Savernake Properties Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02219189 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st May 2017

for

Savernake Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P N Wetton

S N Wetton

Mrs C T P Wetton

Mrs F Cava

SECRETARY:

P N Wetton

REGISTERED OFFICE:

1st Floor

130 High Street

Marlborough

Wiltshire

SN8 1LZ

REGISTERED NUMBER:

02219189 (England and Wales)

ACCOUNTANTS:

Bew & Co Limited

Chartered Accountants

130 High Street

Marlborough

Wiltshire

SN8 1LZ

FIXED ASSETS

Tangible assets

4

35,342

1,218

Investment property

5

699,605

1,249,605

734,947

1,250,823

CURRENT ASSETS

Stocks

456,676

434,849

Debtors

6

52,908

8,047

Cash at bank

229,344

-

738,928

442,896

CREDITORS

Amounts falling due within one year

7

132,100

97,635

NET CURRENT ASSETS

606,828

345,261

TOTAL ASSETS LESS CURRENT LIABILITIES

1,341,775

1,596,084

CREDITORS

Amounts falling due after more than one year

8

(862,376

)

(1,010,173

)

PROVISIONS FOR LIABILITIES

(8,876

)

(72,853

)

NET ASSETS

470,523

513,058

CAPITAL AND RESERVES

Called up share capital

68,500

68,500

Fair value reserve

10

-

291,413

Retained earnings

402,023

153,145

SHAREHOLDERS' FUNDS

470,523

513,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15th June 2018 and were signed on its behalf by:

P N Wetton - Director

1.	STATUTORY INFORMATION

Savernake Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents work done in the period less value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st June 2016

15,634

Additions

46,714

At 31st May 2017

62,348

DEPRECIATION

At 1st June 2016

14,416

Charge for year

12,590

At 31st May 2017

27,006

NET BOOK VALUE

At 31st May 2017

35,342

At 31st May 2016

1,218

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2016

1,249,605

Disposals

(550,000

)

At 31st May 2017

699,605

NET BOOK VALUE

At 31st May 2017

699,605

At 31st May 2016

1,249,605

Fair value at 31st May 2017 is represented by:

£

Cost

699,605

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Other debtors

52,908

8,047

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

-

29,989

Trade creditors

41,939

9,669

Taxation and social security

64,590

3,984

Other creditors

25,571

53,993

132,100

97,635

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans

771,000

1,010,173

Other creditors

91,376

-

862,376

1,010,173

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

-

453,517

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank overdraft

-

29,989

Bank loans

771,000

1,010,173

771,000

1,040,162

The bank loan is secured over the freehold property.

10.

RESERVES

Fair

value

reserve

£

At 1st June 2016

291,413

Reserve realised

(291,413

)

At 31st May 2017

-

11.	FIRST YEAR ADOPTION

The company has adopted the use of FRS 102 section 1A.

FRS 102 requires deferred tax to be provided for on the difference between cost and the fair value of the

investment properties. This difference was £364,266 at 1st June 2015 and deferred tax was provided at 20%.

The revaluation reserve was reduced by the deferred tax adjustment of £75,853 to £291,413 and reclassified as a

fair value reserve.