BAYNTON ESTATES LIMITED
|
Company Number: 03534469 |
Abbreviated Balance Sheet |
as at 30 September 2016
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|
|
Note |
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|
2016 |
|
|
2015 |
|
|
|
|
£ |
|
|
£ |
FIXED ASSETS |
Tangible assets |
2 |
|
|
4,794,726 |
|
|
4,395,593 |
Investments |
3 |
|
|
3,281,755 |
|
|
3,280,094 |
|
|
|
|
8,076,481 |
|
|
7,675,687 |
CURRENT ASSETS |
Debtors |
4 |
|
2,369,251 |
|
|
1,033,859 |
Cash deposits |
|
|
81,168 |
|
|
9,298 |
Cash at bank and in hand |
|
|
36,579 |
|
|
1,110,524 |
|
|
|
2,486,998 |
|
|
2,153,681 |
CREDITORS: amounts falling due within one year |
|
|
(102,408) |
|
|
(71,141) |
|
NET CURRENT ASSETS |
|
|
|
2,384,590 |
|
|
2,082,540 |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
10,461,071 |
|
|
9,758,227 |
|
PROVISION FOR LIABILITIES AND CHARGES |
Deferred tax |
|
|
|
(1,052) |
|
|
(809) |
|
NET ASSETS |
|
|
|
£10,460,019 |
|
|
£9,757,418 |
|
|
|
|
|
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
5 |
|
|
599,000 |
|
|
635,000 |
Share premium |
6 |
|
|
5,088,281 |
|
|
5,088,281 |
Revaluation reserve |
7 |
|
|
2,560,086 |
|
|
2,158,086 |
Profit and loss account |
|
|
|
2,212,652 |
|
|
1,876,051 |
|
SHAREHOLDERS' FUNDS |
|
|
|
£10,460,019 |
|
|
£9,757,418 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with sections 386 and 387 of the Companies Act 2006 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the year and of its profit or loss for the financial year in accordance with the requirements of section 396 and which otherwise comply with the requirements of the Companies Act 2006 relating to the accounts so far as applicable to the company.
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The abbreviated accounts have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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........................................ |
Dr E. A. Fischl |
Director |
Approved by the board on 8 August 2017
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BAYNTON ESTATES LIMITED |
Company Number: 03534469 |
Notes to the Abbreviated Accounts |
for the year ended 30 September 2016 |
|
1 |
ACCOUNTING POLICIES |
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1.1 Basis of preparation of financial statements |
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The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). The Company was incorporated on 25 March 1998.
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1.2 Turnover |
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Income is recognised within turnover from rent receivable arising from rental agreements for the letting of investment property.
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1.3 Tangible fixed assets and depreciation |
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Tangible fixed assets are stated at cost less depreciation except for Freehold Investment property. No depreciation is provided on Freehold Investment Property, which is valued annually by the director on an open market basis. This treatment is in compliance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and is a departure from the Companies Act 2006 which is necessary to give a true and fair view. It is not considered practicable or meaningful to quantify depreciation that might otherwise be charged. For fixed assets other than Freehold Investment Property, depreciation is provided at rates calculated to write off their cost or valuation, less their estimated residual value, over their expected useful lives on the following bases: |
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Fixtures, fittings and equipment |
20% on a reducing balance basis
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Antique furniture |
2% on a reducing balance basis
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|
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1.4 Investments |
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Investments are stated at cost, less provisions for any impairment in value. |
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1.5 Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on a non-discounted basis at the tax rates which are expected to apply in the periods when the timing differences are expected to reverse. In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) deferred tax is not provided on revaluation gains and losses unless there is a binding contract for sale by the balance sheet date. |
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1.6 Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction or by using averaged rates in approximation. Exchange differences are taken into account in arriving at the operating profit. |
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1.7 Lease rentals |
