Company Registration No. 09510084 (England and Wales)
THE BROOK SURGERY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
THE BROOK SURGERY PROPERTY LIMITED
COMPANY INFORMATION
Directors
Dr D A Brook
Dr J H R Brook
Company number
09510084
Registered office
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Accountants
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
The Lexington
767 Finchley Road
London
NW11 8DN
THE BROOK SURGERY PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE BROOK SURGERY PROPERTY LIMITED
BALANCE SHEET
- 1 -
31 May 2017
31 March 2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
1,071,688
1,012,864
Current assets
Debtors
3
1,203
43,857
Cash at bank and in hand
8,133
78,819
9,336
122,676
Creditors: amounts falling due within one year
4
(327,159)
(454,686)
Net current liabilities
(317,823)
(332,010)
Total assets less current liabilities
753,865
680,854
Creditors: amounts falling due after more than one year
5
(656,592)
(686,784)
Provisions for liabilities
(3,958)
-
Net assets/(liabilities)
93,315
(5,930)
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
56,852
-
Profit and loss reserves
36,363
(6,030)
Total equity
93,315
(5,930)
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 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2017 and are signed on its behalf by:
Dr D A Brook
Director
Company Registration No. 09510084
THE BROOK SURGERY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
- 2 -
1
Accounting policies
Company information
The Brook Surgery Property Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lynwood House, 373-375 Station Road, Harrow, Middlesex, HA1 2AW.
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 and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 May 2017
are the
first
financial statements of The Brook Surgery Property 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 25 March 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
These financial statements have been prepared on the assumption that the company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the continuing support of the director
s
and creditors.
If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets as current assets and to provide for further liabilities which might arise.
1.3
Reporting period
The company changed its financial period to 31 May 2017 to align this with another company which has common directors.
1.4
Turnover
Turnover represents amounts receivable for
rent net of VAT.
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.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
THE BROOK SURGERY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
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 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.
Financial instruments are recognised in the company's balance sheet 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 and cash and bank balances, 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.
1.8
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.
THE BROOK SURGERY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
- 4 -
2
Investment property
2017
£
Fair value
At 1 April 2016
1,012,864
Additions
3,088
Revaluations
60,810
Other changes
(5,074)
At 31 May 2017
1,071,688
The fair value of the investment property has been arrived at on the basis of a valuation carried out by Knight Frank LLP, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
990
Other debtors
1,203
42,867
1,203
43,857
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
29,182
25,236
Other taxation and social security
5,092
-
Other creditors
292,885
429,450
327,159
454,686
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
656,592
686,784
An amount of £685,774 (2016: £712,020) has been secured by fixed and floating charges registered over all property and undertakings of the company.
THE BROOK SURGERY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
- 5 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary share of £1 each
100
100
7
Revaluation reserve
2017
2016
£
£
At beginning of period
-
-
Revaluation surplus arising in the period
60,810
-
Deferred tax on revaluation of tangible assets
(3,958)
-
At end of period
56,852
-
THE BROOK SURGERY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
- 6 -
8
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Rent received
2017
2016
£
£
Entities with control, joint control or significant influence over the company
39,433
8,450
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
284,622
427,110