BESSON_LINE_LIMITED - Accounts


Company Registration No. 03500485 (England and Wales)
BESSON LINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
BESSON LINE LIMITED
COMPANY INFORMATION
Director
D F Pinto
Company number
03500485
Registered office
30 Camp Road
Farnborough
Hampshire
GU14 6EW
Accountants
Haines Watts Farnborough LLP
30 Camp Road
Farnborough
Hampshire
GU14 6EW
Business address
2 Clockhouse Road
Farnborough
Hampshire
GU14 7QY
Bankers
Lloyds TSB Bank plc
115 Victoria Road
Aldershot
Hampshire
GU11 1JQ
BESSON LINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BESSON LINE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
50,518
51,492
Investments
5
293,596
293,596
344,114
345,088
Current assets
Debtors
6
521,889
174,179
Cash at bank and in hand
74,169
1,064,371
596,058
1,238,550
Creditors: amounts falling due within one year
7
(41,473)
(761,674)
Net current assets
554,585
476,876
Total assets less current liabilities
898,699
821,964
Creditors: amounts falling due after more than one year
8
(250,000)
(250,000)
Net assets
648,699
571,964
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
648,599
571,864
Total equity
648,699
571,964

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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

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.

BESSON LINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -

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

The financial statements were approved and signed by the director and authorised for issue on 21 February 2018
D F Pinto
Director
Company Registration No. 03500485
BESSON LINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2015
100
(48,746)
(48,646)
Year ended 30 June 2016:
Profit and total comprehensive income for the year
-
620,610
620,610
Balance at 30 June 2016
100
571,864
571,964
Year ended 30 June 2017:
Profit and total comprehensive income for the year
-
81,735
81,735
Dividends
3
-
(5,000)
(5,000)
Balance at 30 June 2017
100
648,599
648,699
BESSON LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
1
Accounting policies
Company information

Besson Line Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Camp Road, Farnborough, Hampshire, GU14 6EW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of Besson Line Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Interest received on bank loans is accounted for on a received basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land (Freehold)
No depreciation
Fixtures, fittings & equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BESSON LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from connected companies and preference shares that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

BESSON LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 2).

3
Dividends

Preference dividends in arrears total £5,000 (2016 - £nil). These relate to the dividends accrued for four years in relation to the Non-redeemable preference shares, as detailed in note 8.

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2016 and 30 June 2017
50,000
3,028
53,028
Depreciation and impairment
At 1 July 2016
-
1,536
1,536
Depreciation charged in the year
-
974
974
At 30 June 2017
-
2,510
2,510
Carrying amount
At 30 June 2017
50,000
518
50,518
At 30 June 2016
50,000
1,492
51,492
5
Fixed asset investments
2017
2016
£
£
Investment properties
293,596
293,596
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,914
109
Other debtors
519,975
174,070
521,889
174,179
BESSON LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,773
44,262
Corporation tax
20,336
155,202
Other taxation and social security
-
731
Other creditors
14,364
561,479
41,473
761,674
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
250,000
250,000

The Non-redeemable preference shares of £1 each:

 

i. Entitle holders to a fixed preferential dividend at a rate of 0.5% per annum and any such additional dividend as the directors may at their discretion determine (but without obligation). The dividend shall be paid yearly in arrears on the anniversary of the date of issue of the preference shares.

 

ii. The preference shares shall be repaid at par on any liquidation of the company but shall have no other right to share in the income or capital of the company.

 

iii. The preference shareholders shall not be entitled to any votes at any general meeting of the company.

9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100Ordinary shares of £1 each
100
100
100
100

The 250,000 Non-redeemable preference shares of £1 each are shown within creditors due after more than one year.

BESSON LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 8 -
10
Related party transactions

At the year end the company was owed £5,000 (2016 - £10,000) by Gally Hill Estates Limited, a company under common control.

 

At the year end, the company was owed £46,871 by Camberley Estates Limited (2016 - £547,610 owed to), a company with which the property and freehold land are jointly owned. This balance may not be payable within one year.

11
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
D F Pinto - Loan account
6.00
149,655
6,875
(156,824)
(294)
149,655
6,875
(156,824)
(294)

The maximum amount overdrawn in the year was £151,531.

12
Controlling party

The overall controlling party is D F Pinto, director and shareholder.

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