REGISTERED NUMBER:
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BARMSTON DEVELOPMENTS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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REGISTERED NUMBER:
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BARMSTON DEVELOPMENTS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BARMSTON DEVELOPMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
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BANKERS: |
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8 Park Row |
Leeds |
West Yorkshire |
LS1 1QS |
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SOLICITORS: |
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Queens House |
Micklegate |
York |
YO1 6WG |
BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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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 and authorised for issue on
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BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Barmston Developments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency is Pounds Sterling. |
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The preparation of financial statements in compliance with Section 1A of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
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The following principles have been applied: |
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Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover relates to property sales and is recognised on legal completion. |
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Work in progress |
Work in progress is valued on the basis of third party costs incurred including interest on relevant loans, fees recharged by related parties and internal costs relating to employee time spent specifically on property developments up to the date of practical completion. Once practical completion has been reached, all further costs are expensed to the income statement. |
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Work in progress balances are stated at the lower of cost and net realisable value. Net realisable value of a property represents its market value. |
BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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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 and loans from shareholders. |
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Debt instruments (other than those wholly payable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payments or receivables, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the income statement where there is an 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. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including shareholder loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Finance costs |
Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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I nterest income |
Interest income is recognised in the income statement using the effective interest method. |
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Borrowing costs |
All borrowing costs are recognised in the income statement in the year in which they are incurred. |
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Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the financial statement of financial position date, except that: |
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits: and |
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
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Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations,when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that they will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
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Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Loans from shareholders |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Other taxes | 26,723 | 140,947 |
Other creditors |
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Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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'A' ordinary shares | £1 | - | 500 |
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'B' ordinary shares | £1 | - | 500 |
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Ordinary shares | £1 | 1,000 | - |
1,000 | 1,000 |
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On 30 January 2020, the 500 'B' ordinary shares were redesignated as 500 'A' ordinary shares and then, on the same day, the 1,000 'A' ordinary shares were redesignated as 1,000 ordinary shares. |
BARMSTON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06196205) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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8. | 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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9. | RELATED PARTY DISCLOSURES |
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During the year, the company made purchases on an arms-length basis from a former shareholder, Clugston Estates Ltd, amounting to £187,500 (2019: £250,000). In addition, the company paid interest of £nil (2019: £34,315) on loans provided by Clugston Estates Ltd. |
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The company also made purchases on an arms-length basis from Wilton Developments Limited, during the period when it was a shareholder only, amounting to £187,500 (2019: £250,000). In addition, the company paid interest of £nil (2019: £34,315) on loans provided by Wilton Developments Limited. |
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During the year, Wilton Developments Limited became a group company and any transactions during this period fall under the exemptions from disclosure applicable to group companies. |
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10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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11. | ULTIMATE CONTROLLING PARTY |
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The shares in the company are held by Wilton Developments Limited which exercises operational control over Barmston Developments Limited. |
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The registered office of Wilton Developments Limited is 10 South Parade, Leeds LS1 5QS. |
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The shares in Wilton Developments Limited are held in such proportions that there is no single controlling party of the company. |