Berongrange Limited iXBRL

Relate AccountsProduction v2.1.17v2.1.172016-09-01The company was not dormant during the periodThe company was trading for the entire periodUnaudited AccountsThe principal activity of the company is the letting of it's own properties.25 January 2018038022642017-08-31038022642016-08-31038022642015-08-31038022642016-09-012017-08-31038022642015-09-012016-08-3103802264uk-bus:PrivateLimitedCompanyLtd2016-09-012017-08-3103802264uk-bus:SmallCompaniesRegimeForAccounts2016-09-012017-08-3103802264uk-bus:AbridgedAccounts2016-09-012017-08-3103802264uk-core:ShareCapital2017-08-3103802264uk-core:ShareCapital2016-08-3103802264uk-core:RetainedEarningsAccumulatedLosses2017-08-3103802264uk-core:RetainedEarningsAccumulatedLosses2016-08-3103802264uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests2017-08-3103802264uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests2016-08-3103802264uk-bus:FRS1022016-09-012017-08-3103802264uk-core:Land2016-09-012017-08-3103802264uk-core:WithinOneYear2017-08-3103802264uk-core:WithinOneYear2016-08-3103802264uk-core:WithinOneYear2017-08-3103802264uk-core:WithinOneYear2016-08-3103802264uk-core:BetweenOneTwoYears2017-08-3103802264uk-core:BetweenOneTwoYears2016-08-3103802264uk-core:BetweenTwoFiveYears2017-08-3103802264uk-core:BetweenTwoFiveYears2016-08-3103802264uk-core:MoreThanFiveYears2017-08-3103802264uk-core:MoreThanFiveYears2016-08-31038022642016-09-012017-08-3103802264uk-bus:CompanySecretaryDirector12016-09-012017-08-3103802264uk-bus:Director22016-09-012017-08-3103802264uk-bus:AuditExempt-NoAccountantsReport2016-09-012017-08-31xbrli:pureiso4217:GBPxbrli:shares
Company Number: 03802264
Berongrange Limited
Unaudited Abridged Financial Statements
for the year ended 31 August 2017
Berongrange Limited
Company Number: 03802264
as at 31 August 2017

2017 2016
Notes £ £
Non-Current Assets
Property, plant and equipment 5 1,547,157 1,563,842
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Current Assets
Receivables 2,500 2,500
Cash and cash equivalents 454,593 452,804
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457,093 455,304
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Payables: Amounts falling due within one year 6 (769,619) (777,092)
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Net Current Liabilities (312,526) (321,788)
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Total Assets less Current Liabilities 1,234,631 1,242,054
Amounts falling due after more than one year 7 (709,362) (746,828)
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Net Assets 525,269 495,226
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Called up share capital 2 2
Income statement 525,267 495,224
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Equity attributable to owners of the company 525,269 495,226
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
The company has taken advantage of the exemption under section 444 not to file the Abridged Income Statement and Directors' Report.
For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors confirm that 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 of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Approved by the Board and authorised for issue on 25 January 2018 and signed on its behalf by
Barry Duffy          
Garry Kaxe

Berongrange Limited
for the year ended 31 August 2017

Berongrange Limited is a company limited by shares incorporated in United Kingdom 3 High Street, Thatcham, West Berkshire, RG19 3JG, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
Statement of compliance
The financial statements of the company for the year ended 31 August 2017 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.   Revenue comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

Revenue from the provision of services is recognised in the accounting period in which the services are rendered and the outcome of the contract can be estimated reliably.  The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
  Long leasehold investment property - 2% Straight line
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Investment properties
Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value with changes in fair value recognised in the Income Statement. Revalued investment properties are not depreciated or amortised, unless the fair value cannot be measured reliably or without undue cost or effort.

Not depreciating or amortising property is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of fifty years per annum on the revalued amount.
Trade and other receivables
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Statement of Financial Position bank overdrafts are shown within Payables.
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Trade and other payables
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
Share capital of the company
Ordinary share capital
The ordinary share capital of the company is presented as equity.
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Establishing useful economic lives for depreciation purposes of property, plant and equipment:
Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.
The average monthly number of employees, including directors, during the year was as follows:
  2017 2016
  Number Number
Directors 2 2
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  Investment Long Total
  properties leasehold  
    investment property  
  £ £ £
At 31 August 2017 422,122 1,246,449 1,668,571
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At 1 September 2016 54,872 49,857 104,729
Charge for the year 4,221 12,464 16,685
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At 31 August 2017 59,093 62,321 121,414
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Carrying amount
At 31 August 2017 363,029 1,184,128 1,547,157
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At 31 August 2016 367,250 1,196,592 1,563,842
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The open market value for existing use of the investment property was reviewed  by the company directors on 16 February 2017.  They determined there was no material change in value.
6. PAYABLES 2017 2016
Amounts falling due within one year £ £
Bank loan 77,534 77,534
Amounts owed to connected parties 638,764 647,264
Taxation 16,357 16,360
Directors' current accounts 2,435 2,435
Accruals 34,529 33,499
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  769,619 777,092
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7. PAYABLES 2017 2016
Amounts falling due after more than one year £ £
Bank loan 709,362 746,828
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Repayable in one year or less, or on demand 77,534 77,534
Repayable between one and two years 77,533 77,534
Repayable between two and five years 232,599 232,602
Repayable in five years or more 399,230 436,692
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  786,896 824,362
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The company had no material capital commitments at the year-ended 31 August 2017.
There have been no significant events affecting the company since the year-end.