Company Registration No. 07626068 (England and Wales)
BLUE TED DEVELOPMENT
LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 MAY 2019
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
BLUE TED DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLUE TED DEVELOPMENT LIMITED
Company Registration No. 07626068
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
96
193
Investment properties
4
1,370,000
1,370,000
1,370,096
1,370,193
Current assets
Debtors
5
11,357
6,899
Cash at bank and in hand
16,982
22,966
28,339
29,865
Creditors: amounts falling due within one year
6
(615,017)
(639,116)
Net current liabilities
(586,678)
(609,251)
Total assets less current liabilities
783,418
760,942
Creditors: amounts falling due after more than one year
7
(224,274)
(202,386)
Provisions for liabilities
(23,850)
(26,208)
Net assets
535,294
532,348
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
535,194
532,248
Total equity
535,294
532,348
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
BLUE TED DEVELOPMENT LIMITED
Company Registration No. 07626068
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 January 2020
S McLean
Director
BLUE TED DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2019
- 3 -
1
Accounting policies
Company information
Blue Ted Development Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
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, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company has net current liabilities of £
5
8
6
,
67
8. Included within other creditor is £
5
89,600
amount due to the director, S McLean. The director has confirmed that she will continue to support the company for the foreseeable future and is confident about the company's ability to trade as a going concern and meets its financial obligations. Therefore, the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of human resources advisory
services
supplied and letting income received during the year, exclusive of Value Added Tax and trade
discounts.
Income is recognised in the period in which the service was supplied.
1.4
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:
Fixtures, fittings & equipment
3 years straight line
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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
BLUE TED DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash at bank and in hand
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.
1.7
Financial instruments
Basic financial assets
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
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.
1.9
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 profit and loss account 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 profit and loss account, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
BLUE TED DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 May 2018 and 30 May 2019
290
Depreciation and impairment
At 31 May 2018
97
Depreciation charged in the year
97
At 30 May 2019
194
Carrying amount
At 30 May 2019
96
At 30 May 2018
193
4
Investment property
2019
£
Fair value
At 31 May 2018 and 30 May 2019
1,370,000
The investment properties have been valued at
30 May 201
9
by the director at open
market value.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,357
2,409
Other debtors
10,000
4,490
11,357
6,899
BLUE TED DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
7,751
7,750
Trade creditors
2,109
1,916
Other taxation and social security
6,675
5,034
Other creditors
598,482
624,416
615,017
639,116
Included within creditors falling due within one year are bank loans of £
7,75
1 (2018 - £7,750) which
are
secured on the company's investment properties.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
224,274
202,386
Included within creditors falling due in more than one year are bank loans of £224,274
(2018
-
£202,386)
which are secured on the company's investment properties.
Amounts included above which fall due after five years are as follows:
Wholly repayable within five years by installments
193,274
171,386
BLUE TED DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
- 7 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Related party transactions
At the balance sheet date the company owed £5
89,600
(2018 - £
6
20,791)
to
the director
, S McLean
.
This loan is
interest
free and repayable on demand.