Belmonte Investments Limited - Period Ending 2017-05-31

Registration number: 05832411

Belmonte Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Belmonte Investments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Belmonte Investments Limited

Company Information

Director

Mr A Sacco

Registered office

21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

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Belmonte Investments Limited

(Registration number: 05832411)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Current assets
Debtors	4	1,000	1,000
Creditors: Amounts falling due within one year	5	(11,952)	(10,452)
Net liabilities		(10,952)	(9,452)
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		(11,952)	(10,452)
Total equity		(10,952)	(9,452)

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 27 February 2018
 

.........................................

Mr A Sacco

Director

The notes on pages 3 to 5 form an integral part of these financial statements.

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Belmonte Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

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:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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.

Going concern

The director has confirmed that he will continue to support the company for the foreseeable future to enable it to meet its liabilities and financial obligations. The financial statements have therefore been prepared on a going concern basis.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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Belmonte Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

4

Debtors

	2017 £	2016 £
Other debtors	1,000	1,000
	1,000	1,000

5

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and borrowings	6	10,452	10,452
Other creditors		1,500	-
		11,952	10,452

6	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Director's loan account	10,452	10,452

The director's loan account is non interest bearing and has no formal repayment terms.

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Belmonte Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

7	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 May 2016. The date of transition to FRS 102 was 1 June 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

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