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REGISTERED NUMBER:
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BONDCLIFF LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 19 OCTOBER 2017 |
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REGISTERED NUMBER:
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BONDCLIFF LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 19 OCTOBER 2017 |
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BONDCLIFF LIMITED (REGISTERED NUMBER: 01027955) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 19 OCTOBER 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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BONDCLIFF LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 19 OCTOBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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14 London Road |
Newark |
Nottinghamshire |
NG24 1TW |
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BANKERS: |
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PO Box 17 |
9 Church Street |
Mansfield |
Nottinghamshire |
NG18 1AF |
BONDCLIFF LIMITED (REGISTERED NUMBER: 01027955) |
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STATEMENT OF FINANCIAL POSITION |
19 OCTOBER 2017 |
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19.10.17 | 19.10.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Revaluation reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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BONDCLIFF LIMITED (REGISTERED NUMBER: 01027955) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 19 OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Bondcliff Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue |
Revenue represents the rents payable to the company in respect of the accounting period, excluding value added tax. |
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Property, plant and equipment |
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Land and buildings | - |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Investment properties |
In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) investment property is |
revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. Depreciation is not |
provided in respect of investment property. The directors consider that this accounting policy is necessary in order to |
provide a true and fair view. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BONDCLIFF LIMITED (REGISTERED NUMBER: 01027955) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 19 OCTOBER 2017 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 20 October 2016 |
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Additions |
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Disposals |
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At 19 October 2017 |
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DEPRECIATION |
At 20 October 2016 |
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Charge for year |
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Eliminated on disposal |
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At 19 October 2017 |
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NET BOOK VALUE |
At 19 October 2017 |
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At 19 October 2016 |
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Cost or valuation at 19 October 2017 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2013 | 2,035,261 | - | 2,035,261 |
Valuation in 2014 | 100,000 | - | 100,000 |
Valuation in 2015 | 330,000 | - | 330,000 |
Valuation in 2016 | 219,600 | - | 219,600 |
Cost | 6,135,603 | 68,817 | 6,204,420 |
8,820,464 | 68,817 | 8,889,281 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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19.10.17 | 19.10.16 |
£ | £ |
Cost | 4,965,203 | 4,964,739 |
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Investment properties were valued on an open market basis on 19 October 2015 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
19.10.17 | 19.10.16 |
£ | £ |
Trade debtors |
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Other debtors |
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BONDCLIFF LIMITED (REGISTERED NUMBER: 01027955) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 19 OCTOBER 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
19.10.17 | 19.10.16 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 19.10.17 | 19.10.16 |
value: | £ | £ |
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Ordinary | £1 | 65 | 65 |
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8. | RESERVES |
Revaluation |
reserve |
£ |
At 20 October 2016 |
and 19 October 2017 |
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9. | FIRST YEAR ADOPTION |
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Reconciliation of equity |
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19.10.16 | 19.10.15 |
Note | £ | £ |
Capital and reserves (as previously stated) | 8,694,573 | 8,131,074 |
Deferred tax on property revaluations | i | (218,500 | ) | (193,000 | ) |
Capital and reserves (as restated) | 8,476,073 | 7,938,074 |
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Reconciliation of profit for the year |
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19.10.16 |
Note | £ |
Profit for the year (as previously stated) | 393,949 |
Deferred tax on property revaluations | i | (25,500 | ) |
Revaluation of investment properties | ii | 219,600 |
588,049 |
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i Deferred tax |
Under previous UK GAAP the company was not required to provide for taxation on revaluations, unless the company had |
entered into a binding sale agreement and recognised the gain or loss expected to arise. Under FRS 102 deferred taxation is |
provided on the temporary difference arising from the revaluation. A deferred tax provision of £193,000 recognised at the |
date of transition with a charge of £25,500 recognised in the income statement for 2016. |
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ii Investment properties |
Under previous UK GAAP, revaluation gains and losses on investment properties were not recognised in the income |
statement. As a result of the transition to FRS 102, the profit for 2016 has increased by £219,600 but there is no effect on |
reserves. |