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Registration number: 08288033

Prepared for the registrar (filleted)

Trecombe Lakes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Trecombe Lakes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Trecombe Lakes Limited

Company Information

Directors

Mrs Selina Ward

Mr Jason Ward

Company secretary

Mr Jason Ward

Registered office

Lapscombe House
3 Tehidy Terrace
Falmouth
Cornwall
TR11 2SZ

 

Trecombe Lakes Limited

(Registration number: 08288033)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

634,271

542,675

Current assets

 

Debtors

5

10,135

10,371

Cash at bank and in hand

 

24,257

1,312

 

34,392

11,683

Creditors: Amounts falling due within one year

6

(17,829)

(7,214)

Net current assets

 

16,563

4,469

Total assets less current liabilities

 

650,834

547,144

Creditors: Amounts falling due after more than one year

6

(616,616)

(531,040)

Provisions for liabilities

(17,824)

(14,136)

Net assets

 

16,394

1,968

Capital and reserves

 

Called up share capital

8

8

Profit and loss account

16,386

1,960

Total equity

 

16,394

1,968

 

Trecombe Lakes Limited

(Registration number: 08288033)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 24 September 2018 and signed on its behalf by:
 

.........................................

Mr Jason Ward

Company secretary and director

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Lapscombe House
3 Tehidy Terrace
Falmouth
Cornwall
TR11 2SZ
England

These financial statements were authorised for issue by the Board on 24 September 2018.

2

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 deferred 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.

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Freehold land

N/A

Fixtures & fittings

5% reduced balance

Computer equipment

33% straight line

Plant & machinery

20% straight line

Pods and building cost

15 Years

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.

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Profit before tax

Arrived at after charging/(crediting)

2018
£

2017
£

Depreciation expense

18,863

16,549

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

254,235

384,409

3,928

642,572

Additions

97,148

415

12,894

110,457

At 31 March 2018

351,383

384,824

16,822

753,029

Depreciation

At 1 April 2017

-

99,111

786

99,897

Charge for the year

2,310

14,674

1,877

18,861

At 31 March 2018

2,310

113,785

2,663

118,758

Carrying amount

At 31 March 2018

349,073

271,039

14,159

634,271

At 31 March 2017

254,235

285,298

3,142

542,675

Included within the net book value of land and buildings above is £254,235 (2017 - £254,235) in respect of freehold land and buildings and £94,838 (2017 - £Nil) in respect of long leasehold land and buildings.
 

5

Debtors

2018
£

2017
£

Prepayments

5,803

373

Other debtors

4,332

9,998

10,135

10,371

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

15,911

-

Trade creditors

 

1,918

6,649

Accruals and deferred income

 

-

565

 

17,829

7,214

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

616,616

531,040

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

ordinary shares of £2 each

4

8

4

8

         

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

318,191

138,671

Other borrowings

298,425

392,369

616,616

531,040

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Current loans and borrowings

Bank borrowings

15,911

-

 

Trecombe Lakes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

9

Related party transactions

Summary of transactions with other related parties


Mr Malcolm Noble - shareholder

At the balance sheet date the company owed to Mr Malcolm Noble £148.024 (2017: £183,024) in relation to the outstanding loan from October 2013.

Mr Jason Ward - director and shareholder

At the balance sheet date the company owed to Mr Jason Ward £150,402 (2017: £209,345) in relation to the outstanding balance on the Director's Loan Account.