Black Gold Developments (UK) Ltd - Period Ending 2018-09-30

Black Gold Developments (UK) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2018

Registration number: 05431850

Black Gold Developments (UK) Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Black Gold Developments (UK) Ltd

Company Information

Director and Company secretary

Mr Julian Jones

Registered office

Westons Point Boatyard Turks Lane Whitecliff Poole Dorset BH14 8EW

Accountants

PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Page 1

Black Gold Developments (UK) Ltd

Balance Sheet

30 September 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	24,292	-
Tangible assets	5	77,835	86,901
Investment property	6	2,975,054	2,845,257
Investments	7	530	-
		3,077,711	2,932,158
Current assets
Stocks	8	6,599,063	6,411,179
Debtors	9	2,208,290	950,666
Cash at bank and in hand		84,747	583,847
		8,892,100	7,945,692
Creditors: Amounts falling due within one year	10	(119,383)	(128,110)
Net current assets		8,772,717	7,817,582
Total assets less current liabilities		11,850,428	10,749,740
Creditors: Amounts falling due after more than one year	10	(11,584,959)	(10,564,541)
Provisions for liabilities		(4,309)	(6,032)
Net assets		261,160	179,167
Capital and reserves
Called up share capital		1	1
Profit and loss account		261,159	179,166
Total equity		261,160	179,167

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Black Gold Developments (UK) Ltd

Balance Sheet

30 September 2018

For the financial year ending 30 September 2018 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 May 2019
 

......................................... Mr Julian Jones Company secretary and director

Company Registration Number: 05431850

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

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:
Westons Point Boatyard
Turks Lane
Whitecliff
Poole
Dorset
BH14 8EW

These financial statements were authorised for issue by the director on 28 May 2019.

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.

These financial statements are presented in pound sterling and rounded to the nearest pound.

Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Revenue represents amounts for building development projects at cost plus a percentage uplift. Revenue is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 4

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant, machinery and other assets	25% reducing balance
Computer and other equipment	33% straight line
Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Separately acquired computer software licences are shown at historical cost.

Licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Licences are amortised over a three year period.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Page 5

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Rentals paid under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances: and
• Other long term loans and borrowings.


All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2017 - 7).

Page 6

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

4	Intangible assets

	Computer software  £	Total £
Cost or valuation
Additions acquired separately	29,078	29,078
At 30 September 2018	29,078	29,078
Amortisation
Amortisation charge	4,786	4,786
At 30 September 2018	4,786	4,786
Carrying amount
At 30 September 2018	24,292	24,292

5	Tangible assets

	Plant, equipment and other assets  £	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2017	109,344	40,633	40,786	190,763
Additions	8,965	-	8,450	17,415
At 30 September 2018	118,309	40,633	49,236	208,178
Depreciation
At 1 October 2017	59,701	24,666	19,495	103,862
Charge for the year	16,652	2,393	7,436	26,481
At 30 September 2018	76,353	27,059	26,931	130,343
Carrying amount
At 30 September 2018	41,956	13,574	22,305	77,835
At 30 September 2017	49,643	15,967	21,291	86,901

Page 7

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

6	Investment properties

	2018 £
At 1 October	2,845,257
Additions	129,797
At 30 September	2,975,054

7	Investments

	2018 £	2017 £
Investments in associates	530	-

Associates	£
Cost
Additions	530
Provision
Carrying amount
At 30 September 2018	530

Summary of investments

Name	Holding	Principal activity
St Georges Place (Poole) Limited	44%	Property development

8

Stocks

	2018 £	2017 £
Work in progress	6,597,396	6,411,179
Other inventories	1,667	-
	6,599,063	6,411,179

Page 8

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

9

Debtors

	Note	2018  £	2017  £
Trade debtors		574	3,109
Other debtors	12	2,177,572	903,696
Prepayments		30,144	43,861
		2,208,290	950,666

10

Creditors

Creditors: amounts falling due within one year

		2018  £	2017  £
Due within one year
Trade creditors		1,055	4,600
Social security and other taxes		8,526	6,462
Other creditors		85,664	85,678
Accrued expenses		4,770	5,110
Corporation tax		19,368	26,260
		119,383	128,110
Due after one year
Loans and borrowings		11,584,959	10,564,541

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	12	11,584,959	10,564,541

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments under non cancellable operating leases not included in the balance sheet is £1,856 (2017 - £2,916).

Page 9

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2018

12	Related party transactions

A loan had been received from the director and the amount outstanding at the year end was £11,584,959 (2017 £10,564,541). The loan is interest free with no fixed term for repayment. During the year sales of £108,856 (2017 £nil) were made to the director.

During the year loans were made to companies under common control. The amounts outstanding at the year end which are included in other debtors were £1,008,102 (2017 £900,000) and £1,100,000 (2017 £nil). Both loans are interest free and have no fixed term of repayment. Sales totalling £17,878 (2017 £nil) were made to one of these companies during the year.

A loan was made to an associate company and the amount outstanding which is included in other debtors was £69,470 (2017 £nil). The loan is interest free and has no fixed term of repayment. Sales totalling £3,598 (2017 £nil) were made to the associate company during the year.
 

Page 10