| Cardigan Estate Limited |
| Registered number: |
01093528 |
| Balance Sheet |
| as at 31 October 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
1,301 |
|
|
5,214,725 |
|
| Current assets |
| Stocks |
|
|
1,992,257 |
|
|
1,992,257 |
| Debtors |
5 |
|
8,269,802 |
|
|
91,548 |
| Cash at bank and in hand |
|
|
211,654 |
|
|
30,448 |
|
|
|
10,473,713 |
|
|
2,114,253 |
|
| Creditors: amounts falling due within one year |
6 |
|
(187,562) |
|
|
(78,856) |
|
| Net current assets |
|
|
|
10,286,151 |
|
|
2,035,397 |
|
| Total assets less current liabilities |
|
|
|
10,287,452 |
|
|
7,250,122 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(3,014,133) |
|
|
(3,014,133) |
|
| Provisions for liabilities |
|
|
|
- |
|
|
(554,901) |
|
|
| Net assets |
|
|
|
7,273,319 |
|
|
3,681,088 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Profit and loss account |
|
|
|
7,272,319 |
|
|
3,680,088 |
|
| Shareholders' funds |
|
|
|
7,273,319 |
|
|
3,681,088 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr Matthew Millett |
| Director |
| Approved by the board on 9 August 2018 |
|
| Cardigan Estate Limited |
| Notes to the Accounts |
| for the period from 1 October 2016 to 31 October 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rent receivable. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2017 |
|
2016 |
| £ |
£ |
|
Current year tax |
|
UK Corporation tax |
5,315 |
|
- |
|
|
|
|
|
|
5,315 |
|
- |
|
Deferred tax |
|
Originating and reversal of timing differences |
(554,901) |
|
5,633 |
|
|
|
|
|
|
|
(549,586) |
|
5,633 |
|
|
|
|
|
|
|
|
|
|
During the period under review, the company transferred all of its investment properties to fellow group companies on a no gain no loss basis under s171 TCGA 1992. Because of this there is no corporation tax liability on the gain arising on disposal of the investment properties. Accordingly, the deferred tax provided for in the prior years is now reversed. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Investment land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost or valuation |
|
At 1 October 2016 |
5,213,064 |
|
19,355 |
|
5,232,419 |
|
Additions |
4,698 |
|
- |
|
4,698 |
|
Disposals |
(5,217,762) |
|
- |
|
(5,217,762) |
|
At 31 October 2017 |
- |
|
19,355 |
|
19,355 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2016 |
- |
|
17,694 |
|
17,694 |
|
Charge for the period |
- |
|
360 |
|
360 |
|
At 31 October 2017 |
- |
|
18,054 |
|
18,054 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2017 |
- |
|
1,301 |
|
1,301 |
|
At 30 September 2016 |
5,213,064 |
|
1,661 |
|
5,214,725 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2017 |
|
2016 |
| £ |
£ |
|
Historical cost |
- |
|
1,815,067 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
- |
|
1,815,067 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
6,300,000 |
|
37,704 |
|
Other debtors |
1,969,802 |
|
53,844 |
|
|
|
|
|
|
8,269,802 |
|
91,548 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
23,014 |
|
6,097 |
|
Trade creditors |
52,039 |
|
10,112 |
|
Taxation and social security costs |
34,994 |
|
7,416 |
|
Other creditors |
77,515 |
|
55,231 |
|
|
|
|
|
|
187,562 |
|
78,856 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
3,014,133 |
|
3,014,133 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured on the company's asset and undertakings. |
|
| 8 |
Controlling party |
|
|
The entire share capital of the company is owned by Cardigan Group Limited, a company incorporated in England. |
|
|
| 9 |
Transition to FRS102 |
|
|
This is the first year that the company has presented its results under FRS102. The last financial statements under the previous UK GAAP were for the period ended 30 September 2016 and the date of transition to FRS102 was 1 September 2015. Set out below are the changes in accounting policies which reconcile the profit for the financial period ended 30 September 2016 and the total equity at 1 September 2015 and 30 September 2016 between UK GAAP as previously reported and under FRS102 in these financial statements. |
|
|
Reconciliation of equity |
|
|
|
|
|
|
30 September 2016 |
|
1 September 2015 |
| £ |
£ |
|
Under UK GAAP - as previously reported |
4,235,988 |
|
4,321,558 |
|
Deferred tax |
(554,900) |
|
(567,503) |
|
|
Under FRS102 |
3,681,088 |
|
3,754,055 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of profit and loss for the period ended 30 September 2016 |
|
|
|
|
|
|
|
|
30 September 2016 |
|
Under UK GAAP - as previously reported |
(85,570) |
|
Deferred tax |
12,604 |
|
|
Under FRS102 |
(72,966) |
|
|
|
|
|
|
|
|
|
|
Deferred tax |
|
|
The company has accounted for deferred tax on transition as follows: |
|
|
Property revaluation reserve - Deferred tax of £567,504 has been recognised at 20% on the liability recognised on transition at 1 September 2015. In the period ended 30 September 2016 the company has recognised a credit of £12,604 in the profit and loss account in respect of the availability of additional indexation allowance. |
|
Proir to applying FRS102, the company did not make any provision for deferred tax when recognising revaluation gains. FRS102 requires provision for deferred tax in such instances. This has resulted in the company recognising a deferred tax liability on transition to FRS102. |
|
|
| 10 |
Other information |
|
|
Cardigan Estate Limited is a private company limited by shares and incorporated in England. Its registered office and principal place of business is: |
|
Flat 22 |
|
34 Sloane Court West |
|
London |
|
SW3 4TB |
