Company Registration No. 08527773 (England and Wales)
Bathurst Development Limited
Unaudited financial statements
for the year ended 31 March 2021
Pages for filing with the Registrar
Bathurst Development Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Bathurst Development Limited
Statement of financial position
As at 31 March 2021
31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Stocks
39,628,607
Debtors
5
3,141,130
57,594
Cash at bank and in hand
28,943,490
254,785
71,713,227
312,379
Creditors: amounts falling due within one year
6
(26,194,911)
(6,959,310)
Net current assets/(liabilities)
45,518,316
(6,646,931)
Total assets less current liabilities
45,518,317
(6,646,930)
Creditors: amounts falling due after more than one year
7
(18,500,000)
Net assets/(liabilities)
27,018,317
(6,646,930)
Capital and reserves
Ordinary shares
8
10,000
10,000
Preference shares
8
34,760,000
-
Profit and loss reserves
(7,751,683)
(6,656,930)
Total equity
27,018,317
(6,646,930)
Bathurst Development Limited
Statement of financial position (continued)
As at 31 March 2021
31 March 2021
Page 2
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 31 March 2021 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 20 December 2021 and are signed on its behalf by:
John Manners
Director
Company Registration No. 08527773
Bathurst Development Limited
Notes to the financial statements
For the year ended 31 March 2021
Page 3
1
Accounting policies
Company information
Bathurst Development Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Bathurst Estate Office, Cirencester Park, Cirencester, Gloucestershire, GL7 2BU.
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 £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has sufficient access to financial support from the shareholders of the ultimate parent company
,
Bathurst Trust (PTC) Limited
,
to assist it in meeting its day to day working capital requirements. The directors of the company have a reasonable expectation that the company has adequate resources to continue in operational exist
e
nce for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
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.
1.4
Fixed asset investments
Fixed asset investments
are
stated at cost less provision for diminution in value.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sel
l.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Bathurst Development Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
1
Accounting policies (continued)
Page 4
1.6
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.
1.7
Financial instruments
The company has
applied
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, 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.
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.
Bathurst Development Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
1
Accounting policies (continued)
Page 5
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
4
Fixed asset investments
2021
2020
£
£
Investments
1
1
Further details of fixed asset investments can be found in note 9 - related party transactions.
Bathurst Development Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
4
Fixed asset investments (continued)
Page 6
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 April 2020 & 31 March 2021
1
Carrying amount
At 31 March 2021
1
At 31 March 2020
1
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,128,423
Other debtors
12,707
57,594
3,141,130
57,594
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
816,138
196,371
Amounts owed to group undertakings
6,762,939
Taxation and social security
4,519,736
Other creditors
20,859,037
26,194,911
6,959,310
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
18,500,000
Bathurst Development Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
Page 7
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
10,000
10,000
10,000
10,000
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
34,760,000
-
34,760,000
-
Preference shares classified as equity
34,760,000
-
Total equity share capital
34,770,000
10,000
During the year the compa
n
y issued 34,760,000 preference shares of £1 each. The preference shares entitle the holders to resolve at any time by simple majority, to require the Company, to the extent the Company has distributable profits available for the purpose, to pay out a preferential cash dividend at the rate of 8% per annum.
Bathurst Development Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
Page 8
9
Related party transactions
During the year, expenses totalling £19,739 (2020: £66,976) were incurred on behalf of Bathurst Development Limited by the Earl Bathurst Estate Settlement 1963. Earl Bathurst, a director of the company is a beneficiary of the Earl Bathurst Estate Settlement 1963. The directors are of the opinion that all transactions were carried out at market value and a commercial rate of interest has been charged on outstanding balances. At the year end £21,810 (2020: £Nil) was owed to the Earl Bathurst Estate Settlement 1963.
On 11 October 2013 the Bathurst Trust (PTC) Limited ("BTPL") granted an option to the company for a fee of £1, over potential development land in the ownership of BTPL.
10
Control
The ultimate controlling party is Bathurst Trust (PTC) Limited, the majority shareholder, a company registered in Bermuda.