Braunton Park Homes (Devon) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03334500 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Braunton Park Homes (Devon) Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs H R Jacobs

Mr D J B Jacobs

REGISTERED OFFICE:

69 High Street

Bideford

Devon

EX39 2AT

REGISTERED NUMBER:

03334500 (England and Wales)

ACCOUNTANTS:

R T Marke & Co Ltd

Chartered Accountants

69 High Street

Bideford

Devon

EX39 2AT

FIXED ASSETS

Tangible assets

5

475,315

480,960

Investment property

6

620,000

602,877

1,095,315

1,083,837

CURRENT ASSETS

Stocks

16,968

84,394

Debtors

19,648

25,580

Cash at bank

229,671

430,956

266,287

540,930

CREDITORS

Amounts falling due within one year

35,654

62,681

NET CURRENT ASSETS

230,633

478,249

TOTAL ASSETS LESS CURRENT LIABILITIES

1,325,948

1,562,086

CREDITORS

Amounts falling due after more than one year

7

-

(300,000

)

PROVISIONS FOR LIABILITIES

(1,552

)

(1,741

)

NET ASSETS

1,324,396

1,260,345

CAPITAL AND RESERVES

Called up share capital

9

9,100

9,100

Revaluation reserve

10

311,417

311,417

Retained earnings

1,003,879

939,828

SHAREHOLDERS' FUNDS

1,324,396

1,260,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 10 September 2019 and were signed on its behalf by:

Mr D J B Jacobs - Director

Mrs H R Jacobs - Director

1.	STATUTORY INFORMATION

Braunton Park Homes (Devon) Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

10% on reducing balance

Computer equipment

-

25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating

as intended by management.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No

depreciation is provided in respect of investment properties.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses. Loans and borrowings are initially recognised at the transaction price including

transaction costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Going concern

Having regard to the company's anticipated future revenues and costs including repayment of debt where

appropriate, together with the expected availability of working capital, the directors consider that it is appropriate

to prepare the financial statements on the going concern basis.

Employee benefit trusts (ebts)

The company has purchased a trust for the benefit of the employees and certain of their dependants. Monies held

in this trust are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of

the trust, they are accounted for as assets and liabilities for the company until the earlier of the day that an

allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust

vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the

business and the company can obtain no future economic benefit from those monies, such monies, whether in the

trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2018

and 31 March 2019

643,526

DEPRECIATION

At 1 April 2018

162,566

Charge for year

5,645

At 31 March 2019

168,211

NET BOOK VALUE

At 31 March 2019

475,315

At 31 March 2018

480,960

Included in cost or valuation of land and buildings is freehold land of £ 425,320 (2018 - £ 425,320 ) which is not

depreciated.

Cost or valuation at 31 March 2019 is represented by:

Totals

£

Valuation in 1997

311,417

Cost

332,109

643,526

If freehold land had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

113,903

113,903

The valuation of freehold land was made on 31 March 1997 at an open market value by the directors.

The company has taken advantage of the transitional provisions available on the introduction of FRS 102 to carry

those assets at that value less depreciation in subsequent years. Subsequent additions to freehold land are

included at cost.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

602,877

Revaluations

17,123

At 31 March 2019

620,000

NET BOOK VALUE

At 31 March 2019

620,000

At 31 March 2018

602,877

Fair value at 31 March 2019 is represented by:

£

Valuation in 2011

(8,526

)

Valuation in 2012

(5,000

)

Valuation in 2014

5,000

Valuation in 2015

10,000

Valuation in 2019

17,123

Cost

601,403

620,000

If investment property had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

601,403

601,403

Investment property was valued on an open market basis on 31 March 2019 by the directors .

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable otherwise than by instalments

Bank loans due after 5 years

-

300,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

300,000

Bank loans are secured by fixed and floating charges over the company's assets.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

9,000

Ordinary A

£1

9,000

9,000

100

Ordinary B

£1

100

100

9,100

9,100

10.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

311,417

Included in retained earnings is £18,597 (2018 - £1,474) of profits which are not available for distribution as

they are unrealised.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

Mrs H R Jacobs and Mr D J B Jacobs

Balance outstanding at start of year

-

-

Amounts advanced

7,001

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,001

-

The maximum overdrawn balance during the year was £7,001.

The loan was interest free and had no fixed date for repayment.