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Rentals payable applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against profits as incurred. Rentals receivable under operating leases are credited to profits as they arise. |
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BAYNTON ESTATES LIMITED |
Company Number: 03534469 |
Notes to the Abbreviated Accounts |
for the year ended 30 September 2016 |
|
2 |
TANGIBLE FIXED ASSETS |
|
|
Freehold Investment Property |
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Fixtures, Fittings & Equipment |
|
Antique Furniture |
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Total |
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|
£ |
|
£ |
|
£ |
|
£ |
|
COST |
|
At 1 October 2015 |
4,197,000 |
|
32,192 |
|
263,816 |
|
4,493,008 |
|
Additions |
- |
|
2,825 |
|
- |
|
2,825 |
|
Surplus on revaluation |
402,000 |
|
- |
|
- |
|
402,000 |
|
Disposals |
- |
|
(6,805) |
|
- |
|
(6,805) |
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At 30 September 2016 |
£4,599,000 |
|
£28,212 |
|
£263,816 |
|
£4,891,028 |
|
|
|
|
|
|
|
|
|
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DEPRECIATION |
|
At 1 October 2015 |
- |
|
27,082 |
|
70,333 |
|
97,415 |
|
Charge for the year |
- |
|
1,528 |
|
3,870 |
|
5,398 |
|
On disposals |
- |
|
(6,511) |
|
- |
|
(6,511) |
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At 30 September 2016 |
£ - |
|
£22,099 |
|
£74,203 |
|
£96,302 |
|
|
|
|
|
|
|
|
|
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NET BOOK VALUE |
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At 30 September 2016 |
£4,599,000 |
|
£6,113 |
|
£189,613 |
|
£4,794,726 |
|
At 30 September 2015 |
£4,197,000 |
|
£5,110 |
|
£193,483 |
|
£4,395,593 |
|
|
|
|
|
|
|
|
|
|
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|
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|
2016 |
|
2015 |
|
Freehold Investment property: |
£ |
|
£ |
|
Cost of acquisitions and improvements |
£2,038,914 |
|
£2,038,914 |
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|
|
|
|
|
|
|
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Freehold property is valued by the director at an open market value on 30th September 2016. All freehold investment property at the year end is held for commerical letting purposes. |
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3 |
INVESTMENTS |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
Investments are included at cost as follows: |
|
Listed investments |
3,166,385 |
|
3,136,443 |
|
Property partnership interests |
115,370 |
|
143,651 |
|
|
|
|
|
|
|
£3,281,755 |
|
£3,280,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
The market value of Investments at the period end was: |
|
Listed investments |
3,823,345 |
|
3,588,158 |
|
Property partnership interests |
51,164 |
|
66,482 |
|
|
|
|
|
|
|
£3,874,509 |
|
£3,654,640 |
|
BAYNTON ESTATES LIMITED |
Company Number: 03534469 |
Notes to the Abbreviated Accounts |
for the year ended 30 September 2016 |
|
4 |
DEBTORS |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Debtors recoverable after more than one year |
£2,356,611 |
|
£1,021,419 |
|
|
|
|
|
|
|
|
|
5 |
SHARE CAPITAL |
|
|
Nominal |
|
|
|
2016 |
|
2015 |
|
Ordinary shares |
value |
|
Number |
|
£ |
|
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
10,000 |
|
10,000 |
|
10,000 |
|
Redeemable shares |
|
Allotted, called up and fully paid: |
|
Redeemable shares
|
£1 each |
|
589,000 |
|
589,000 |
|
625,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£599,000 |
|
£635,000 |
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At the discretion of the company all or some of the redeemable shares are redeemable at par value on or at any time after 1st July 1999. These shares carry no rights to dividends and on a return of capital they carry a preferential right to a return of the par value without premium. No voting rights are attached to these shares. |
|
6 |
SHARE PREMIUM ACCOUNT |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Brought forward |
£5,088,281 |
|
£5,088,281 |
|
|
|
|
|
|
|
|
|
|
Carried forward |
£5,088,281 |
|
£5,088,281 |
|
|
|
|
|
|
|
|
|
7 |
REVALUATION RESERVE |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Brought forward |
2,158,086 |
|
1,893,086 |
|
Transfer on revaluation of investment property |
402,000 |
|
265,000 |
|
Realised on disposals |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Carried forward |
£2,560,086 |
|
£2,158,086 |
|
|
|
|
|
|
|
|
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Deferred tax is not recognised on the revaluation of freehold investment property in accordance with the accounting policy adopted. If the revalued assets had been sold at the balance sheet date for an amount equal to the valuation a capital gain would have arisen in the order of £1,487,000 and a tax liability on this in the order of £297,000 would have been expected. |
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