Company Registration No. 05028452 (England and Wales)
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
COMPANY INFORMATION
Directors
Mr Crook
Mr Patel
Mr Reynolds
Secretary
Mr Patel
Company number
05028452
Registered office
The Mansion
Bletchley Park
Sherwood Drive
Milton Keynes
MK3 6EB
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 11
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2018
- 1 -
The directors present their annual report and financial statements for the year ended 30 December 2018.
Principal activities
The principal activity of the company continued to be that of the provision of support to new startup companies through giving advice and letting of commercial property.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Crook
Mr Patel
Mr Reynolds
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr Reynolds
Director
8 November 2019
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2018
30 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
120,511
162,428
Investments
4
1
25,001
120,512
187,429
Current assets
Debtors
5
2,236,530
2,197,202
Cash at bank and in hand
20
20
2,236,550
2,197,222
Creditors: amounts falling due within one year
6
(682,876)
(754,127)
Net current assets
1,553,674
1,443,095
Total assets less current liabilities
1,674,186
1,630,524
Creditors: amounts falling due after more than one year
7
(750,000)
(750,000)
Provisions for liabilities
(107)
(212)
Net assets
924,079
880,312
Capital and reserves
Called up share capital
8
2,432
2,432
Share premium account
704,734
704,733
Profit and loss reserves
216,913
173,147
Total equity
924,079
880,312
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 DECEMBER 2018
30 December 2018
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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 by the board of directors and authorised for issue on 8 November 2019 and are signed on its behalf by:
Mr Reynolds
Director
Company Registration No. 05028452
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Bletchley Park Capital Partners Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Mansion, Bletchley Park, Sherwood Drive, Milton Keynes, MK3 6EB.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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:
Leasehold land,buildings and property improvements
Straight line over 15 year lease
Fixtures and fittings
25% reducing balance
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
.
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
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.
1.6
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 statement of financial position 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.
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares 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.
1.7
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.
1.8
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 income statement 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 income statement, 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.
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
1
Accounting policies
(Continued)
- 7 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
- 8 -
3
Tangible fixed assets
Leasehold land,buildings and property improvements
Fixtures and fittings
Total
£
£
£
Cost
At 31 December 2017
382,943
342,982
725,925
Additions
-
264
264
At 30 December 2018
382,943
343,246
726,189
Depreciation and impairment
At 31 December 2017
241,648
321,849
563,497
Depreciation charged in the year
36,860
5,321
42,181
At 30 December 2018
278,508
327,170
605,678
Carrying amount
At 30 December 2018
104,435
16,076
120,511
At 30 December 2017
141,295
21,133
162,428
4
Fixed asset investments
2018
2017
£
£
Investments
1
25,001
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 31 December 2017
1
25,000
25,001
Disposals
-
(25,000)
(25,000)
At 30 December 2018
1
-
1
Carrying amount
At 30 December 2018
1
-
1
At 30 December 2017
1
25,000
25,001
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
- 9 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
262,264
264,650
Amounts owed by group undertakings
1,239,871
1,239,871
Other debtors
613,660
576,310
2,115,795
2,080,831
2018
2017
Amounts falling due after more than one year:
£
£
Other debtors
120,735
116,371
Total debtors
2,236,530
2,197,202
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
39,249
29,332
Trade creditors
192,384
294,678
Corporation tax
58,490
81,292
Other taxation and social security
78,479
20,913
Other creditors
314,274
327,912
682,876
754,127
HSBC Bank Plc holds a fixed and floating charge over all the assets of the company
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
750,000
750,000
Included in creditors due in more than one year is a loan note of £750,000, secured on freehold property owned by a subsidiary company.
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
- 10 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
243,248 Ordinary shares of 1p each
2,432
2,432
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
527,920
859,056
BLETCHLEY PARK CAPITAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2018
- 11 -
10
Related party transactions
Transactions with related parties
Included within debtors are amounts due from the company's subsidiaries as follows:
2018
Balance
Amounts owed by related parties
£
Bletchley Park Property Developments Limited
374,441
Bletchley Park Property Developments (No.2) Limited
865,430
1,239,871
2017
Balance
Amounts owed in previous period
£
Bletchley Park Property Developments Limited
374,441
Bletchley Park Property Developments (No.2) Limited
865,430
1,239,871
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