Bluenotch Limited
Director's Report and Unaudited Financial Statements
For the year ended 31 July 2015
31 July 2015
Company Registration No. 01124571 (England and Wales)
Bluenotch Limited
Company Information
Director
D. W. Dove
Company number
01124571
Registered office
Surrey House
36-44 High Street
Redhill
Surrey
RH1 1RH
Accountants
Kingston Smith LLP
Surrey House
36-44 High Street
Redhill
Surrey
RH1 1RH
Bluenotch Limited
Director's Report
For the year ended 31 July 2015
Page 1
The director presents his report and financial statements for the year ended 31 July 2015.
Principal activities
The principal activity of the company throughout the year was that of investment property ownership and rental.
Director
The following director has held office since 1 August 2014:
D. W. Dove
Statement of director's responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
D. W. Dove
Director
26 April 2016
Bluenotch Limited
Chartered Accountants' Report to the Director on the preparation of the unaudited Statutory Financial Statements of Bluenotch Limited for the year ended 31 July 2015
Page 2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bluenotch Limited for the year ended 31 July 2015 which comprise the Profit and Loss Account, the Balance Sheet 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 in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Bluenotch Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bluenotch Limited and state those matters that we have agreed to state to the Board of Directors of Bluenotch Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bluenotch Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Bluenotch 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 Bluenotch Limited. You consider that Bluenotch Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bluenotch 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 accounts.
Kingston Smith LLP
28 April 2016
Chartered Accountants
Surrey House
36-44 High Street
Redhill
Surrey
RH1 1RH
Bluenotch Limited
Profit and Loss Account
For the year ended 31 July 2015
Page 3
2015
2014
Notes
£
£
Turnover
312,492
302,910
Administrative expenses
(60,527)
(70,916)
Other operating income
15,871
17,081
Operating profit
2
267,836
249,075
Interest receivable and similar income
3
528
338
Interest payable and similar charges
(7,513)
(8,621)
Profit on ordinary activities before taxation
260,851
240,792
Tax on profit on ordinary activities
4
(50,835)
(49,770)
Profit for the year
10
210,016
191,022
Bluenotch Limited
Balance Sheet
As at 31 July 2015
Page 4
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,469,667
4,443,948
Current assets
Stocks
-
633
Debtors
6
42,690
45,290
Cash at bank and in hand
1,037,161
889,586
1,079,851
935,509
Creditors: amounts falling due within one year
7
(121,522)
(119,008)
Net current assets
958,329
816,501
Total assets less current liabilities
5,427,996
5,260,449
Creditors: amounts falling due after more than one year
8
(238,145)
(280,614)
5,189,851
4,979,835
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
1,189,309
1,189,309
Profit and loss account
10
4,000,442
3,790,426
Shareholders' funds
5,189,851
4,979,835
For the financial year ended 31 July 2015 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.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 26 April 2016
D. W. Dove
Director
Company Registration No. 01124571
Bluenotch Limited
Notes to the Financial Statements
For the year ended 31 July 2015
Page 5
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents rents and transfer fees receivable.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
Nil
Other fixed assets
25% per annum on reducing balance
1.5
Investment Properties
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
2,789
3,720
3
Interest receivable and similar income
2015
2014
£
£
Bank interest
528
338
528
338
Bluenotch Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2015
Page 6
4
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
50,835
49,770
Total current tax
50,835
49,770
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 August 2014
4,432,790
26,449
4,459,239
Additions
28,508
-
28,508
At 31 July 2015
4,461,298
26,449
4,487,747
Depreciation
At 1 August 2014
-
15,291
15,291
Charge for the year
-
2,789
2,789
At 31 July 2015
-
18,080
18,080
Net book value
At 31 July 2015
4,461,298
8,369
4,469,667
At 31 July 2014
4,432,790
11,158
4,443,948
The investment properties have been valued on an open market basis at 31 July 201
5
by the director, and are stated at their valuation amount. The director is considered qualified to value investment properties held by the company due to his vast experience in the field, having worked in the property industry since the 1960's.
The historical cost of the properties included at valuation at the balance sheet date is £3,2
72,172
(201
4
: £3,243,664).
6
Debtors
2015
2014
£
£
Trade debtors
8,570
16,412
Other debtors
34,120
28,878
42,690
45,290
Bluenotch Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2015
Page 7
7
Creditors: amounts falling due within one year
2015
2014
£
£
Bank loans and overdrafts
41,454
40,439
Trade creditors
12,750
13,583
Taxation and social security
50,835
49,770
Other creditors
16,483
15,216
121,522
119,008
8
Creditors: amounts falling due after more than one year
2015
2014
£
£
Bank loans
238,145
280,614
Analysis of loans
Not wholly repayable within five years by instalments
279,599
321,053
Included in current liabilities
(41,454)
(40,439)
238,145
280,614
Instalments not due within five years
72,327
118,857
The bank loans are secured by a charge over some of the company's freehold land and buildings, as detailed below;
70 Brighton Road
62 Furlong Road
8 & 12 Welcomes Terrace
9 Bretland Road
19 Bretland Road
27 Bretland Road
9
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
Bluenotch Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2015
Page 8
10
Statement of movements on reserves
Revaluation reserve
Profit and loss
account
£
£
Balance at 1 August 2014
1,189,309
3,790,426
Profit for the year
-
210,016
Balance at 31 July 2015
1,189,309
4,000,442
11
Control
The company is controlled by the director D.W. Dove and The Rowlands family, by virtue of their shareholdings.
12
Related party relationships and transactions
The company paid secretarial fees of £14,000 (201
4
: £14,000) to D.W.D. Property & Investment Company Limited which was under the control of D.W. Dove Esq., a shareholder and director.
At the year end Bluenotch was owed £
30
,
306
(201
4
: £25,236) from Perimeter Properties Limited, which was under the control of D.W. Dove Esq.
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