Company Registration No. 04369239 (England and Wales)
BELMANGATE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
BELMANGATE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BELMANGATE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
796
Investment properties
3
549,912
549,912
549,912
550,708
Current assets
Debtors
4
3,667
11,252
Cash at bank and in hand
259
1,329
3,926
12,581
Creditors: amounts falling due within one year
5
(41,008)
(34,291)
Net current liabilities
(37,082)
(21,710)
Total assets less current liabilities
512,830
528,998
Creditors: amounts falling due after more than one year
6
(283,287)
(292,224)
Net assets
229,543
236,774
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
229,443
236,674
Total equity
229,543
236,774
BELMANGATE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 31 March 2020
J R Gray
Director
Company Registration No. 04369239
BELMANGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Belmangate Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Trinity Chambers, 18 Ivy Street, Birkenhead, Wirral, Merseyside, CH41 5EF.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of
rent received or receivable and
is shown net of VAT
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
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.
Changes in fair value are 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.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BELMANGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents
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.
1.7
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 and bank loans 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
BELMANGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2018 and 30 June 2019
3,181
Depreciation and impairment
At 1 July 2018
2,385
Depreciation charged in the year
796
At 30 June 2019
3,181
Carrying amount
At 30 June 2019
-
At 30 June 2018
796
BELMANGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
3
Investment property
2019
£
Fair value
At 1 July 2018 and 30 June 2019
549,912
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
3,667
11,252
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
8,405
11,599
Trade creditors
1,710
1,000
Corporation tax
13,303
9,478
Other taxation and social security
7,502
9,177
Other creditors
10,088
3,037
41,008
34,291
Bank loans are secured by a fixed charge over the investment properties held by the company.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans
283,287
292,224
Amounts included above which fall due after five years are as follows:
Payable by instalments
244,067
256,440
BELMANGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
8
Related party transactions
During the year, the company
charged
consultancy fees of £
8,083
(201
8
£
27,500
) and rent of £25,000 (201
8
£25,000)
to
Muir Associates (UK) Limited, a company which is also controlled by J R Gray. At the year end, a balance was due
to
Muir Associates (UK) Limited of £
7,849
(
2018 £11,251 due from Muir Associates (UK) Limited
).
9
Directors' transactions
Dividends totalling £24,900 (2018 - £20,000) were paid in the year in respect of shares held by the company's directors.