Company Registration No. 08385808 (England and Wales)
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
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 YEAR ENDED 31 MARCH 2018
- 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 year ended 31 March 2018 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 year.
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
23 December 2018
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
137
Investment properties
4
1,730,000
1,700,000
1,730,000
1,700,137
Current assets
Debtors
5
59,028
108,103
Cash at bank and in hand
4,185
24,176
63,213
132,279
Creditors: amounts falling due within one year
6
(180,262)
(308,693)
Net current liabilities
(117,049)
(176,414)
Total assets less current liabilities
1,612,951
1,523,723
Creditors: amounts falling due after more than one year
7
(1,338,285)
(1,337,576)
Provisions for liabilities
(65,559)
-
Net assets
209,107
186,147
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
209,007
186,047
Total equity
209,107
186,147
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 year ended 31 March 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.
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 December 2018 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 YEAR ENDED 31 MARCH 2018
- 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.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The company is dependent on the support of its directors, creditors and providers of finance and is currently meeting it's liabilities as they fall due.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The comparative period was presented for 13 months due to a change in the company's year end date. Therefore, the
comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the
rent receivable.
1.5
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
1.6
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.
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
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.
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.
1.9
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.
1.10
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2017 - 2).
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2017 and 31 March 2018
405
Depreciation and impairment
At 1 April 2017
268
Depreciation charged in the year
137
At 31 March 2018
405
Carrying amount
At 31 March 2018
-
At 31 March 2017
137
4
Investment property
2018
£
Fair value
At 1 April 2017
1,700,000
Revaluations
30,000
At 31 March 2018
1,730,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out in March 2018 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
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
15,620
Other debtors
59,028
92,483
59,028
108,103
BRIDGEWATER & MCKENZIE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,837
4,934
Other creditors
177,425
303,759
180,262
308,693
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
1,338,285
1,337,576
The long-term mortgages are secured against the assets to which they relate.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Retained earnings
Included within profit and loss reserves are non-distributable profits of £279,488 (2017:£255,188) relating to the revaluation of investment property.