Company Registration No. SC590448 (Scotland)
Benview Villa Limited
Unaudited financial statements
for the period ended 31 March 2019
Pages for filing with registrar
Benview Villa Limited
Chartered Accountants' Report to the board of directors on the preparation of the
unaudited statutory financial statements of Benview Villa Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Benview Villa Limited for the period ended 31 March 2019 which comprise, the Statement Of Financial Position, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of Benview Villa Limited, as a body, in accordance with the terms of our engagement letter dated 13 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Benview Villa Limited and state those matters that we have agreed to state to the Board of Directors of Benview Villa Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Benview Villa Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Benview Villa Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Benview Villa Limited. You consider that Benview Villa Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Benview Villa Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
2 December 2019
Benview Villa Limited
Statement of financial position
at 31 March 2019
2
2019
Notes
£
£
Fixed assets
Investment properties
2
95,000
Current assets
Debtors
50
Cash at bank and in hand
2,422
2,472
Creditors: amounts falling due within one year
(95,656)
Net current liabilities
(93,184)
Net assets
1,816
Capital and reserves
Called up share capital
10
Profit and loss reserves
1,806
Total equity
1,816
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 March 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 period 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.
Benview Villa Limited
Statement of financial position (continued)
at 31 March 2019
3
The financial statements were approved by the board of directors and authorised for issue on 30 November 2019 and are signed on its behalf by:
Yvonne Michie
Brian Smith
Director
Director
Company Registration No. SC590448
Benview Villa Limited
Notes to the financial statements
for the period ended 31 March 2019
4
1
Accounting policies
Company information
Benview Villa Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
6 St Nicholas Drive, Banchory, AB31 5YG.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
represents rental income recognised in the accounts. Rental income is recognised by the company in the period when the rent falls due.
1.3
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Investment property
2019
£
Fair value
At 7 March 2018
-
Additions
95,000
At 31 March 2019
95,000
Benview Villa Limited
Notes to the financial statements (continued)
for the period ended 31 March 2019
5
3
Directors' transactions
During the year the directors entered into the following advances and credits with the company:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
99,229
(4,783)
94,446
-
99,229
(4,783)
94,446
4
Controlling party
Yvonne Michie and Brian Smith, directors, control the company by a virtue of controlling interest of 100% of the issued ordinary share capital.