Company Registration No. 08385808 (England and Wales)
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr B A G McKenzie
Mr R K Bridgewater
Company number
08385808
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
MHA Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Business address
149 Findon Road
Findon Valley
Worthing
West Sussex
BN14 0BQ
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED FOR THE PERIOD ENDED 31 MARCH 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bridgewater & McKenzie Investments Limited for the period ended 31 March 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Bridgewater & McKenzie Investments Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Bridgewater & McKenzie Investments Limited
and state those matters that we have agreed to state to the Board of Directors of Bridgewater & McKenzie Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bridgewater & McKenzie Investments Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Bridgewater & McKenzie Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Bridgewater & McKenzie Investments Limited. You consider that Bridgewater & McKenzie Investments Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Bridgewater & McKenzie Investments Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
29 December 2017
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
137
272
Investment properties
4
1,700,001
925,073
1,700,138
925,345
Current assets
Debtors
5
108,102
850
Cash at bank and in hand
24,176
12,944
132,278
13,794
Creditors: amounts falling due within one year
6
(308,693)
(232,373)
Net current liabilities
(176,415)
(218,579)
Total assets less current liabilities
1,523,723
706,766
Creditors: amounts falling due after more than one year
7
(1,337,576)
(792,105)
Net assets/(liabilities)
186,147
(85,339)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
186,047
(85,439)
Total equity
186,147
(85,339)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 period 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.
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 December 2017 and are signed on its behalf by:
Mr B A G McKenzie
Director
Company Registration No. 08385808
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
Bridgewater & McKenzie Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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.
These financial statements for the period ended 31 March 2017
are the
first
financial statements of Bridgewater & McKenzie Investments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
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:
Computer equipment
33.3% straight line per annum
1.4
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.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
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.
1.6
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.
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
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
.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2016 - 1).
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 March 2016 and 31 March 2017
405
Depreciation and impairment
At 1 March 2016
133
Depreciation charged in the period
135
At 31 March 2017
268
Carrying amount
At 31 March 2017
137
At 29 February 2016
272
4
Investment property
2017
£
Fair value
At 1 March 2016
925,073
Additions
459,881
Revaluations
315,047
At 31 March 2017
1,700,001
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
4
Investment property
(Continued)
- 6 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out in March 2017 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
15,619
-
Other debtors
92,483
850
108,102
850
6
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
308,693
232,373
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
1,337,576
792,105
The long-term mortgage is secured.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100