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(1) General Information
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| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Oak Apple House North Street, Milborne Port, Sherborne, DT9 5EW. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Borrowing costs
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| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | 15% reducing balance | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | 25% reducing balance |
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Financial instruments
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at cost and subsequently measured at amortised cost using the effective interest method. |
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Taxation
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| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred Tax
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A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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Investment Property
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| Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. |
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(4) Employees
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| During the year, the average number of employees including director was 2 (2025 : 2). |
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(5) Investment Property
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| Investment Properties | | £ | | Cost | | | As at 01 April 2025 | 9,140,000 | | Additions | 30,077 | | Revaluations | (115,077) | | As at 31 March 2026 | 9,055,000 | | Depreciation | | | As at 31 March 2026 | - | | Net book value | | | As at 31 March 2026 | 9,055,000 | | As at 31 March 2025 | 9,140,000 |
The properties were valued at open market value by the director, G C Matthews who is a chartered surveyor on 31 March 2026. The valuation at 31 March 2026 comprised cost of £8,268,662 (2025: £8,238,586) and net change in open market value of £786,338 (2025: £901,414) |
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(6) Share capital and reserves
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| | Alloted, called up and fully paid: | 2026 | | 2025 | | £ | | £ | | | 100 (2025 : 100) Ordinary of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | | Retained earnings | | | 2026 | | | | £ | | At 1 April 2025 | | | 3,318,372 | | Profit of the year | | | 88,786 | | Dividends paid | | | (15,000) | | At 31 March 2026 | | | 3,392,158 | |
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(7) Directors advances, credit and guarantees
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Overdrawn
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| The directors were advanced £553,691 during the year resulting in an overdrawn balance at 31 March 2026 of £68,912. Interest totalling £1,436 has been charged on the overdrawn balances using the beneficial loan interest rate of 3.75%. | |
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(8) Fixed assets
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| Tangible
£ | Investments
Property
£ | Totals
£ | | Cost | | | | | As at 01 April 2025 | 81,097 | 9,140,000 | 9,221,097 | | Additions | - | 30,077 | 30,077 | | Revaluation | - | (115,077) | (115,077) | | As at 31 March 2026 | 81,097 | 9,055,000 | 9,136,097 | | Depreciation/Amortisation | | | | | As at 01 April 2025 | 48,465 | - | 48,465 | | For the year | 7,366 | - | 7,366 | | As at 31 March 2026 | 55,831 | - | 55,831 | | Net book value | | | | | As at 31 March 2026 | 25,266 | 9,055,000 | 9,080,266 | | As at 31 March 2025 | 32,632 | 9,140,000 | 9,172,632 |
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(9) Loans and borrowings
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| Borrowing is secured by charges on the investment property. | | 01 April 2025 | | 31 March 2025 | | £ | | £ | | | Aggregate of non-instalment debts that fall due for repayment after five years | - | | - | | Aggregate of instalments that fall due for repayment after five years | 4493406 | | 4098689 | | 4493406 | | 4098689 |
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