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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2017 |
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FOR |
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BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED |
BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
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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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BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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STATEMENT OF FINANCIAL POSITION |
31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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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 LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
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1. | STATUTORY INFORMATION |
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Brackens Elite Property Management Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£) which is the functional currency of the company. |
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These financial statements for the year ended 31 July 2017 are the first financial statements of Brackens Elite |
Property Management Limited that comply with FRS102. The date of transition to FRS 102 is 1 August 2015. |
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The transition to FRS 102 has not affected the reported financial position and financial performance as reported |
on the reconciliation of equity as at 1 August 2015 and 31 July 2016, and also on the reconciliation of profit for |
the year ended 31 July 2016. |
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Going concern |
The directors have expressed their intention to provide sufficient funds to the company as and when needed to |
enable it to continue operating and also to meet its liabilities as they fall due. |
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At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. The company therefore |
continues to adopt the going concern basis of accounting in preparing the financial statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimates is revised where the revision affects only that period or in the |
period of the revision and future periods where the revision affects both current and future periods. |
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There were no judgements and estimates that had significant effect on the amounts recognised in the financial |
statements. |
BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such |
cost includes costs directly attributable to making the asset capable of operating as intended. |
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
circumstances indicate that the carrying value may not be recoverable. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds |
and the carrying amount of the asset and is recognised in the profit and loss account. |
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Impairment of assets |
The company assess at each reporting date whether an asset may be impaired. If any such indication exists the |
company estimates the recoverable amount of the assets. If it is not possible to estimate the recoverable amount |
of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the |
asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs |
to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the |
asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the |
asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease. |
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An impairment loss recognised for all assets, in goodwill, is reversed in a subsequent period only if the reasons |
for the impairment have ceased to apply. |
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Investment property |
Investment property is shown at most recent valuation and is held for long-term investment. Investment property |
is initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment |
property whose fair value can be measured reliably are carried at fair value. The surplus or deficit is recognised |
in the income statement accumulated in the non-distributable reserve unless a deficit below original cost, or its |
reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the |
income statement for the period. The company engages independent valuers to assist the directors in determining |
fair value. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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Stocks and work-in-progress |
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties. |
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Basic financial assets, which include trade and other receivables 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 constitute a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset id impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective rate. The impairment loss is recognised in |
profit or loss. |
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If there is a decrease in impairment loss arising from the event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
carrying amount would have been, had the impairment not previously been recognised. The impairment reversal |
is recognised in profit or loss. |
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Financial assets are derecognised only when the contractual rights to cash flow from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, of if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities, including trade and other payables and bank loans, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised costs, using the effective interest rate method. |
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Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Accounts 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 payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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3. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2016 |
and 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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5. | STOCKS |
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Stocks and work-in-progress represent the original cost of the property acquired for redevelopment and sale. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
VAT |
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Prepayments |
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BRACKENS ELITE PROPERTY MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04479260) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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VAT | - | 2,735 |
Dividends payable | 175,000 | 175,000 |
Directors' current account | 14,420 | 12,909 |
Directors' loan accounts | 1,498,687 | 1,488,787 |
Accrued expenses |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | RELATED PARTY DISCLOSURES |
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Loan from directors |
At the reporting date, Mr E J Lawley and Mrs M Lawley were owed £1,513,107 (2016: £1,501,696) by the |
company. This is an unsecured interest-free loan which is repayable on demand. |
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Dividend payable |
At the reporting date, Mr E J Lawley was owed £175,000 (2016: £175.000) by the company. This amount is |
interest-free and is repayable on demand. |
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10. | ULTIMATE CONTROLLING PARTY |
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The director, Mr E J Lawley, control the company by virtue of a controlling interest of 100% of the issued |
ordinary share capital. |
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11. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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• | to use a previous GAAP revaluation as deemed cost on: |
- | an item of property, plant and equipment; |
- | an investment property. |