Company Registration No. 02959240 (England and Wales)
SOURCE ESCROW LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
SOURCE ESCROW LIMITED
COMPANY INFORMATION
Directors
J T Kevill
A Glaister
Secretary
J T Kevill and S Fitzherbert Brockholes
Company number
02959240
Registered office
Godington Hall
Godington
Bicester
Oxon
OX27 9AE
Accountants
R P Smith & Co
28 St Thomas's Road
Chorley
Lancashire
PR7 1HX
Business address
Godington Hall
Godington
Bicester
Oxon
OX27 9AE
Bankers
National Westminster Bank Plc
46 Market Street
Chorley
PR7 2RZ
SOURCE ESCROW LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Statement of total recognised gains and losses
4
Balance sheet
5
Notes to the financial statements
6 - 8
SOURCE ESCROW LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2016
- 1 -
The directors present their report and financial statements for the year ended 30 April 2016.
Directors
The following directors have held office since 1 May 2015:
J T Kevill
A Glaister
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
J T Kevill
Director
31 January 2017
SOURCE ESCROW LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOURCE ESCROW LIMITED FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Source Escrow Limited for the year ended 30 April 2016 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Source Escrow Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Source Escrow Limited and state those matters that we have agreed to state to the Board of Directors of Source Escrow Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Source Escrow Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Source Escrow Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Source Escrow Limited. You consider that Source Escrow Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Source Escrow Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
R P Smith & Co
31 January 2017
Chartered Accountants
28 St Thomas's Road
Chorley
Lancashire
PR7 1HX
SOURCE ESCROW LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2016
2015
Notes
£
£
Turnover
13,140
14,235
Administrative expenses
(3,411)
(4,564)
Profit on ordinary activities before taxation
2
9,729
9,671
Tax on profit on ordinary activities
3
(1,948)
(1,936)
Profit for the year
10
7,781
7,735
SOURCE ESCROW LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
2016
2015
Notes
£
£
Profit for the financial year
7,781
7,735
Unrealised (deficit)/surplus on revaluation of properties
-
100,000
Total recognised gains and losses relating to the year
7,781
107,735
SOURCE ESCROW LIMITED
BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 5 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
5 & 6
508,525
508,534
Current assets
Debtors
7
800
300
Cash at bank and in hand
18,894
11,448
19,694
11,748
Creditors: amounts falling due within one year
8
(127,643)
(127,487)
Net current liabilities
(107,949)
(115,739)
Total assets less current liabilities
400,576
392,795
Capital and reserves
Called up share capital
9
2,000
2,000
Revaluation reserve
10
332,861
332,861
Profit and loss account
10
65,715
57,934
Shareholders'  funds
400,576
392,795
For the financial year ended 30 April 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 31 January 2017
J T Kevill
Director
Company Registration No. 02959240
SOURCE ESCROW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
- 6 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the amount receivable for rents excluding value added tax during the year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties professionally valued by a  Chartered Surveyor on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Furniture and fittings
25% reducing value
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
9
11
3
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
1,948
1,936
Total current tax
1,948
1,936
SOURCE ESCROW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 7 -
4
Dividends
2016
2015
£
£
Ordinary interim paid
-
10,000
5
Tangible fixed assets
Furniture and fittings
£
Cost or valuation
At 1 May 2015 & at 30 April 2016
2,269
Depreciation
At 1 May 2015
2,235
Charge for the year
9
At 30 April 2016
2,244
Net book value
At 30 April 2016
25
At 30 April 2015
34
6
Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 May 2015 & at 30 April 2016
508,500
Net book value
At 30 April 2016
508,500
At 30 April 2015
508,500

The valuation as at 30 April 2016 is the opinion of Mr R Pallister MRICS, on an open market value for existing use basis. The historical cost of investment properties was £175,639. No provision has been made in the financial statements for the liability to corporation tax on chargeable gains that would arise if the above investments were disposed of at market value. A tax liability of £41,917 would arise if the investments were disposed of at this valuation.

7
Debtors
2016
2015
£
£
Other debtors
800
300
SOURCE ESCROW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 8 -
8
Creditors: amounts falling due within one year
2016
2015
£
£
Taxation and social security
1,948
1,936
Other creditors
125,695
125,551
127,643
127,487
9
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2,000 Ordinary shares of £1 each
2,000
2,000
10
Statement of movements on reserves
Revaluation reserve
Profit
and loss
account
£
£
Balance at 1 May 2015
332,861
57,934
Profit for the year
-
7,781
Balance at 30 April 2016
332,861
65,715
11
Related party relationships and transactions
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2016
2015
£
£
  J T Kevill
-
5,000
  A Glaister
-
1,000
-
6,000

No individual has overall control of the company.

 

The company is financed by loans from the director and the other shareholders. No interest is charged to the company and there are no formal repayment terms. The total balance on these loans at 30 April 2016 was £123,272 (2015 £123,272).

 

 

 

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