Blackmore SPV 11 Ltd
|
Notes to the Accounts |
for the period from 22 March 2017 to 31 December 2017
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Revenue recognition |
|
Revenue in respect of sales of properties is recognised at the fair value of the consideration received or receivable on legal completion. Revenue in repect of profit sharing, development deals or joint ventures is recognised when entitilement to that revenue occurs.
|
|
|
Investment property |
|
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
|
|
|
2 |
Debtors |
2017 |
|
£ |
|
|
|
Other debtors |
500,000 |
|
|
|
|
|
|
|
|
|
3 |
Creditors: amounts falling due within one year |
2017 |
|
£ |
|
|
|
Other creditors |
501,610 |
|
|
|
|
|
|
|
|
|
4 |
Controlling party |
|
|
The immediate parent company is Blackmore Group Ltd and the ultimate controlling party is Blackmore Bond Plc.
|
|
|
5 |
Other information |
|
|
Blackmore SPV 11 Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suite 3, Part of Level 1 |
|
XYZ Building, 2 Hardman Boulevard |
|
Spinningfields, Manchester |
|
M3 3AQ |