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Financial Statements |
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for the Year Ended 31 October 2019 |
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for |
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Blackridge Investments Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2019 |
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for |
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Blackridge Investments Limited |
Blackridge Investments Limited (Registered number: 10336298) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Blackridge Investments Limited |
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Company Information |
for the Year Ended 31 October 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
Blackridge Investments Limited (Registered number: 10336298) |
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Statement of Financial Position |
31 October 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
and were signed on its behalf by: |
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Blackridge Investments Limited (Registered number: 10336298) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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Blackridge Investments Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption in Financial Reporting Standard 102 not to disclose |
related party transactions with wholly owned entities within the group. |
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Turnover |
Income comprises rent receivable from investment properties net of value added tax and is recognised |
on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital |
contributions are treated as a reduction in the overall return on the lease and are recognised on a |
straight line basis over the full term of the lease. |
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Investment property |
Initial measurement |
Investment properties are initially measured at cost. |
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Subsequent measurement |
Investment properties are measured at fair value at each reporting date with changes in fair values |
recognised in profit or loss. No depreciation is provided in respect of investment properties. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Blackridge Investments Limited (Registered number: 10336298) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
At 31 October 2019, the company had a net liability position which resulted from a downward |
revaluation of the company's investment property in 2018. The directors are of the opinion that this is a |
temporary diminution and as the company continues to be operationally profitable, the financial |
statements have been prepared on going concern basis. |
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Cash at bank |
Included in cash at bank are certain bank accounts with cash balances which are under the control of |
the lender as stipulated in the bank loan agreement. Rental receipts (excluding VAT) are paid into this |
account and are released by the lender after the deduction of the bank loan interest. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2018 |
and 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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Fair value at 31 October 2019 is represented by: |
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£ |
Valuation in 2018 | (627,578 | ) |
Cost | 10,377,578 |
9,750,000 |
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If the investment property had not been revalued it would have been included at the following historical |
cost: |
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2019 | 2018 |
£ | £ |
Cost | 10,377,578 | 10,377,578 |
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The investment property was valued on an open market basis on 31 October 2019 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
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Prepayments & accrued income |
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Blackridge Investments Limited (Registered number: 10336298) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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6. | CASH AT BANK |
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Included in cash at bank are certain bank accounts with cash balances which are under the control of |
the lender as stipulated in the bank loan agreement. Rental receipts (excluding VAT) are paid into this |
account and are released by the lender after the deduction of the bank loan interest. At the year end, |
the amount included in the cash at bank total under the control of the lender amounted to £2 (2018: |
£Nil). |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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Tax |
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Value added tax | 21,088 | 20,339 |
Other creditors |
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Loan from group undertaking | 9,900,000 | - |
Accruals & deferred income |
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The loan from group undertaking is interest free and repayable on demand. |
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8. | CONTINGENT LIABILITIES |
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As part of a group bank loan in its immediate parent undertaking, C L Investments Holdings Ltd, the |
lender has a mortgage over the company's investment property and a floating charge over all assets. |