Berkshire Assets (Slough) Limited - Period Ending 2020-03-31

Berkshire Assets (Slough) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Berkshire Assets (Slough) Limited

(Registration number: 09593931)
Statement of Financial Position as at 31 March 2020

	Note	2020 £	2019 £
Current assets
Debtors	5	462	19,673
Cash at bank and in hand		45,553	51,319
		46,015	70,992
Creditors: Amounts falling due within one year	6	(322,437)	(341,372)
Net liabilities		(276,422)	(270,380)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(276,522)	(270,480)
Total equity		(276,422)	(270,380)

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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; and
•	The directors acknowledge 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 in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 29 March 2021 and signed on its behalf by:
 

......................................... Mr J R Garside Director

Berkshire Assets (Slough) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is 1 Massey Road, Thornaby, Stockton-on-Tees, TS17 6DY, England

The principal place of business is Parkview, Great West Road, Brentford, TW8 9AZ.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Berkshire Assets (Slough) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)

2	Accounting policies (continued)

Going concern

The company meets its day to day working capital requirements through cash generated from operations and shareholding funding. The directors have assessed the potential impact of the COVID-19 virus and the financial impact on the company and have developed a business continuity plan should the impact of the pandemic widen.

At the balance sheet date, the company reported an excess of liabilities over assets totalling £276,422 (2019: £270,380). However, liabilities include £254,489 (2019: £275,808) owed to companies controlled by the shareholders who have confirmed their willingness to finance any shortages in the company's day to day finances and for such an arrangement to continue for a period of not less than one year from the date the financial statements were approved by the Board.

Under the circumstances, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.

If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide further liabilities that might arise.

Revenue recognition

Turnover comprises the fair value of the sale of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Berkshire Assets (Slough) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

4	Investments

2020 £

2019 £

Berkshire Assets (Slough) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)

4	Investments (continued)

Subsidiaries	£
Cost or valuation
At 1 April 2019	100
Disposals	(100)
At 31 March 2020	-
Provision
Carrying amount
At 31 March 2020	-

5

Debtors

	2020 £	2019 £
Other debtors	462	19,673
	462	19,673

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	61,970	64,532
Other creditors	253,457	222,122
Directors' loan accounts	7,010	54,718
	322,437	341,372

7	Related party transactions

Transactions with directors

2020	At 1 April 2019 £	Advances to directors £	Repayments by director £	At 31 March 2020 £
Mount Street Investments Limited
	54,718	2,292	(50,000)	7,010

Berkshire Assets (Slough) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)

7	Related party transactions (continued)

2019	At 1 April 2018 £	Advances to directors £	Repayments by director £	At 31 March 2019 £
Mr J R Garside
	2,725	-	(2,725)	-
Mount Street Investments Limited
	164,215	27,003	(136,500)	54,718