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REGISTERED NUMBER:
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BROOMCROFT LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
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REGISTERED NUMBER:
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BROOMCROFT LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
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BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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BALANCE SHEET |
30 APRIL 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Investments | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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Retained earnings |
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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. |
BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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BALANCE SHEET - continued |
30 APRIL 2019 |
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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 on
by: |
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BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
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1. | STATUTORY INFORMATION |
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Broomcroft Limited is a private company, limited by shares, registered in Scotland. The registered office is |
Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ. |
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The financial statements are presented in Sterling (£). |
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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. There were no material departures from this standard. The financial |
statements have been prepared under the historical cost convention as modified by the revaluation of certain |
fixed assets. |
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Judgements |
The company considers on an annual basis the judgements that are made by management when applying its |
significant accounting policies that would have the most significant effect on amounts that are recognised in the |
financial statements. The directors consider there are no such significant judgements. |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of rents and service charges receivable |
during the year. The company's policy is to recognise income in accordance with lease agreements. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are included at cost less depreciation and impairment. |
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Investment property |
All of the company's properties are held for long term investment. Investment properties are accounted for as |
follows:- |
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(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable |
expenditure. |
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(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be |
measured reliably. |
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(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account |
for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the |
revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable |
fair value reserve in the balance sheet. |
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(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to |
determine whether there is an indication that an asset may be impaired. If there is an indication of possible |
impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is |
estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the |
asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
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BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
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. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the |
transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
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Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are |
measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be |
paid or received. Debt instruments like loans to related parties are measured, initially and subsequently, at the |
present value of the future payments. |
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Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence |
of impairment and if found, an impairment loss is recognised in profit or loss. |
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Current asset investments |
Equity investments are recognised initially at fair value which is normally the transaction price but excludes any |
transaction costs. Subsequently, they are measured at fair value through the profit and loss account. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a |
result of a past event, it is probable that the company will be required to settle the obligation and the amount of |
the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to |
settle the obligation at the reporting date. |
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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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BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 May 2018 |
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Additions |
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Disposals | ( |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 May 2018 |
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Additions |
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Disposals | ( |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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The company's investment properties are held for use under operating leases. |
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The fair value of the investment properties at the balance sheet date has been arrived at on the basis of a |
valuation carried out at that date by directors who are not professionally qualified valuers. The valuation was |
arrived at by reference to market evidence of transaction prices for similar properties in their location and takes |
into account the current state of the rental market in the area where the properties are situated. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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BROOMCROFT LIMITED (REGISTERED NUMBER: SC029797) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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7. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Listed investments | 2,257,293 | 2,148,174 |
UK Government Treasury Stock |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 April 2019 and |
30 April 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loan is interest free, included in debtors and repayable on demand. |
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10. | RELATED PARTY DISCLOSURES |
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During the year, the company sold two motor vehicles to S Kingsley, director, for £54,850. The vehicles were |
sold on an arms-length basis at market value. |
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During the year, the company sold an investment property to a son of S Kingsley, director, for £700,000. The |
investment property was sold on an arms-length basis at market value. |
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Additional related party information is provided in note 9. |