Bluenotch Limited
Director's Report and Unaudited Financial Statements
For the year ended 31 July 2016
31 July 2016
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 2016
Page 1
The director presents his report and financial statements for the year ended 31 July 2016.
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 2015:
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
28 February 2017
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 2016
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 2016 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/membershandbook.
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 dated 19 April 2016. 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 ICAEW Technical Release 07/16 AAF. 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
2 March 2017
Chartered Accountants
Surrey House
36-44 High Street
Redhill
Surrey
RH1 1RH
Bluenotch Limited
Profit and Loss Account
For the year ended 31 July 2016
Page 3
2016
2015
Notes
£
£
Turnover
317,717
312,492
Administrative expenses
(87,380)
(60,527)
Other operating income
47,514
15,871
Operating profit
2
277,851
267,836
Profit on sale of tangible assets
16,058
-
Profit on ordinary activities before interest
293,909
267,836
Interest receivable and similar income
3
473
528
Interest payable and similar charges
(231)
(7,513)
Profit on ordinary activities before taxation
294,151
260,851
Tax on profit on ordinary activities
4
(47,623)
(50,835)
Profit for the year
10
246,528
210,016
Bluenotch Limited
Statement of Total Recognised Gains and Losses
For the year ended 31 July 2016
Page 4
2016
2015
£
£
Profit for the financial year
246,528
210,016
Note of historical cost profits and losses
2016
2015
£
£
Reported profit on ordinary activities before taxation
294,151
260,851
Realisation of property revaluation losses of previous years
(3,345)
-
Historical cost profit on ordinary activities before taxation
290,806
260,851
Historical cost profit for the year retained after taxation, extraordinary items and dividends
243,183
210,016
Bluenotch Limited
Balance Sheet
As at 31 July 2016
Page 5
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,665,223
4,469,667
Current assets
Debtors
6
44,618
42,690
Cash at bank and in hand
804,535
1,037,161
849,153
1,079,851
Creditors: amounts falling due within one year
7
(77,997)
(121,522)
Net current assets
771,156
958,329
Total assets less current liabilities
5,436,379
5,427,996
Creditors: amounts falling due after more than one year
8
-
(238,145)
5,436,379
5,189,851
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
1,192,654
1,189,309
Profit and loss account
10
4,243,625
4,000,442
Shareholders' funds
5,436,379
5,189,851
For the financial year ended 31 July 2016 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 January 2015).
Approved by the Board for issue on 28 February 2017
D. W. Dove
Director
Company Registration No. 01124571
Bluenotch Limited
Notes to the Financial Statements
For the year ended 31 July 2016
Page 6
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
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 January 2015), 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
2016
2015
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
2,092
2,789
Bluenotch Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2016
Page 7
3
Interest receivable and similar income
2016
2015
£
£
Bank interest
473
528
473
528
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
47,623
50,835
Total current tax
47,623
50,835
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 August 2015
4,461,298
26,449
4,487,747
Additions
230,648
-
230,648
Disposals
(33,000)
-
(33,000)
At 31 July 2016
4,658,946
26,449
4,685,395
Depreciation
At 1 August 2015
-
18,080
18,080
Charge for the year
-
2,092
2,092
At 31 July 2016
-
20,172
20,172
Net book value
At 31 July 2016
4,658,946
6,277
4,665,223
At 31 July 2015
4,461,298
8,369
4,469,667
The investment properties have been valued on an open market basis at 31 July 201
6
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,
46
6
,
475 (201
5
: £3,2
72
,
172
).
Bluenotch Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2016
Page 8
6
Debtors
2016
2015
£
£
Trade debtors
10,498
8,570
Other debtors
34,120
34,120
44,618
42,690
7
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
-
41,454
Trade creditors
14,117
12,750
Taxation and social security
47,623
50,835
Other creditors
16,257
16,483
77,997
121,522
8
Creditors: amounts falling due after more than one year
2016
2015
£
£
Bank loans
-
238,145
Analysis of loans
Not wholly repayable within five years by instalments
-
279,599
Included in current liabilities
-
(41,454)
-
238,145
Instalments not due within five years
-
72,327
9
Share capital
2016
2015
£
£
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 2016
Page 9
10
Statement of movements on reserves
Revaluation reserve
Profit and loss
account
£
£
Balance at 1 August 2015
1,189,309
4,000,442
Profit for the year
-
246,528
Transfer from revaluation reserve to profit and loss account
3,345
(3,345)
Balance at 31 July 2016
1,192,654
4,243,625
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
5
: £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
5
: £
30
,
30
6) from Perimeter Properties Limited, which was under the control of D.W. Dove Esq.
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