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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2016 |
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BATTLECROFT LIMITED |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2016 |
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for |
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BATTLECROFT LIMITED |
BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Contents of the Financial Statements |
for the year ended 31 March 2016 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Profit and Loss Account | 6 |
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Statement of Total Recognised Gains and
Losses |
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Balance Sheet | 8 |
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Notes to the Financial Statements | 9 |
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BATTLECROFT LIMITED |
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Company Information |
for the year ended 31 March 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Report of the Directors |
for the year ended 31 March 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2016. |
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DIRECTORS |
The directors who have held office during the period from 1 April 2015 to the date of this |
report are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. |
Under that law the directors have elected to prepare the financial statements in accordance |
with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting |
Standards and applicable law). Under company law the directors must not approve the |
financial statements unless they are satisfied that they give a true and fair view of the state of |
affairs of the company and of the profit or loss of the company for that period. In preparing |
these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to |
show and explain the company's transactions and disclose with reasonable accuracy at any |
time the financial position of the company and enable them to ensure that the financial |
statements comply with the Companies Act 2006. They are also responsible for safeguarding |
the assets of the company and hence for taking reasonable steps for the prevention and |
detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section |
418 of the Companies Act 2006) of which the company's auditors are unaware, and each |
director has taken all the steps that he ought to have taken as a director in order to make |
himself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
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AUDITORS |
The auditors, Camerons Accountancy Consultants Limited, will be proposed for re-appointment |
at the forthcoming Annual General Meeting. |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Report of the Directors |
for the year ended 31 March 2016 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies |
Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Battlecroft Limited |
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We have audited the financial statements of Battlecroft Limited for the year ended |
31 March 2016 on pages six to thirteen. The financial reporting framework that has been |
applied in their preparation is applicable law and the Financial Reporting Standard for Smaller |
Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice |
applicable to Smaller Entities). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 |
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might |
state to the company's members those matters we are required to state to them in a Report of |
the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept |
or assume responsibility to anyone other than the company and the company's members as a |
body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial |
statements sufficient to give reasonable assurance that the financial statements are free from |
material misstatement, whether caused by fraud or error. This includes an assessment of: |
whether the accounting policies are appropriate to the company's circumstances and have |
been consistently applied and adequately disclosed; the reasonableness of significant |
accounting estimates made by the directors; and the overall presentation of the financial |
statements. In addition, we read all the financial and non-financial information in the Report of |
the Directors to identify material inconsistencies with the audited financial statements and to |
identify any information that is apparently materially incorrect based on, or materially |
inconsistent with, the knowledge acquired by us in the course of performing the audit. If we |
become aware of any apparent material misstatements or inconsistencies we consider the |
implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its
profit for the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice applicable to Smaller Entities; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for |
which the financial statements are prepared is consistent with the financial statements. |
Report of the Independent Auditors to the Members of |
Battlecroft Limited |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 |
requires us to report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the
small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Profit and Loss Account |
for the year ended 31 March 2016 |
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2016 | 2015 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 2 |
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Interest payable and similar
charges |
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PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION |
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Tax on profit on ordinary activities | 3 |
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PROFIT FOR THE FINANCIAL
YEAR |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Statement of Total Recognised Gains and Losses |
for the year ended 31 March 2016 |
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2016 | 2015 |
£ | £ |
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PROFIT FOR THE FINANCIAL YEAR |
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Revaluation of investment properties | - |
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(Note 4 & 10) |
TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Balance Sheet |
31 March 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 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 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more
than one year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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Profit and loss account | 10 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
were signed on its behalf by: |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Notes to the Financial Statements |
for the year ended 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis as, in the |
