REGISTERED NUMBER: |
C B North & Sons Storage Limited |
Unaudited Financial Statements for the Year Ended 31st March 2018 |
REGISTERED NUMBER: |
C B North & Sons Storage Limited |
Unaudited Financial Statements for the Year Ended 31st March 2018 |
C B North & Sons Storage Limited (Registered number: 00516927) |
Contents of the Financial Statements |
for the year ended 31st March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
C B North & Sons Storage Limited |
Company Information |
for the year ended 31st March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
C B North & Sons Storage Limited (Registered number: 00516927) |
Balance Sheet |
31st March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Non-distributable reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
C B North & Sons Storage Limited (Registered number: 00516927) |
Balance Sheet - continued |
31st March 2018 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors on its behalf by: |
C B North & Sons Storage Limited (Registered number: 00516927) |
Notes to the Financial Statements |
for the year ended 31st March 2018 |
1. | STATUTORY INFORMATION |
C B North & Sons Storage Limited is a |
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 |
The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of value added |
tax and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Rent receivable |
Rent receivable under operating leases is credited to the profit and loss account on a straight line basis |
over the period of the lease. |
Interest receivable |
Interest income is recognised using the effective interest method. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation |
and accumulated impairment losses. Cost includes costs directly attributable to making the asset |
capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less |
estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Plant and machinery - straight line over 7 years |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are |
measured at fair value at each reporting date with changes to fair value recognised in profit or loss. |
C B North & Sons Storage Limited (Registered number: 00516927) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) |
for the current or past recording periods. It is measured at the amount expected to be paid or |
recovered using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing |
differences, with certain exceptions. Timing differences are differences between taxable profits and |
total comprehensive income as stated in the financial statements that arise from the inclusion of |
income and expense in tax assessments in periods different from those in which they are recognised |
in the financial statements. 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 substantially enacted |
by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax |
on revalued non-depreciable tangible fixed assets and investment properties is measured using the |
rates and allowances that apply to the sale of the asset. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transactions price. Any losses arising from impairment are recognised in the profit and loss |
account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less |
impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's |
cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2017 |
and 31st March 2018 |
DEPRECIATION |
At 1st April 2017 |
and 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
C B North & Sons Storage Limited (Registered number: 00516927) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2017 |
and 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
Fair value at 31st March 2018 is represented by: |
£ |
Valuation in 2006 | 75,322 |
Valuation in 2017 | 47,000 |
Cost | 312,678 |
435,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 13,000 | 26,200 |
C B North & Sons Storage Limited (Registered number: 00516927) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank loans |
The loan is secured by a legal charge over the freehold properties. |
9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 9,606 | 10,143 |
Deferred |
tax |
£ |
Balance at 1st April 2017 |
Credit to Income Statement during year | ( |
) |
Balance at 31st March 2018 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | RESERVES |
Called up share capital |
Called up share capital represents the nominal value of shares that have been issued |
Non-distributable reserves |
The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a |
policy of revaluation has been adopted. |
Retained earnings |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |