Company Registration No. SC491910 (Scotland)
Blagden Property Ltd
Unaudited accounts
for the year ended 30 November 2018
Blagden Property Ltd
Company Information
for the year ended 30 November 2018
Directors
H. Panton
C. Campbell
Company Number
SC491910 (Scotland)
Registered Office
Bells Mills House
Bells Mills
Edinburgh
EH4 3DG
Accountants
Jean S Macnab LLB CA CTA
1 Medwyn Drive
West Linton
Peeblesshire
EH46 7HW
Blagden Property Ltd
Statement of financial position
as at
30 November 2018
Inventories
95,798
747,139
Cash at bank and in hand
10,072
25,197
Creditors: amounts falling due within one year
(786,462)
(631,235)
Net current assets
318,393
150,166
Total assets less current liabilities
318,826
150,526
Provisions for liabilities
Net assets
318,744
150,458
Called up share capital
2
2
Profit and loss account
318,742
150,456
Shareholders' funds
318,744
150,458
For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 August 2019.
C. Campbell
Director
Company Registration No. SC491910
Blagden Property Ltd
Notes to the Accounts
for the year ended 30 November 2018
Blagden Property Ltd is a private company, limited by shares, registered in Scotland, registration number SC491910. The registered office is Bells Mills House, Bells Mills, Edinburgh, EH4 3DG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value of sales to customers, net of discounts and allowances. Revenue is recognised when the company has obtained the right to consideration in exchange for its performance.
Tangible fixed assets policy
Fittings and equipment are stated at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fittings and equipment - 33.3% straight line
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the reversal of the underlying timing differences can be deducted.
Blagden Property Ltd
Notes to the Accounts
for the year ended 30 November 2018
4
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
At 30 November 2018
2,305
At 30 November 2018
1,872
Work in progress
95,798
747,139
Accrued income and prepayments
-
500
Other debtors
998,082
8,565
7
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
-
206,162
Trade creditors
17,032
35,454
Taxes and social security
40,437
17,299
Proposed dividends
4,000
-
Loans from directors
724,993
372,320
8
Share capital
2018
2017
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
The directors have provided personal loans to the company, and have incurred business expenses paid from personal funds.
Blagden Property Ltd
Notes to the Accounts
for the year ended 30 November 2018
10
Transactions with related parties
Dividends of £2,000 per share (total £4,000) were proposed in respect of the year to 30 November 2018 and were paid in March 2019.
At 30 November 2018, the directors and shareholders owned the majority of the share capital of a new company, SUB18 Limited, which had been formed to undertake a property development. The shares of the company were sold on 6 December 2018.
The directors and shareholders owned the whole share capital of Blagden 18 Limited, and advanced money to that company to undertake a new property development. The loan outstanding at 30 November 2018 was £998,082.
11
Average number of employees
During the year the average number of employees was 2 (2017: 2).