Company Registration No. 04090047 (England and Wales)
BOOTH STREET PROPERTY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BOOTH STREET PROPERTY COMPANY LIMITED
COMPANY INFORMATION
Director
S E Elias
Company number
04090047
Registered office
2nd Floor
1 Ashley Road
ALTRINCHAM
WA14 2DT
Auditor
Lopian Gross Barnett & Co
6th Floor Cardinal House
20 St Mary's Parsonage
Manchester
M3 2LG
Bankers
Natwest Bank Plc
Spinningfields Square
182 Deansgate
Manchester
M3 3LY
Aviva Commercial Finance Ltd
PO BOX 21
Surrey Street
Norwich
NR1 3NU
Solicitors
Gateley LLP
Ship Canal House
98 King Street
Manchester
M2 4WU
BOOTH STREET PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BOOTH STREET PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
15,979,309
15,750,000
Current assets
Debtors
4
336,323
547,150
Cash at bank and in hand
209,946
143,460
546,269
690,610
Creditors: amounts falling due within one year
5
(5,807,802)
(5,241,727)
Net current liabilities
(5,261,533)
(4,551,117)
Total assets less current liabilities
10,717,776
11,198,883
Creditors: amounts falling due after more than one year
6
(8,020,527)
(8,129,812)
Net assets
2,697,249
3,069,071
Capital and reserves
Called up share capital
7
100
100
Profit and loss - undistributable
4,742,479
4,742,478
Profit and loss distributable
(2,045,330)
(1,673,507)
Total equity
2,697,249
3,069,071
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on
3 July 2018
S E Elias
Director
Company Registration No. 04090047
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Booth Street Property Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor, 1 Ashley Road, ALTRINCHAM, WA14 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rents and services net of VAT.
Revenue is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required by FRS102.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
3
Investment property
2017
£
Fair value
At 1 January 2017
15,750,000
Additions
229,309
At 31 December 2017
15,979,309
The fair value of the investment property has been arrived at on the basis of a valuation carried out at August 2015 by Savills Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
72,701
145,942
Other debtors
263,622
401,208
336,323
547,150
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loan
109,285
103,082
Trade creditors
49,932
57,112
Other creditors
5,648,585
5,081,533
5,807,802
5,241,727
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
8,020,527
8,129,812
The Bank loan is secured by fixed charges over the company's property.
Creditors which fall due after five years are as follows:
2017
2016
£
£
Payable by instalments
700,979
841,862
Payable other than by instalments
6,805,000
6,805,000
7,505,979
7,646,862
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jason Selig BA ACA CTA DChA.
The auditor was Lopian Gross Barnett & Co.
9
Financial commitments, guarantees and contingent liabilities
The company has cross guarantees with regards to the loan with the following connected companies:- Booth Street Property Company Ltd, Cramlington Land Partnership and Halifax Retail Park Ltd.
10
Related party transactions
There were no related party transactions outside the normal course of business.
BOOTH STREET PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
11
Directors' transactions
At the balance sheet date the company owed directors loans totalling £905,000 (2016 - £815,000) all of which were included in other creditors. There is no formal loan agreement in place and the loans are repayable on demand.