Company Registration No. 02923402 (England and Wales)
DOWNLANDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
DOWNLANDS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
DOWNLANDS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,125
617
Investment properties
4
500,000
500,000
501,125
500,617
Current assets
Debtors
5
1,824
2,825
Cash at bank and in hand
72,001
80,030
73,825
82,855
Creditors: amounts falling due within one year
6
(24,777)
(18,990)
Net current assets
49,048
63,865
Total assets less current liabilities
550,173
564,482
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
8
549,173
563,482
Total equity
550,173
564,482
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 31 December 2021 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.
DOWNLANDS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2022 and are signed on its behalf by:
Mrs J M Pitcher
Mr G B N Pitcher
Director
Director
Company Registration No. 02923402
The notes on pages 4 to 7 form part of these financial statements
DOWNLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Downlands Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.
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.
1.2
Turnover
Turnover represents rent receivable, excluding vat added tax, recognised on the accruals basis with the days matched to the period.
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 and fittings
15% reducing balance
Computers
15% reducing balance
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.
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.
DOWNLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents 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.
1.7
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
DOWNLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2021
1,537
880
2,417
Additions
640
640
At 31 December 2021
1,537
1,520
3,057
Depreciation and impairment
At 1 January 2021
1,116
684
1,800
Depreciation charged in the year
63
69
132
At 31 December 2021
1,179
753
1,932
Carrying amount
At 31 December 2021
358
767
1,125
At 31 December 2020
421
196
617
4
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by the directors on an open market basis.
DOWNLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
772
Prepayments and accrued income
1,317
1,297
1,317
2,069
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
507
756
Total debtors
1,824
2,825
6
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
1,371
2,826
Other taxation and social security
411
Other creditors
12,373
12,373
Accruals and deferred income
10,622
3,791
24,777
18,990
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Ordinary share of £1 each
1,000
1,000
1,000
1,000
8
Profit and loss reserves
Included within profit and loss reserves are non-distributable reserves of £149,669 (2020: £149,669).