BOATH PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
Company Registration No. SC415258 (Scotland)
PAGES FOR FILING WITH REGISTRAR
BOATH PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BOATH PROPERTIES LTD
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
27,884
21,379
Investment properties
3
205,060
205,060
232,944
226,439
Current assets
Debtors
4
739
3,831
Cash at bank and in hand
5,329
5,052
6,068
8,883
Creditors: amounts falling due within one year
5
(835)
(777)
Net current assets
5,233
8,106
Total assets less current liabilities
238,177
234,545
Creditors: amounts falling due after more than one year
6
(274,239)
(273,900)
Net liabilities
(36,062)
(39,355)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(36,162)
(39,455)
Total equity
(36,062)
(39,355)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
BOATH PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year 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.
The financial statements were approved by the board of directors and authorised for issue on 12 April 2017 and are signed on its behalf by:
Mr James Smith
Director
Company Registration No. SC415258
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
Boath Properties Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
30 Miller Road, Ayr, Ayrshire, KA7 2AY.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of Boath Properties Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
At the balance sheet date the company had net liabilities of £36,062 (2016 - £39,355) including sums due to the company directors totalling £274,239 (2016 - £273,900). These financial statements have been prepared on the going concern basis on the assumption that the personal funding by the directors will provide financial support for the foreseeable future. The directors are confident that this support will continue and that the going concern basis continues to be appropriate. The financial statements do not include any adjustments that would result from a withdrawal of financial support from the directors.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes .
, and
is shown net of VAT and other sales related taxes
.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties valued by the company directors on an existing use open market value basis.
Fixtures, fittings & equipment
20% Reducing Balance
Motor vehicles
25% 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
.
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 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 measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible 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.
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 balance sheet 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.
Financial instruments are recognised in the company's balance sheet 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 debtors 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.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2016
24,226
Additions
8,000
At 31 January 2017
32,226
Depreciation and impairment
At 1 February 2016
2,848
Depreciation charged in the year
1,494
At 31 January 2017
4,342
Carrying amount
At 31 January 2017
27,884
At 31 January 2016
21,379
3
Investment property
2017
£
Fair value
At 1 February 2016 and 31 January 2017
205,060
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
598
Other debtors
739
3,233
739
3,831
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
55
97
Other creditors
780
680
835
777
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
274,239
273,900
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Directors' transactions
Other creditors due after more than one year represents amounts owed equally to the directors.