|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2017 |
|
FOR |
|
BURLINGTON LAND LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2017 |
|
FOR |
|
BURLINGTON LAND LIMITED |
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
BURLINGTON LAND LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 9 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Burlington Land Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
|
|
TURNOVER |
Turnover represents net invoiced sales of goods, excluding value added tax. |
|
TANGIBLE FIXED ASSETS |
|
|
Office equipment | 25% Reducing Balance |
|
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair |
value is recognised in profit or loss. |
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
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 and loans from fellow group companies 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 payment 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. |
|
Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Accounts payable greater than one year are recognised |
initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
|
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement |
of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
INTEREST RECEIVABLE |
Interest due from SCR MLR and SCI Vendome are recognised on the received basis due to the uncertainty of the |
timing of the repayment of the debt. All other interest is recognised on the accruals basis. |
|
INVESTMENTS |
Investments held as fixed assets are shown at cost less provision for impairment. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 July 2016 |
|
Additions |
|
At 30 June 2017 |
|
Depreciation |
At 1 July 2016 |
|
Charge for year |
|
At 30 June 2017 |
|
Net book value |
At 30 June 2017 |
|
At 30 June 2016 |
|
|
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
Cost |
At 1 July 2016 |
and 30 June 2017 |
|
Net book value |
At 30 June 2017 |
|
At 30 June 2016 |
|
|
6. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 July 2016 |
and 30 June 2017 |
|
Net book value |
At 30 June 2017 |
|
At 30 June 2016 |
|
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
7. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts | 19,209 | 32,537 |
Corporation tax repayable |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors | 687,993 | 683,756 |
|
Aggregate amounts |
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
|
|
Other creditors |
|
|
Bank loan and overdrafts | 25,000 | 25,000 |
Corporation tax |
|
|
Social security and other taxes |
|
|
Advance from Customer | - | 1,256 |
|
|
|
Bank loans are secured by way of first priority legal charge over the investment property and interest is charged at |
LIBOR plus 2.60%. |
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 1-2 years |
|
|
Bank loans - 2-5 years |
|
|
Bank loans - over five years |
|
|
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans - over five years | 193,750 | 218,750 |
BURLINGTON LAND LIMITED (REGISTERED NUMBER: 04565739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
10. | RELATED PARTY DISCLOSURES |
|
The company holds an investment of £349 in the equity share capital of SCI MLR, a company incorporated in |
France. The remaining equity shares are held by Mr D Itkin, a director and shareholder of Burlington Land Limited. |
|
In earlier years the company advanced £490,416 to SCI MLR and the amount outstanding at the balance sheet date |
was £490,416 (2016 - £490,416). The term of the loan is 20 years at an interest rate of 3.5% per annum. Interest |
received during the year from SCI MLR amounted to £Nil (2016 - £Nil). Total interest receivable at the balance |
sheet date amounted to £137,563 (2016 - £120,399) and will be reflected in the accounts when received. |
|
The company holds an investment of £427 in the equity share capital of SCI Vendome. a company incorporated in |
France. The directors of Burlington Land Limited have a majority interest in the remaining equity shares of SCI |
Vendome. The company granted 15 year loans to SCI Vendome, of which £197,577 (2016 - £193,340) was owed at |
the balance sheet and included under debtors due after more than one year. The loan carried interest at the rate of |
3.5% per annum. Total interest receivable at the balance sheet date amounted to £28,105 (2016 - £21,338) and will |
be reflected in the accounts when received. |
|
During the year the company declares dividend totalling £25,000 (2016 - £50,000) to the director, Mr D Itkin. |
|
Included in other debtors is £19,209 (2016 - £32,537) due from the directors of the company equally. This is an |
interest free loan to the directors and maximum outstanding during the year was £19,209. |
|
11. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Mr D Itkin. |
|
12. | RENT DEPOSITS |
|
The company holds rent deposits from the tenants and maintains a separate interest bearing bank account for them. |
The total balance held in the designated bank accounts at the balance sheet date was £173,940 (2016 - £126,945). |
|
13. | FIRST YEAR ADOPTION |
|
This was the first period that the company has presented its results under FRS 102 section 1A. The last financial |
statements under FRSSE 2015 were for the period ended 30 June 2016. The date of transition to FRS 102 section 1A |
was 1 July 2016. |
|
There is no impact on either the Profit and Loss account or the net assets of the company upon the transition to FRS |
102 section 1A. |