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Shapley Tor Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2023

Registration number: 00579989

 

Shapley Tor Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Shapley Tor Limited

Balance Sheet

30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

295,121

295,161

Current assets

 

Cash at bank and in hand

 

1,411

208

Creditors: Amounts falling due within one year

5

(86,004)

(78,365)

Net current liabilities

 

(84,593)

(78,157)

Total assets less current liabilities

 

210,528

217,004

Provisions for liabilities

(26,674)

(26,385)

Net assets

 

183,854

190,619

Capital and reserves

 

Called up share capital

6

4,001

4,001

Share premium reserve

1,500

1,500

Profit and loss account

178,353

185,118

Shareholders' funds

 

183,854

190,619

 

Shapley Tor Limited

Balance Sheet

30 April 2023

For the financial year ending 30 April 2023 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 September 2023 and signed on its behalf by:
 

.........................................
Mr B W Shapley
Director

 

Shapley Tor Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

The principal place of business is:
7 Pitmans Way
Sherborne
Dorset
DT9 6EU

These financial statements were authorised for issue by the Board on 22 September 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

The functional and presentational currency is pounds sterling.

Revenue recognition

Turnover comprises rents and insurance contributions receivable from tenants, together with sundry income, and is shown net of value added tax. The company recognises revenue when received.

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Shapley Tor Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Shapley Tor Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2022

295,000

909

295,909

At 30 April 2023

295,000

909

295,909

Depreciation

At 1 May 2022

-

748

748

Charge for the year

-

40

40

At 30 April 2023

-

788

788

Carrying amount

At 30 April 2023

295,000

121

295,121

At 30 April 2022

295,000

161

295,161

Included within the net book value of land and buildings above is £295,000 (2022 - £295,000) in respect of freehold land and buildings.
 

 

Shapley Tor Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

84,654

77,015

Accruals and deferred income

1,350

1,350

86,004

78,365

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4,001

4,001

4,001

4,001

         

7

Reserves

The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments. Included in the carry forward is £173,033 in relation to unrealised gains on investment properties and a £28,896 unrealised loss in relation to the deferred tax on these gains.