BELMONT_ESTATES_(MANCHEST - Accounts

BELMONT ESTATES (MANCHESTER) LTD - Company Information

Print Friendly Version

Company Registration No. 05095626 (England and Wales)

BELMONT ESTATES (MANCHESTER) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

BELMONT ESTATES (MANCHESTER) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

BELMONT ESTATES (MANCHESTER) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,798,159

1,730,000

Investments

100

1,798,259

1,730,100

Current assets

Cash at bank and in hand

51,491

55,145

Creditors: amounts falling due within one year

(158,680)

(127,172)

Net current liabilities

(107,189)

(72,027)

Total assets less current liabilities

1,691,070

1,658,073

Creditors: amounts falling due after more than one year

(573,667)

(590,114)

1,117,403

1,067,959

Capital and reserves

Called up share capital

100

Revaluation reserve

112,146

Profit and loss account

1,005,157

955,713

Shareholders' funds

1,117,403

1,067,959

For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 August 2015

Mr R Issler

Director

Company Registration No. 05095626

BELMONT ESTATES (MANCHESTER) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

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 April 2008).

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 receivable net of VAT.

1.4

Tangible fixed assets and depreciation

Fixtures, fittings & equipment

25% Straight Line

No depreciation has been provided on the investment property in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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 April 2008), 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 directors 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.

1.5

Investments

Current asset investments are stated at the lower of cost and net realisable value.

1.6

Revenue recognition

Property revenue consists of gross rental income on an accruals basis, excluding sales of investment properties. Rental income receivable in the period from lease commencement to the earlier of lease expiry and any tenant option to break is spread evenly over that period. Any incentive for lessees to enter into a lease agreement and any costs associated with entering into the lease are spread over the same period.

1.7

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

BELMONT ESTATES (MANCHESTER) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 April 2014

1,730,000

100

1,730,100

Additions

90,878

At 31 March 2015

1,820,878

100

1,820,978

Depreciation

At 1 April 2014

Charge for the year

22,719

At 31 March 2015

22,719

Net book value

At 31 March 2015

1,798,159

100

1,798,259

At 31 March 2014

1,730,000

100

1,730,100

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Belmont Care Home Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2015

Principal activity

Belmont Care Home Limited

Nursing Home

174,306

114,428

Creditors: amounts falling due within one year

The bank loan is secured by a first legal charge over a freehold property owned by the company together with a mortgage debenture over all of the company's assets.

In addition, further security is provided by way of a letter of guarantee from Belmont Care Home Limited for £1,250,000.

BELMONT ESTATES (MANCHESTER) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 4 -

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100