ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.1812018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueDevelopment of building projectsfalse2017-04-01006043382017-04-012018-03-31006043382016-04-012017-03-31006043382018-03-31006043382017-03-31006043382016-04-0100604338 c:Director1 2017-04-012018-03-3100604338 d:OfficeEquipment 2017-04-012018-03-3100604338 d:OfficeEquipment 2018-03-3100604338 d:OfficeEquipment 2017-03-3100604338 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-04-012018-03-3100604338 d:FreeholdInvestmentProperty 2018-03-3100604338 d:FreeholdInvestmentProperty 2017-03-3100604338 d:FreeholdInvestmentProperty 2 2017-04-012018-03-3100604338 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2018-03-3100604338 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2017-03-3100604338 d:CurrentFinancialInstruments 2018-03-3100604338 d:CurrentFinancialInstruments 2017-03-3100604338 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-3100604338 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-3100604338 d:ShareCapital 2018-03-3100604338 d:ShareCapital 2017-03-3100604338 d:RevaluationReserve 2018-03-3100604338 d:RevaluationReserve 2017-03-3100604338 d:RetainedEarningsAccumulatedLosses 2018-03-3100604338 d:RetainedEarningsAccumulatedLosses 2017-03-3100604338 d:AcceleratedTaxDepreciationDeferredTax 2018-03-3100604338 d:AcceleratedTaxDepreciationDeferredTax 2017-03-3100604338 d:TaxLossesCarry-forwardsDeferredTax 2018-03-3100604338 d:TaxLossesCarry-forwardsDeferredTax 2017-03-3100604338 c:FRS102 2017-04-012018-03-3100604338 c:AuditExempt-NoAccountantsReport 2017-04-012018-03-3100604338 c:FullAccounts 2017-04-012018-03-3100604338 c:PrivateLimitedCompanyLtd 2017-04-012018-03-31iso4217:GBPxbrli:pure

Registered number: 00604338









SHELLWOOD PROPERTY COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

 
SHELLWOOD PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 00604338

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 3 
362
578

Investments
 4 
1,516,798
1,049,014

Investment property
  
507,964
265,000

  
2,025,124
1,314,592

Current assets
  

Debtors: amounts falling due within one year
 6 
73,545
610,044

Cash at bank and in hand
 7 
167,228
199,047

  
240,773
809,091

Creditors: amounts falling due within one year
 8 
(45,497)
(40,777)

Net current assets
  
 
 
195,276
 
 
768,314

Total assets less current liabilities
  
2,220,400
2,082,906

Provisions for liabilities
  

Deferred tax
 9 
(96,148)
(96,862)

  
 
 
(96,148)
 
 
(96,862)

Net assets
  
2,124,252
1,986,044


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Other reserves
  
469,425
484,309

Profit and loss account
  
1,653,827
1,500,735

  
2,124,252
1,986,044


Page 1

 
SHELLWOOD PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 00604338
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2018

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 on 25 July 2018.




N M  Fenton
Director
The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Shellwood Property Company Limited is a private limited company, limited by shares, incorporated in England and Wales. The registered office is 64 New Cavendish Street, London,W1G 8TB.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.6

Valuation of investments

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.11

Interest income

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

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

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.

Page 5

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

3.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2017
8,140



At 31 March 2018

8,140



Depreciation


At 1 April 2017
7,562


Charge for the year on owned assets
216



At 31 March 2018

7,778



Net book value



At 31 March 2018
362



At 31 March 2017
578

Page 6

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2017
1,049,014


Additions
956,740


Disposals
(327,256)


Revaluations
(161,700)



At 31 March 2018

1,516,798






Net book value



At 31 March 2018
1,516,798



At 31 March 2017
1,049,014

Page 7

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2017
265,000


Surplus on revaluation
242,964



At 31 March 2018
507,964

The 2018 valuations were made by the directors, on an open market value for existing use basis.



At 31 March 2018




If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2018
2017
£
£


Historic cost
33,186
33,186

33,186
33,186


6.


Debtors

2018
2017
£
£


Other debtors
66,584
607,621

Prepayments and accrued income
6,961
2,423

73,545
610,044



7.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
167,228
199,047

167,228
199,047


Page 8

 
SHELLWOOD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

8.


Creditors: Amounts falling due within one year

2018
2017
£
£

Corporation tax
30,286
13,548

Other creditors
10,411
20,412

Accruals and deferred income
4,800
6,817

45,497
40,777



9.


Deferred taxation




2018
2017


£

£






At beginning of year
(96,862)
(86,445)


Charged to profit or loss
714
(10,417)



At end of year
(96,148)
(96,862)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Fair value gains on listed investments
(15,436)
(50,499)

Fair value gains on investment properties
(80,712)
(46,363)

(96,148)
(96,862)


10.


Related party transactions

Included within other creditors is an amount of £520 (2017 - £520) due to a director of the company.

 
Page 9