
-
1,323,673
Current assets
Stocks
160,000
-
160,000
-
-
-
Debtors
729,219
-
729,219
650,600
-
650,600
Bank and cash
6,074
-
6,074
40,208
-
40,208
895,293
-
895,293
690,808
-
690,808
VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
10
Reconciliations on adoption of FRS 102
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
(Continued)
- 10 -
Creditors due within one year
Loans and overdrafts
(625,487)
-
(625,487)
(113,305)
-
(113,305)
Taxation
(27,125)
-
(27,125)
(26,254)
-
(26,254)
Other creditors
(160,837)
-
(160,837)
(159,704)
-
(159,704)
(813,449)
-
(813,449)
(299,263)
-
(299,263)
Net current assets
81,844
-
81,844
391,545
-
391,545
Total assets less current liabilities
1,753,343
-
1,753,343
1,715,218
-
1,715,218
Creditors due after one year
Loans and overdrafts
(290,754)
-
(290,754)
(295,741)
-
(295,741)
Provisions for liabilities
Deferred tax
-
(79,992)
(79,992)
-
(79,992)
(79,992)
Net assets
1,462,589
(79,992)
1,382,597
1,419,477
(79,992)
1,339,485
Capital and reserves
Share capital
100
-
100
100
-
100
Revaluation reserve
736,836
(679,773)
57,063
679,773
(679,773)
-
Profit and loss
725,653
599,781
1,325,434
739,604
599,781
1,339,385
Total equity
1,462,589
(79,992)
1,382,597
1,419,477
(79,992)
1,339,485
VINE STREET (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
10
Reconciliations on adoption of FRS 102
(Continued)
- 11 -
Reconciliation of loss for the financial period
Year ended 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
189,950
-
189,950
Cost of sales
(163,125)
-
(163,125)
Gross (loss)/profit
26,825
-
26,825
Administrative expenses
(65,340)
-
(65,340)
Other operating income
61,890
-
61,890
Operating (loss)/profit
23,375
-
23,375
Interest payable and similar expenses
(48,141)
-
(48,141)
Amounts written off investments
1
-
-
-
Taxation
1
-
9,597
9,597
Loss for the financial period
(24,766)
9,597
(15,169)
Notes to reconciliations on adoption of FRS 102
1 - Revaluation reserve

Under FRS 102 Investment property should be measured at fair value if it can be reliably measured and movements taken to profit and loss account. Any gain taken to profit and loss account is unrealised for the purposes of dividend distribution, so is not distributable.

 

As FRS 102 legislation requires, the revaluation reserve is now recognised through profit and loss account. As a result of this deferred tax is now recognised within the financial statements    

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