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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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BETHNAL GREEN REGENERATION LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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BETHNAL GREEN REGENERATION LIMITED |
BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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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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BETHNAL GREEN REGENERATION LIMITED |
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Company Information |
for the year ended 31 December 2019 |
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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 |
BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
Current assets |
Stocks |
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Debtors | 4 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 5 |
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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
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6 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 7 |
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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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BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | Statutory information |
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Bethnal Green Regeneration 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 |
The financial statements have been prepared on a going concern basis. The directors have considered the |
relevant information and in response to Covid-19, have considered the company's available resources and ability to scale back the company's operations as required. The company will be able to continue to operate for the foreseeable future. |
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Based on these assessments, 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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Stocks |
Work-in-progress is initially recognised at cost and is held at the lower of this cost and its net realisable value. Net realisable value represents the estimated selling price less costs to complete |
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Borrowing costs in respect of particular site developments are capitalised and included within work-in-progress. |
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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. 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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BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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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. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Other debtors |
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VAT |
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5. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade creditors |
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Accruals and deferred income |
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6. | Creditors: amounts falling due after more than one year |
2019 | 2018 |
£ | £ |
Other loans - 2-5 years |
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Loan interest | 35,017 | 331 |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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8. | 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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BETHNAL GREEN REGENERATION LIMITED (REGISTERED NUMBER: 11519292) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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9. | Contingent liabilities |
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Included within creditors due after more than one year is £475,320 (2018: £59,118) relating to a loan from a participating interest. |
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Under the terms of the agreement a loan redemption premium is payable to increase loan interest accrued to £1,000,000 should loan interest not reach this threshold within 30 months of entering the agreement. |
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Furthermore, should the loan not be repaid within 30 months a loan redemption premium is payable so that the total liability (including monies drawn down and interest accrued) shall increase to £2,000,000. |
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Due to the uncertainty surrounding the amount of any liability relating to the above it is considered to be a contingent liability. |
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10. | Related party disclosures |
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At the balance sheet date the company owed £475,320 (2018: £59,118) to a company with a participating interest. Included within creditors due after more than one year is £35,017 (2018: £331) accrued interest which is charged at a rate of 15% and compounded annually. The loan is unsecured. |
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Included within accruals and deferred income is £118,438 relating to development costs incurred by an entity with a participating interest on behalf of the company. These costs will be recharged during a future period. |
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11. | Post balance sheet events |
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The directors have identified the COVID-19 pandemic as a significant event occurring after the balance sheet date. They consider this to be a non-adjusting event. Disclosures relating to the impact of COVID-19 on the company's ability to continue as a going concern have been made in note 2 to the financial statements. |
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12. | Ultimate controlling party |
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Mace Finance Limited is regarded by the Directors as being the company's ultimate parent company. Mace Developments Limited is the immediate parent company with a 51% shareholding in the company. |