REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2020 |
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Blenheim Property Management Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Blenheim Property Management Limited |
Blenheim Property Management Limited (Registered number: 03443121) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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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 | 4 |
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Blenheim Property Management Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
Blenheim Property Management Limited (Registered number: 03443121) |
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Statement of Financial Position |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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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 |
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Revaluation reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Blenheim Property Management Limited (Registered number: 03443121) |
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Statement of Financial Position - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Blenheim Property Management Limited (Registered number: 03443121) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Blenheim Property Management Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year/period, and also have been consistently applied within the same accounts. |
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Preparation of consolidated financial statements |
The financial statements contain information about Blenheim Property Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease. The company has taken advantage of the amendments to Financial Reporting Standard 102 to account for temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic on a systematic basis over the periods that the change in lease payments is intended to compensate. |
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Investments in subsidiaries |
Fixed asset investments are stated at valuation. The basis of valuation is the net asset value at the year end of the consolidated balance sheet of its subsidiary Blenheim Estates Limited. |
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Investment property |
Initial measurement |
Investment properties are initially measured at cost. |
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Subsequent measurement |
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties. |
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Blenheim Property Management Limited (Registered number: 03443121) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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Investments |
Investments are shown at cost less permanent diminution in value. |
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Going concern |
The financial statements have been prepared on a going concern basis which the director considers appropriate. This basis is dependent upon the continued support of the company's bankers and other creditors. The financial statements do not include any adjustments that would result from a withdrawal of financial support from the creditors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST OR VALUATION |
At 1 January 2020 |
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Revaluations | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Blenheim Property Management Limited (Registered number: 03443121) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | FIXED ASSET INVESTMENTS - continued |
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Cost or valuation at 31 December 2020 is represented by: |
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Shares in |
group |
undertakings |
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Valuation in 2020 | 7,534,742 |
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If the fixed asset investments had not been revalued, they would have been included at a historical cost of £1. |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Fair value at 31 December 2020 is represented by: |
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Valuation in 2017 | 606,000 |
Cost | 6,059,069 |
6,665,069 |
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If the investment properties had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 6,059,069 | 6,059,069 |
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The investment properties were valued on an open market basis on 31 December 2020 by the director . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments & accrued income |
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Blenheim Property Management Limited (Registered number: 03443121) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Tax |
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Value added tax | 128,938 | 67,204 |
Other creditors |
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Accruals & deferred income |
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8. | RESERVES |
Revaluation |
reserve |
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At 1 January 2020 |
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Revaluation of investments | (1,054,708 | ) |
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At 31 December 2020 |
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9. | CONTINGENT LIABILITIES |
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As part of the bank loan facility in its subsidiary, Blenheim Estates Limited, the company has entered into a deed of charge with the lender over its shareholding in the subsidiary company. At 31 December 2020 the bank loan in the subsidiary company amounted to £7,531,512 (2019: £7,651,512). |
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10. | RETAINED EARNINGS |
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The retained earnings of £11,236,262 (2019: £11,279,217) comprise distributable reserves of £10,630,262 (2019: £10,700,817) and non-distributable reserves of £606,000 (2019: £578,400) which relate to property revaluations less related deferred tax provision. |