Belfield Developments Limited 31/03/2019 iXBRL

Belfield Developments Limited 31/03/2019 iXBRL

BELFIELD DEVELOPMENTS LIMITED - Company Information

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31/03/2019 2019-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 09570544 2018-04-01 2019-03-31 09570544 2019-03-31 09570544 2017-04-01 2018-03-31 09570544 2018-03-31 09570544 bus:Director1 2018-04-01 2019-03-31 09570544 core:WithinOneYear 2019-03-31 09570544 core:WithinOneYear 2018-03-31 09570544 core:ShareCapital 2019-03-31 09570544 core:ShareCapital 2018-03-31 09570544 core:RetainedEarningsAccumulatedLosses 2019-03-31 09570544 core:RetainedEarningsAccumulatedLosses 2018-03-31 09570544 core:CostValuation core:Non-currentFinancialInstruments 2019-03-31 09570544 core:Non-currentFinancialInstruments 2019-03-31 09570544 core:Non-currentFinancialInstruments 2018-03-31 09570544 bus:Director1 2018-03-31 09570544 bus:Director1 2019-03-31 09570544 bus:Director1 2017-03-31 09570544 bus:Director1 2018-03-31 09570544 bus:Director1 2017-04-01 2018-03-31 09570544 bus:SmallEntities 2018-04-01 2019-03-31 09570544 bus:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 09570544 bus:FullAccounts 2018-04-01 2019-03-31 09570544 bus:SmallCompaniesRegimeForAccounts 2018-04-01 2019-03-31 09570544 bus:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31
Company registration number: 09570544
Belfield Developments Limited
Unaudited filleted financial statements
31 March 2019
BELFIELD DEVELOPMENTS LIMITED
Contents
Statement of financial position
Notes to the financial statements
BELFIELD DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2019
2019 2018
Note £ £ £ £
Fixed assets
Investments 5 7,150 119,400
_______ _______
7,150 119,400
Current assets
Debtors 6 286,010 91,563
Cash at bank and in hand 8,486 36,026
_______ _______
294,496 127,589
Creditors: amounts falling due
within one year 7 ( 174,385) ( 254,053)
_______ _______
Net current assets/(liabilities) 120,111 ( 126,464)
_______ _______
Total assets less current liabilities 127,261 ( 7,064)
Provisions for liabilities ( 272) -
_______ _______
Net assets/(liabilities) 126,989 ( 7,064)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 8 126,979 ( 7,074)
_______ _______
Shareholders funds/(deficit) 126,989 ( 7,064)
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2019 , and are signed on behalf of the board by:
Mr Justin Denno
Director
Company registration number: 09570544
BELFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 - 28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is the investment in building projects.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Investments
Other loans Total
£ £
Cost
At 1 April 2018 and 31 March 2019 7,150 7,150
_______ _______
Impairment
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 7,150 7,150
_______ _______
At 31 March 2018 7,150 7,150
_______ _______
6. Debtors
2019 2018
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 279,924 78,359
Other debtors 6,086 13,204
_______ _______
286,010 91,563
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Accruals and deferred income 6,652 2,400
Social security and other taxes 24,636 (-)
Other creditors 143,097 251,653
_______ _______
174,385 254,053
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Loans to / (from) director at 1 April 2018 Loans to / (from) the director Amounts repaid Balance at 31 March 2019
£ £ £ £
Director ( 86,853) 43,011 ( 29,007) ( 72,849)
_______ _______ _______ _______
Loans to / (from) director at 1 April 2017 Loans to / (from) the director Amounts repaid Balance at 31 March 2018
£ £ £ £
Director ( 135,043) 139,295 ( 91,105) ( 86,853)
_______ _______ _______ _______