BOATH PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
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 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
19,349
23,011
Investment properties
3
205,060
205,060
224,409
228,071
Current assets
Debtors
4
2,716
841
Cash at bank and in hand
33,402
24,388
36,118
25,229
Creditors: amounts falling due within one year
5
(4,002)
(2,101)
Net current assets
32,116
23,128
Total assets less current liabilities
256,525
251,199
Creditors: amounts falling due after more than one year
6
(274,619)
(274,619)
Net liabilities
(18,094)
(23,420)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(18,194)
(23,520)
Total equity
(18,094)
(23,420)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BOATH PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 June 2019 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 2019
- 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.
1.2
Going concern
At the balance sheet date the company had net liabilities of £18,094 (2018 - £23,420) including sums due to the company directors totalling £274,619 (2018 - £274,619). 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 financial statements do not include any adjustments that would result from a withdrawal of financial support from the directors.
1.3
Turnover
Turnover
represents amounts receivable for rent due in the year.
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.
Tangible fixed assets include investment properties valued by the company directors on an existing use open market value basis.
Plant and machinery
20% Reducing Balance
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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
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 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 at bank and in hand
Cash at bank and in hand
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.
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 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2018
34,026
Additions
3,000
At 31 January 2019
37,026
Depreciation and impairment
At 1 February 2018
11,014
Depreciation charged in the year
6,663
At 31 January 2019
17,677
Carrying amount
At 31 January 2019
19,349
At 31 January 2018
23,011
3
Investment property
2019
£
Fair value
At 1 February 2018 and 31 January 2019
205,060
The company's investment property has been valued by the directors at open market value.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
2,716
841
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
2,175
-
Taxation and social security
1,227
1,501
Other creditors
600
600
4,002
2,101
BOATH PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
274,619
274,619
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Other creditors due after more than one year represents amounts owed equally to the directors.