Company No:
Contents
DIRECTOR | Mr S F C Jeffery |
REGISTERED OFFICE | Ground Floor Blackbrook Gate 1 |
Blackbrook Business Park | |
Taunton | |
TA1 2PX | |
United Kingdom |
BUSINESS ADDRESS | Chilcotts Farm |
Pitminster | |
Taunton | |
TA3 7AZ |
COMPANY NUMBER | 09447301 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 5 |
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Investment property | 6 |
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Investments | 7 |
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507,024 | 516,655 | |||
Current assets | ||||
Debtors | 8 |
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Cash at bank and in hand |
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1,181,931 | 1,094,616 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets | 1,178,029 | 1,092,080 | ||
Total assets less current liabilities | 1,685,053 | 1,608,735 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Somerset Land Limited (registered number:
Mr S F C Jeffery
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Somerset Land Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is Chilcotts Farm, Pitminster, Taunton, TA3 7AZ.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Land and buildings |
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Fixtures and fittings |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The director is satisfied, having considered the current financial position and performance of the company, that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the director has considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.
As previously reported | Adjustment | As restated | ||||
Year ended 30 November 2022 | £ | £ | £ | |||
Turnover | 24,903 | 7,091 | 31,994 | |||
Other operating income | 7,091 | (7,091) | 0 |
All rental income has been treated as turnover for the year ended 30 November 2023. The 2022 figures have been adjusted to show the same. Previously, furnished holiday letting income was shown as turnover and commercial letting as other operating income.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated depreciation | |||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||
At 30 November 2023 |
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At 30 November 2022 |
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Investment property | |
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Valuation | |
As at 01 December 2022 |
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As at 30 November 2023 |
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Valuation
There has been no valuation of the investment property by an independent valuer.
Investments in joint ventures | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 December 2022 |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.11.2023 |
Ownership 30.11.2022 |
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Rumwell Hall, Rumwell, Taunton, Somerset, TA4 1EL | Property developers |
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2023 | 2022 | ||
£ | £ | ||
Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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