Registration number:
for the Year Ended
Bryanston (RFE) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bryanston (RFE) Limited
Company Information
Directors |
Viscount Rothermere Aine O'Reilly Andrew Lane David Nelson Rory Davis |
Registered office |
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Solicitors |
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Bankers |
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Page 1 |
Bryanston (RFE) Limited
(Registration number: 09586323)
Balance Sheet as at 30 September 2017
Note |
30 September 2017 |
30 September 2016 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Cash flow hedge reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with section 444 the directors have chosen not to deliver to the registrar a copy of the company's profit and loss account, or a copy of the directors' report for the year.
Approved and authorised by the
.........................................
David Nelson
Director
Page 2 |
Bryanston (RFE) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Savills
Rolfes House
60 Milford Street
Salisbury
SP1 2BP
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with section 1A Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The directors are satisfied that the company's shareholders will provide it with the necessary support to continue trading for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the rental income receivable from the letting of land and property. Turnover is shown net of value added tax and rebates.
Tax
Tax charges consist of current and deferred tax, measured as stated below. Tax charges are recognised in the same component of total comprehensive income as the transactions to which they relate.
Deferred tax assets are recognised in respect of losses only if it is more likely than not they will be recovered in the short to medium term. Deferred tax is recognised without discounting.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 3 |
Bryanston (RFE) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Trade debtors
Trade debtors are amounts receivable from tenants in respect of let land and property.
Trade debtors are measured where appropriate at amortised cost using the effective interest method, less provision for impairment.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and where relevant subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at the transaction price net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with interest expense recognised on the basis of the effective interest method and included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Derivative financial instruments and hedging
Hedging
Page 4 |
Bryanston (RFE) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Investment properties |
30 September 2017 |
30 September 2016 |
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At 1 October |
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Additions |
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Disposals |
( |
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At 30 September |
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There are no differences between amounts determined on a fair value and a historical cost basis. There has been no formal valuation by an independent valuer, but the determination of fair value is informed by a desktop valuation provided by the company's estate manager, Savills (UK) Limited.
Debtors |
30 September 2017 |
30 September 2016 |
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Trade debtors |
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Prepayments |
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Accrued income |
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Total current trade and other debtors |
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Cash and cash equivalents |
30 September 2017 |
30 September 2016 |
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Cash at bank |
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Balances held by the company that are not available for use by the company
30 September 2017 |
30 September 2016 |
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Balances held by the company that are not available for use by the company |
1,200,000 |
1,200,000 |
The company holds £1.2m in an account that may only be used, in limited circumstances, to meet interest payments on the company's bank borrowings.
Page 5 |
Bryanston (RFE) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Creditors |
Note |
30 September 2017 |
30 September 2016 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Other payables |
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Accrued expenses |
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Current derivative financial liabilities |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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Non-current derivative financial liabilities |
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50,563,018 |
50,875,162 |
Share capital |
Allotted, called up and fully paid shares
30 September 2017 |
30 September 2016 |
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No. |
£ |
No. |
£ |
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1,270,000 |
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1,270,000 |
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3,730,000 |
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3,730,000 |
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Page 6 |
Bryanston (RFE) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Loans and borrowings |
30 September 2017 |
30 September 2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
The company's real property assets are pledged as security for bank borrowings. In addition £1.2m of cash at bank is held in a restricted account. |
Other borrowings
Shareholder loans with a carrying amount of £29,538,725 (2016 - £28,578,725) are denominated in GBP with a nominal interest rate of o/n Libor + 1.9%. The final maturity date is 29 September 2035.
Shareholder loans are unsecured and subordinated to bank loans.
Shareholder loans are for an initial committed term of 20 years. Interest is charged only if the lender notifies the company in advance
Page 7 |
Bryanston (RFE) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Financial instruments |
Categorisation of financial instruments
30 September 2017 |
30 September 2016 |
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Financial liabilities measured at amortised cost |
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Derivative liabilities measured at fair value designated as hedging instruments in cash flow hedges |
1,600,000 |
2,900,000 |
Cash flow hedges
The amount of the change in fair value of the hedging instrument that was recognised in other comprehensive income during the period is
£
(
The amount reclassified from equity to profit or loss for the period is
£
The amount of ineffectiveness of cash flow hedges recognised in profit or loss is
£
Nil
(2016 - £Nil)
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Control |
Page 8 |