Company Registration No. 09913423 (England and Wales)
Bainesbury Developments Limited
Unaudited financial statements
for the year ended 31 December 2020
Pages for filing with the Registrar
Bainesbury Developments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Bainesbury Developments Limited
Balance sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Current assets
Stocks
-
859,858
Debtors
1,601
8,096
Cash at bank and in hand
58
72
1,659
868,026
Creditors: amounts falling due within one year
4
(59,283)
(859,019)
Net current (liabilities)/assets
(57,624)
9,007
Creditors: amounts falling due after more than one year
5
(2,676)
(34,100)
Net liabilities
(60,300)
(25,093)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(60,400)
(25,193)
Total equity
(60,300)
(25,093)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
Bainesbury Developments Limited
Balance sheet (continued)
As at 31 December 2020
Page 2
The financial statements were approved and signed by the director and authorised for issue on 14 April 2021
Clive Allen
Director
Company Registration No. 09913423
Bainesbury Developments Limited
Notes to the financial statements
For the year ended 31 December 2020
Page 3
1
Accounting policies
Company information
Bainesbury Developments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Bainesbury House, Green Lane, Stratton-On-The-Fosse, Radstock, BA3 4RD.
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
Turnover
Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
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.
Bainesbury Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 4
1.5
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.
1.6
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.
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, 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.
Bainesbury Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 5
1.7
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.
2
Employees
The average monthly number of persons employed by the company during the current and prior year was nil.
3
Investment property
2020
£
Fair value
At 1 January 2020
-
Transfers
935,000
Disposals
(935,000)
At 31 December 2020
-
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
14,168
36,520
Amounts owed to group undertakings
24,336
129,697
Other creditors
20,779
692,802
59,283
859,019
Included in other creditors is a loan of £nil (2019: £674,052) which is secured against
Land at
S
t
Hu
gh's
C
hurch
, W
ells
H
ill
R
adstock and land lying to the north of wells road
R
adstock
.
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
2,676
34,100
Bainesbury Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 6
6
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
The amounts owed by and to group companies are disclosed in the debtor and creditor notes respectively.
The company has also taken advantage of the exemption under paragraph 1AC.35 of FRS 102 from disclosing transactions with related parties that have been carried out on an arm's length basis.
Included within long term creditors is £2,676 (2019: £34,100) owed to the director and shareholder of the company.
7
Parent company
The company was 100% owned by Bainesbury Holding Limited, a company registered in the UK.