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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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BELA DEVELOPMENTS LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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BELA DEVELOPMENTS LIMITED |
BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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BELA DEVELOPMENTS LIMITED |
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Company Information |
for the Year Ended 31 March 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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Accountants |
Unit A |
Woodlands Court |
Truro Business Park |
Truro |
Cornwall |
TR4 9NH |
BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Balance Sheet - continued |
31 March 2019 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
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 Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Bela Developments Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the |
historical cost convention. |
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The financial statements are prepared in sterling which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest pound sterling. |
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Going Concern |
The directors, after making enquiries and having considered the company's business, its financial plans |
and the facilities available to finance the business, have a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going |
concern basis is adopted in preparing the financial statements. |
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Tangible fixed assets |
Tangible assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off the cost less estimated residual |
value of each asset on a systematic basis over its estimated useful life. |
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Motor vehicles - 25% straight line |
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Stocks |
Stocks, being property in the process of being developed, is valued at the lower of cost and net realisable |
value, after making due allowance for obsolete and slow moving items. |
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BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax |
assets are recognised when tax paid exceeds the tax payable. |
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Current and deferred tax is charged or credited to the profit or loss, except when it relates to items |
charged or credited to other comprehensive income or equity, when the tax follows the transaction or |
event it relates to and is also charged or credited to other comprehensive income, or equity. |
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Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if |
and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle |
on the net basis or to realise the asset and settle the liability simultaneously. |
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Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income |
because it excludes items of income or expense that are taxable or deductible in other periods. Current |
tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by |
the reporting period. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events have occurred at that date that will result in an obligation |
to pay more, or a right to pay less or to receive more, tax. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than |
not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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Impairment of fixed assets |
At each reporting 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 net 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. |
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The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate |
that reflects current market assessments of the time value of money and the risks specific to the asset for |
which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. |
An impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or |
cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had no |
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an |
impairment loss is recognised immediately in profit or loss. |
BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section |
12 "Other Financial Instruments" of FRS102 to all of its financial instruments. |
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Financial assets and liabilities are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are classified into specific categories. The classification depends on the |
nature and purpose of the financial asset or liability and is determined at the time of recognition. |
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Basic financial assets, which include trade and other receivables, including staff loans 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. |
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Basic financial liabilities, which include trade and other payables are initially measured at transaction price, |
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the |
present value of the future payments discounted at a market rate of interest. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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Prepayments |
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BELA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10855260) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Directors' current accounts | 798,711 | 245,755 |
Accrued expenses |
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7. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, the company owed to the directors the following amounts, which are included |
within Creditors:Amounts falling due within One Year. There loans are interest free and at call. |
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2019 | 2018 |
£ | £ |
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J M Eddy | 399,355 | 122,877 |
Mrs D M Eddy | 399,356 | 122,878 |
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8. | ULTIMATE CONTROLLING PARTY |
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Mr and Mrs Eddy, the company directors, control the company by virtue of their joint 100% shareholding. |