Company registration number 00030977 (England and Wales)
SHERBORNE COTTAGE BUILDING COMPANY, LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SHERBORNE COTTAGE BUILDING COMPANY, LTD
COMPANY INFORMATION
Directors
Mrs C Middleton
Mr NI Stewart
Col DJ Stewart
Mrs SJM Hole
Secretary
Mrs SJM Hole
Company number
00030977
Registered office
The Old Pump House
Oborne Road
Sherborne
Dorset
England
DT9 3RX
Accountants
Hunts Accountants Ltd
The Old Pump House
Oborne Road
Sherborne
Dorset
England
DT9 3RX
SHERBORNE COTTAGE BUILDING COMPANY, LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Detailed Profit and loss account
10
SHERBORNE COTTAGE BUILDING COMPANY, LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
26,556,578
24,354,089
Current assets
Debtors
5
21,407
11,588
Investments
6
445,758
421,806
Cash at bank and in hand
169,357
309,682
636,522
743,076
Creditors: amounts falling due within one year
7
(135,794)
(82,399)
Net current assets
500,728
660,677
Total assets less current liabilities
27,057,306
25,014,766
Provisions for liabilities
(5,040,936)
(4,556,737)
Net assets
22,016,370
20,458,029
Capital and reserves
Called up share capital
6,000
6,000
Non-distributable reserve
8
19,413,983
17,961,385
Profit and loss account
2,596,387
2,490,644
Total equity
22,016,370
20,458,029
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 2023 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.
SHERBORNE COTTAGE BUILDING COMPANY, LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
10 September 2024
10 September 2024
10 September 2024
and are signed on its behalf by:
Mr NI Stewart
Director
Company Registration No. 00030977
SHERBORNE COTTAGE BUILDING COMPANY, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Sherborne Cottage Building Company, Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Pump House, Oborne Road, Sherborne, Dorset, England, DT9 3RX.
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
Rent received represents charges made to tenants during the year and is net of void rents on properties vacated during the year.
1.3
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. Changes in fair value are recognised in profit or loss.
1.4
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.
1.5
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. 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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SHERBORNE COTTAGE BUILDING COMPANY, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Investment property
2023
£
Fair value
At 1 January 2023
24,354,088
Additions
265,694
Revaluations
1,936,796
At 31 December 2023
26,556,578
Investment properties were valued by the directors at 31st December 2023 based on a sample of professional valuations.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
2,101,661
1,835,967
Carrying amount
2,101,661
1,835,967
SHERBORNE COTTAGE BUILDING COMPANY, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,931
4,222
Other debtors
18,476
7,366
21,407
11,588
6
Current asset investments
2023
2022
£
£
Other investments
445,758
421,806
Current asset investments are international bonds which had a market value of £445,758 as at 31st December 2023 (2022: £421,806)
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,081
1,975
Taxation and social security
97,736
49,380
Other creditors
31,977
31,044
135,794
82,399
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
17,961,385
15,692,825
Non distributable profits in the year
1,452,598
2,268,560
At the end of the year
19,413,983
17,961,385