Borley Property Investments Limited - Period Ending 2018-03-31

Registration number: 04283027

Borley Property Investments Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Borley Property Investments Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Borley Property Investments Limited

Company Information

Directors

Mr AT Passmore Mr S Borley

Company secretary

Mrs CM Borley

Registered office

Ground Floor 1 Alexandra Gate Ffordd Pengam Tremorfa Cardiff CF24 2SA

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Borley Property Investments Limited
for the Year Ended 31 March 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 March 2018, as set out on pages 3 to 10, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

15 June 2018

Page 2

Borley Property Investments Limited

(Registration number: 04283027)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	4	1,544,481	1,544,481
Current assets
Debtors	5	188,477	57,850
Cash at bank and in hand		10,443	48,616
		198,920	106,466
Creditors: Amounts falling due within one year	6	(319,606)	(276,311)
Net current liabilities		(120,686)	(169,845)
Total assets less current liabilities		1,423,795	1,374,636
Creditors: Amounts falling due after more than one year	6	(550,045)	(611,150)
Net assets		873,750	763,486
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		873,650	763,386
Total equity		873,750	763,486

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Borley Property Investments Limited

(Registration number: 04283027)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 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 accounts 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 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 Board on 15 June 2018 and signed on its behalf by:
 

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

Mr S Borley

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Borley Property Investments Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

	Share capital £	Profit and loss account £	Total £
At 1 April 2017	100	763,386	763,486
Profit for the year	-	110,264	110,264
Total comprehensive income	-	110,264	110,264
At 31 March 2018	100	873,650	873,750

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	100	691,347	691,447
Profit for the year	-	72,039	72,039
Total comprehensive income	-	72,039	72,039
At 31 March 2017	100	763,386	763,486

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Borley Property Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company registration number is: 04283027

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

The address of its registered office is:
Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA

These financial statements were authorised for issue by the Board on 15 June 2018.

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.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 6

Borley Property Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4	Investment properties

	2018 £
At 1 April 2017	1,544,481
At 31 March 2018	1,544,481

The investment properties included in the accounts are measured at fair value which is no different from the historic cost.

There has been no valuation of investment property by an independent valuer. The directors believe that the property is stated at fair value.

Page 7

Borley Property Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Debtors

	Note	2018 £	2017 £
Trade debtors		-	480
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	181,224	57,370
Other debtors		7,253	-
		188,477	57,850

6

Creditors

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	66,660	66,660
Trade creditors		500	1,402
Corporation tax		25,864	22,339
Taxation and social security		8,541	8,453
Directors' current accounts		218,041	177,457
		319,606	276,311
Due after one year
Loans and borrowings	7	550,045	611,150

	2018 £	2017 £
After more than five years by instalments	283,405	344,510

Page 8

Borley Property Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	550,045	611,150

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	66,660	66,660

Bank borrowings

Assets pledged as security on the bank loan are as follows: The investment properties on the company balance sheet including the benefit of all rights, licences, guarantees, rent deposits, contracts, deeds undertakings & warranties relating to the properties. Any shares or membership rights in any management company for the property. Any goodwill of any business from time to time carried on at the property. Any rental & other money payable and any lease licence or other interest created in respect of the property & all other payments whatever in respect of the property.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Amounts due after five years £283,405 (2017 - £344,510).

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 9

Borley Property Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

9	Related party transactions

Summary of transactions with key management

Relationship: Directors

During the year the directors made interest free, unsecured, repayable on demand loans to the company. At the balance sheet due to the directors was £218,041 (2017 - £177,457).
 

Summary of transactions with other related parties

Relationship: Common directors and shareholders
 
During the year, the company charged rent to the related party companies amounting to £164,275 (2017 - £139,308). At the balance sheet date the amount due from the related party companies was £181,224 (2017 - £57,370).

 

Page 10