Company Registration No. 01966305 (England and Wales)
CHELTENHAM LAND SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
CHELTENHAM LAND SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CHELTENHAM LAND SECURITIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,270,030
2,639,814
Investment properties
4
288,973
281,906
4,559,003
2,921,720
Current assets
Debtors falling due after more than one year
5
34,683
20,796
Debtors falling due within one year
5
96,588
241,686
Cash at bank and in hand
1,036,467
599
1,167,738
263,081
Creditors: amounts falling due within one year
6
(770,901)
(1,197,131)
Net current assets/(liabilities)
396,837
(934,050)
Total assets less current liabilities
4,955,840
1,987,670
Creditors: amounts falling due after more than one year
7
(2,478,687)
(792,247)
Provisions for liabilities
(384,853)
(139,975)
Net assets
2,092,300
1,055,448
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
2,192,509
981,659
Distributable profit and loss reserves
(100,309)
73,689
Total equity
2,092,300
1,055,448

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

CHELTENHAM LAND SECURITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2018 and are signed on its behalf by:
Mr A Henry
Director
Company Registration No. 01966305
CHELTENHAM LAND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information

Cheltenham Land Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Lopian Gross Barnett & Co, 6th Floor, Cardinal House, 20 St Mary's Parsonage, Manchester, M3 2LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of Cheltenham Land Securities Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.

1.2
Turnover

Turnover represents amounts receivable for rents and services.

 

Revenue is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required under FRS102.

 

A property is regarded as sold when significant risks and returns have been transferred to the buyer. For conditional exchanges, sales are recognised as the conditions are satisfied.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CHELTENHAM LAND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

The company has joint interests in properties which are owned by syndicates of similar participators. The investments are stated at the net cost of participation in the syndicates plus accumulated surpluses less deficiences and drawings from the syndicates. No revaluation of the underlying properties has been reflected in the financial statements..

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CHELTENHAM LAND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 5).

CHELTENHAM LAND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
3
Tangible fixed assets
Investment property
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2016
2,639,814
-
2,639,814
Additions
178,159
13,622
191,781
Revaluation
1,441,841
-
1,441,841
At 30 June 2017
4,259,814
13,622
4,273,436
Depreciation and impairment
At 1 July 2016
-
-
-
Depreciation charged in the year
-
3,406
3,406
At 30 June 2017
-
3,406
3,406
Carrying amount
At 30 June 2017
4,259,814
10,216
4,270,030
At 30 June 2016
2,639,814
-
2,639,814

The company's investment properties are stated at the directors' opinion of their fair value as at 30 June 2017.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2017
2016
£
£
Cost
1,717,135
1,538,976
Accumulated depreciation
-
-
Carrying value
1,717,135
1,538,976

Freehold land and buildings with a carrying amount of £ £3,900,018 (2016 - £ £2,280,018) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

CHELTENHAM LAND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
4
Joint property investments
2017
£
At 1 July 2016
281,906
Share of supluses
19,495
Drawings
(12,428)
At 30 June 2017
288,973

The joint property syndicates in which the company is a participator have borrowings secured on the properties owned by the syndicates. The company's share of such borrowings is not shown in the balance sheet in view of the extent of the security provided by the properties.

5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
50,327
229,931
Other debtors
46,261
11,755
96,588
241,686
Amounts falling due after more than one year:
Deferred tax asset
34,683
20,796
Total debtors
131,271
262,482

Debtors include £32,717 (2016 : £193,458) due from companies under common control. The amounts are are interest free and repayable on demand.

6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
103,657
106,000
Trade creditors
101,153
259,612
Other taxation and social security
1,250
-
Other creditors
564,841
831,519
770,901
1,197,131

Bank loans and overdrafts include a bank loan of £103,657 (2016 : 106,000) which is secured by a charge over certain freehold property.

Creditors include £272,527 (2016 : £365,527) due from companies under common control. The amounts are are interest free and repayable on demand.

CHELTENHAM LAND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 8 -
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,478,687
792,247

The bank loans are secured by a charges over the company's freehold property.

Creditors which fall due after five years are as follows:
2017
2016
£
£
Payable by instalments
1,878,736
-
Payable other than by instalments
149,980
149,980
2,028,716
149,980
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 July
30 June
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,529,401
1,174,627
Adjustments arising from transition to FRS 102:
Deferred Taxation on property revaluation
(200,020)
(148,584)
Deferred Taxation on tax losses
-
29,405
Equity reported under FRS 102
1,329,381
1,055,448
2017-06-302016-07-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activityMrs E  HenryMr A HenryMr H NeumannMrs A  NeumannMrs S WolfMr A Henry019663052016-07-012017-06-30019663052017-06-30019663052016-06-3001966305core:LandBuildings2017-06-3001966305core:OtherPropertyPlantEquipment2017-06-3001966305core:LandBuildings2016-06-3001966305core:Non-currentFinancialInstrumentscore:AfterOneYear2017-06-3001966305core:Non-currentFinancialInstrumentscore:AfterOneYear2016-06-3001966305core:CurrentFinancialInstruments2017-06-3001966305core:CurrentFinancialInstruments2016-06-3001966305core:Non-currentFinancialInstruments2017-06-3001966305core:Non-currentFinancialInstruments2016-06-3001966305core:ShareCapital2017-06-3001966305core:ShareCapital2016-06-3001966305core:FurtherSpecificReserve1ComponentTotalEquity2017-06-3001966305core:FurtherSpecificReserve1ComponentTotalEquity2016-06-3001966305core:RetainedEarningsAccumulatedLosses2017-06-3001966305core:RetainedEarningsAccumulatedLosses2016-06-3001966305core:ShareCapitalOrdinaryShares2017-06-3001966305core:ShareCapitalOrdinaryShares2016-06-3001966305bus:CompanySecretaryDirector12016-07-012017-06-3001966305core:FurnitureFittings2016-07-012017-06-3001966305core:LandBuildings2016-06-30019663052016-06-3001966305core:LandBuildings2016-07-012017-06-3001966305core:OtherPropertyPlantEquipment2016-07-012017-06-3001966305bus:OrdinaryShareClass12016-07-012017-06-3001966305bus:OrdinaryShareClass12017-06-3001966305bus:PrivateLimitedCompanyLtd2016-07-012017-06-3001966305bus:FRS1022016-07-012017-06-3001966305bus:AuditExemptWithAccountantsReport2016-07-012017-06-3001966305bus:SmallCompaniesRegimeForAccounts2016-07-012017-06-3001966305bus:Director12016-07-012017-06-3001966305bus:Director22016-07-012017-06-3001966305bus:Director32016-07-012017-06-3001966305bus:Director42016-07-012017-06-3001966305bus:Director52016-07-012017-06-3001966305bus:CompanySecretary12016-07-012017-06-3001966305bus:FullAccounts2016-07-012017-06-30xbrli:purexbrli:sharesiso4217:GBP