Strone Estates Ltd. - Period Ending 2017-10-31
Strone Estates Ltd. - Period Ending 2017-10-31
Registration number:
Strone Estates Ltd.
for the Year Ended 31 October 2017
Strone Estates Ltd.
(Registration number: SC190265)
Balance Sheet as at 31 October 2017
Note |
2017 |
(As restated) |
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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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|
|
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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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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
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|
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Profit and loss account |
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|
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Total equity |
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For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 1 |
Strone Estates Ltd.
(Registration number: SC190265)
Balance Sheet as at 31 October 2017
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Page 2 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The company's registration number is SC190265.
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.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for 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 tax. Tax is recognised in profit or loss, 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.
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.
Page 3 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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 |
Furniture, fittings and equipment |
15% per annum on 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.
Trade 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.
Trade 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.
Page 4 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Page 5 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 November 2016 |
|
|
At 31 October 2017 |
|
|
Depreciation |
||
At 1 November 2016 |
|
|
Charge for the year |
|
|
At 31 October 2017 |
|
|
Carrying amount |
||
At 31 October 2017 |
|
|
At 31 October 2016 |
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Investment properties |
2017 |
|
At 1 November |
|
At 31 October |
|
The director has valued the property based on the market value of similar properties in the area.
There has been no valuation of investment property by an independent valuer.
Page 6 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
Debtors |
2017 |
2016 |
|
Other debtors |
|
- |
Total current trade and other debtors |
|
- |
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
- |
|
|
Taxation and social security |
|
|
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Other creditors |
|
|
|
|
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Due after one year |
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Loans and borrowings |
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|
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Other creditors |
|
|
|
513,964 |
543,831 |
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
2017 |
2016 |
|
Non-current loans and borrowings |
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Bank loan |
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The bank loan is secured upon the company's entire assets.
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
Bank loans due after five years: £256,142 (2016: £388,809).
Page 7 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Transition to FRS 102 |
Page 8 |
Strone Estates Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
Balance Sheet at 31 October 2016
As originally reported |
Reclassification |
As restated |
|
Fixed assets |
|||
Tangible assets |
7,363 |
- |
7,363 |
Investment property |
730,000 |
- |
730,000 |
737,363 |
- |
737,363 |
|
Current assets |
|||
Cash at bank and in hand |
4,575 |
- |
4,575 |
Creditors: Amounts falling due within one year |
(152,430) |
- |
(152,430) |
Net current liabilities |
(147,855) |
- |
(147,855) |
Total assets less current liabilities |
589,508 |
- |
589,508 |
Creditors: Amounts falling due after more than one year |
(543,831) |
- |
(543,831) |
Net assets |
45,677 |
- |
45,677 |
Capital and reserves |
|||
Called up share capital |
2 |
- |
2 |
Revaluation reserve |
357,274 |
(357,274) |
- |
Profit and loss account |
(311,599) |
357,274 |
45,675 |
Total equity |
45,677 |
- |
45,677 |
Page 9 |