opinion of the directors, the company has adequate facilities available to meet its debts |
as and when they become payable. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as |
modified by the revaluation of certain assets and in accordance with the Financial |
Reporting Standard for Smaller Entities (effective January 2015). |
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Preparation of consolidated financial statements |
The financial statements contain information about Battlecroft Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. |
The company has taken the option under Section 398 of the Companies Act 2006 not to |
prepare consolidated financial statements. |
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Turnover |
The turnover shown in the profit and loss account represents rents and service charges |
receivable during the year. |
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Tangible fixed assets |
All fixed assets are initially recorded at cost. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but |
not reversed at the balance sheet date. |
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Investment property |
The Company's investment property portfolio is assessed by its directors on an open |
market basis at 31st March 2016. |
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The assessment of the Company's portfolio is inherently subjective, depending on many |
factors including the individual nature of each property, its location and expected future |
rental values, market yields and comparable market transactions. Therefore the |
assessment is subject to a degree of uncertainty and is made on the basis of |
assumptions which may not prove to be accurate, particularly in periods of market |
volatility. |
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The portfolio of investment properties owned are shown at their open market value as a |
whole. The surplus or deficit arising from the annual revaluation is transferred in the |
investment revaluation reserve. |
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This is in accordance with the Financial Reporting Standard for Smaller Entities (effective |
January 2015) which, unlike Companies Act 2006, does not require depreciation of |
investment properties. Investment properties are held for their investment potential and |
not for use by the company and so their current value is of prime importance. The |
departure from the provisions of the Act is required in order to give a true and fair view. |
BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2016 |
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2. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2016 | 2015 |
£ | £ |
Auditors' remuneration |
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Directors' remuneration and other benefits etc |
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3. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
2016 | 2015 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit on ordinary activities |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to |
property | property | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2015 |
and 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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Freehold land and properties are valued at £14,200,000 on an open market value basis |
as at 31st March 2016. This value has been provided based on the assessment made by |
the directors, in accordance with note 1. The historical cost of the properties is |
£9,695,449 (2015 £9,623,005). |
BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2016 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 March 2016 is represented by: |
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Improvements |
Land and | to |
buildings | property | Totals |
£ | £ | £ |
Valuation in 2006 | 6,449,439 | - | 6,449,439 |
Valuation in 2009 | (1,000,000 | ) | - | (1,000,000 | ) |
Valuation in 2011 | (1,500,000 | ) | - | (1,500,000 | ) |
Valuation in 2014 | 500,000 | - | 500,000 |
Valuation in 2015 | 200,000 | - | 200,000 |
Cost | 9,550,561 | 72,444 | 9,623,005 |
14,200,000 | 72,444 | 14,272,444 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2016 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Mortgage Loan |
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The mortgage loan is for a fixed term of 15 years and repayable by 1 April 2019. The |
loan is secured on the company's investment properties. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | 1 |
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10. | RESERVES |
Profit |
and loss | Revaluation |
account | reserve | Totals |
£ | £ | £ |
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At 1 April 2015 |
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Profit for the year |
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At 31 March 2016 |
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11. | ULTIMATE PARENT COMPANY |
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company's ultimate parent company. |
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12. | RELATED PARTY DISCLOSURES |
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Watu Limited |
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Parent undertaking |
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An interest free loan has been received from Watu Limited. During the year £200,000 |
was repaid. |
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2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date |
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BATTLECROFT LIMITED (REGISTERED NUMBER: 02783199) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2016 |
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12. | RELATED PARTY DISCLOSURES - continued |
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Warwick Land Limited |
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Fellow group company |
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An interest free loan has been received from Warwick Land Limited |
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2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date |
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Springfield Property Consultants |
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A firm in which Mr Black is a partner |
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Fees of £12,000 were paid to Springfield Property Consultants in the year (£11,940 in |
2015) |
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Livingstone Trust Company Ltd |
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Consultancy fees of £2,500 were paid to Livingstone Trust Company, in which the |
Directors Mr C Guilbert and Mr M Jefferies are partners. |
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13. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to |
prepare and submit returns to the tax authorities and assist with the preparation of the |
financial statements. |