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REGISTERED NUMBER:
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BALMCREST ESTATES MANAGEMENT |
LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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REGISTERED NUMBER:
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BALMCREST ESTATES MANAGEMENT |
LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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BALMCREST ESTATES MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04818628) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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 | 3 | to | 5 |
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BALMCREST ESTATES MANAGEMENT |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
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BANKERS: |
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Link ASI Limited |
BALMCREST ESTATES MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04818628) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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
its behalf by: |
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BALMCREST ESTATES MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04818628) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Balmcrest Estates Management Limited is a private company, limited by shares, registered in England |
and Wales. The company's registered number, registered office and principal place of business |
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 presentation currency of the financial statements is the Pound Sterling (£). |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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The comparatives are unaudited. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually |
reviewed and are based on experience and other factors, including expectations of future events that |
are believed to be reasonable under the circumstances. |
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Financial instruments |
Basic financial assets, which include other debtors and cash and bank balances, are initially measured |
at transaction price 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. |
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Basic financial liabilities, including other creditors 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 payments discounted at a market rate of interest. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
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BALMCREST ESTATES MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04818628) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Going concern |
In preparing the financial statements, the directors have considered the current financial position of the |
company and its likely future cashflows. |
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The company has recorded a loss in the year and has both net current liabilities and net liabilities at |
the statement of financial position date. The company ceased investment in property during a prior |
period following the sale of its investment property. Therefore the continuation of the company is |
dependent on the continuing support of its related parties. |
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After making enquiries and considering the uncertainties described above, the directors have a |
reasonable expectation that the company has adequate resources to continue in operational existence |
for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in |
preparing the financial statements. |
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The financial statements do not include any adjustments that would result if the company was unable |
to continue as a going concern. |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
VAT |
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Prepayments and accrued income |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to group undertakings |
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Amounts owed to related parties | - |
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Accruals and deferred income |
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5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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BALMCREST ESTATES MANAGEMENT |
LIMITED (REGISTERED NUMBER: 04818628) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | EMPLOYEES AND DIRECTORS |
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The directors were the only employees of the company during the current and prior financial period, |
and received no emoluments from the company in either period. |
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7. | ULTIMATE CONTROLLING PARTY |
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Balmcrest Estates Management Limited is a 100% subsidiary of Balmcrest Homes Limited. There is |
no single ultimate controlling party. |