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Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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BDC PHASE 2 LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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BDC PHASE 2 LIMITED |
BDC PHASE 2 LIMITED (REGISTERED NUMBER: 11028382) |
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Contents of the Financial Statements |
for the year ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BDC PHASE 2 LIMITED |
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Company Information |
for the year ended 31 December 2020 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
BDC PHASE 2 LIMITED (REGISTERED NUMBER: 11028382) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
Current assets |
Stocks | 4 |
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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 assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
7 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BDC PHASE 2 LIMITED (REGISTERED NUMBER: 11028382) |
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Notes to the Financial Statements |
for the year ended 31 December 2020 |
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1. | Statutory information |
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BDC Phase 2 Limited is a
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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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Going Concern |
There is a balance sheet deficit of £19,261 (2019: £8,580) at the year end. |
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The financial statements have been prepared on a going concern basis. This basis is considered appropriate by the directors. |
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The directors have prepared detailed cash flow forecasts covering the duration of the development project and subject to the company's ability to achieve its predicted results, in the ordinary course of business the company will be able to satisfy its cash obligations and trade out of its balance sheet deficit. |
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In particular, in response to the COVID-19 pandemic, the directors have considered the impact on the company's development project. With the appropriate social distancing measures in place, the project has continued as planned, with minimal disruption. The directors therefore consider the resulting impact of COVID-19 on the project to be minimal. |
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Based on their assessment, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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The financial statements do not include any adjustments to the value of the balance sheet which would result from the going concern basis not being valid. As mentioned above, the company's ability to achieve the results as detailed in the cash flow forecast prepared by the directors are of paramount importance in adopting the going concern basis. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Key areas of estimation and judgement include the following: |
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a) Valuation of work-in-progress |
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When determining the net realisable value of work-in-progress, key estimates and judgements are applied by the directors. This includes an estimation of the costs remaining to complete the development (including work completed by subcontractors but not yet billed) as well as an estimation of future revenue. The application of these estimates includes a degree of uncertainty. Should these estimates change unfavourably, then a write down of work-in-progress may be required. |
BDC PHASE 2 LIMITED (REGISTERED NUMBER: 11028382) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | Accounting policies - continued |
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Work-in-progress |
Work-in-progress includes costs directly attributable to the purchase of and development of land sites. The purchase of land and other property is recognised upon legal completion. Costs include amounts expended on land acquisition, construction and related planning costs, legal and professional fees as well as other costs directly attributable to the development of the sites. |
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Borrowing costs in respect of particular site developments are capitalised and included within work-in-progress. |
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Work-in-progress is carried forward at the lower of cost and net realisable value. |
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The company undertakes developments on such terms that it cannot determine profit until the development is complete. Therefore, no attributable profit is taken on such uncompleted developments. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | Stocks |
2020 | 2019 |
£ | £ |
Work-in-progress |
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Included within work-in-progress are amounts totalling £3,433,876 (2019: £1,487,658) in respect of |
borrowing costs that have been capitalised. |
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5. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Other debtors |
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VAT |
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BDC PHASE 2 LIMITED (REGISTERED NUMBER: 11028382) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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6. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Related party creditors | 630,000 | 500,000 |
Accrued expenses |
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7. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Related party creditors | 18,535,416 | 18,535,416 |
Accrued interest | 3,433,876 | 1,487,658 |
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8. | Secured debts |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Related party creditors | 18,535,416 | 18,535,416 |
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There is a fixed and floating charge over all the property and undertaking of the company. |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary A | 1 | 1 | 1 |
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Ordinary B | 1 | 1 | 1 |
2 | 2 |
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10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | Related party disclosures |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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12. | Controlling party |
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The company is a subsidiary of Botley Developments (Holdings) Limited. There is no ultimate controlling party. |