Registration number:
B J Property Developments Limited
for the Period from 1 April 2017 to 30 June 2018
Chartered Accountants
4 Irnham Road
Minehead
Somerset
TA24 5DG
B J Property Developments Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
B J Property Developments Limited
(Registration number: 04815484)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
( |
( |
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Total equity |
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For the financial period ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
B J Property Developments Limited
(Registration number: 04815484)
Balance Sheet as at 30 June 2018
Approved and authorised by the
.........................................
Director
Page 2 |
B J Property Developments Limited
Statement of Changes in Equity for the Period from 1 April 2017 to 30 June 2018
Share capital |
Fair value reserve |
Profit and loss account |
Total |
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At 1 April 2017 |
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( |
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Profit for the period |
- |
- |
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Total comprehensive income |
- |
- |
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Transfers |
- |
13,120 |
(13,120) |
- |
At 30 June 2018 |
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( |
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Share capital |
Fair value reserve |
Profit and loss account |
Total |
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At 1 April 2016 |
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( |
( |
Profit for the period |
- |
- |
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Total comprehensive income |
- |
- |
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Transfers |
- |
49,800 |
(49,800) |
- |
At 31 March 2017 |
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( |
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Page 3 |
B J Property Developments Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales and its registration number is 04815484.
The address of its registered office is:
The principal place of business is:
2 Bowfell Close
Taunton
Somerset
TA1 4JP
Length of reporting period
These financial statements cover the 15 month period ended 30 June 2018. The longer period has been adopted for administrative purposes. Comparative figures relate to the 12 month period ended 31 March 2017 and are therefore not entirely comparable.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents rental income from residential property receivable in respect of the period.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period includes deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
B J Property Developments Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property
Page 5 |
B J Property Developments Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 6 |
B J Property Developments Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investment properties |
2018 |
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At 1 April |
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Fair value adjustments |
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At 30 June |
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Investment properties were valued in June 2018 by the directors, on the basis of fair value, derived from the current market prices for comparable real estate. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Debtors |
2018 |
2017 |
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Other debtors |
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Total current trade and other debtors |
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Page 7 |
B J Property Developments Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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2018 |
2017 |
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Due after more than five years |
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After more than five years not by instalments |
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- |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Reserves |
Fair value reserve
Amounts transferred to or from the fair value reserve in the period together with the amount of the reserve at the beginning and end of the period are shown in the Statement of Changes in Equity for the Period. Amounts debited or credited to the fair value reserve in the period are stated net of any associated deferred tax.
Page 8 |
B J Property Developments Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Borrowings due after five years
Bank borrowings due after five years are secured by a fixed charge over the company's investment properties.
Related party transactions |
Transactions with directors |
During the year there were loans to a director of the company M I Brewer. The loans were repayable to the company on demand and a summary of the aggregate loan advances and repayments is shown below. No interest was charged on the loans (2017: £nil).
During the year there were loans to a director of the company S P J John. The loans were repayable to the company on demand and a summary of the aggregate loan advances and repayments is shown below. No interest was charged on the loans (2017: £nil).
Transactions with directors |
2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 30 June 2018 |
M I Brewer |
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Loans |
235 |
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( |
- |
S P J John |
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Loans |
- |
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( |
- |
Page 9 |