Company Registration No. 10375707 (England and Wales)
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
Notes
£
£
Fixed assets
Property, plant and equipment
2
1,224
Investment properties
3
2,103,422
2,104,646
Current assets
Trade and other receivables
4
21,521
Cash and cash equivalents
221,604
243,125
Current liabilities
5
(184,127)
Net current assets
58,998
Total assets less current liabilities
2,163,644
Non-current liabilities
6
(2,160,000)
Provisions for liabilities
(245)
Net assets
3,399
Equity
Called up share capital
7
100
Retained earnings
3,299
Total equity
3,399
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial Period ended ended 31 December 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 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 Period ended 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.
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2018 and are signed on its behalf by:
P Bassi
Director
Company Registration No. 10375707
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Birmingham & Regional Properties LImited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
West Plaza, 144 High Street, West Bromwich, B70 6JJ.
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.
1.2
Reporting period
These
financial statements
have been prepared for a sixteen month period to 31 December 2017. These are the first financial statements and therefore there are no comparative figures.
1.3
Revenue
Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company
and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration
received, excluding discounts, rebates, VAT and other sales taxes or duties. The following criteria must be
met before income is recognised:
Rental income
Rental income arising from operating leases on properties owned by the Company is accounted for on a
straight line basis over the period commencing on the later of the start of the lease or acquisition of the
property by the Company, and ending on the end of the lease, unless it is reasonably certain that the break
option will be exercised. Rental income revenue excludes service charges and other costs directly
recoverable from tenants.
Sale of properties
Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of
the properties have passed to the buyer, usually when legally binding contracts which are irrevocable and
unconditional are exchanged. Revenue is, therefore, recognised when legal title passes to the purchaser,
on completion.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
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 profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
1.8
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 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 trade and other receivables 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.
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables
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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 DECEMBER 2017
- 6 -
2
Property, plant and equipment
Plant and machinery etc
£
Cost
At 14 September 2016
-
Additions
1,826
At 31 December 2017
1,826
Depreciation and impairment
At 14 September 2016
-
Depreciation charged in the Period ended
602
At 31 December 2017
602
Carrying amount
At 31 December 2017
1,224
3
Investment property
2017
£
Fair value
At 14 September 2016
-
Additions
2,103,422
At 31 December 2017
2,103,422
In the opinion of the directors there is no significant difference between cost and fair value of the investment property at the balance sheet date.
4
Trade and other receivables
2017
Amounts falling due within one year:
£
Trade receivables
20,109
Other receivables
1,412
21,521
BIRMINGHAM & REGIONAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 DECEMBER 2017
- 7 -
5
Current liabilities
2017
£
Trade payables
12,707
Corporation tax
556
Other taxation and social security
4,158
Other payables
166,706
184,127
6
Non-current liabilities
2017
£
Unsecured loan
2,160,000
The loan is unsecured and no repayment is required prior to 31 December 2018.
7
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100