Bawtry Hall Property Limited - Period Ending 2018-06-30

Registration number: 08817291

Bawtry Hall Property Limited

Unaudited Financial Statements

for the Period from 1 June 2017 to 30 June 2018

 
 
 
 
 

Bawtry Hall Property Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Bawtry Hall Property Limited

(Registration number: 08817291)
Balance Sheet as at 30 June 2018

	Note	30 June 2018  £	31 May 2017  £
Fixed assets
Investments		100	-
Current assets
Stocks		1,623,663	2,312,062
Debtors	3	733,110	47,307
Cash at bank and in hand		8,634	1,720
		2,365,407	2,361,089
Creditors: Amounts falling due within one year	4	(877,736)	(1,045,968)
Net current assets		1,487,671	1,315,121
Total assets less current liabilities		1,487,771	1,315,121
Creditors: Amounts falling due after more than one year	4	(1,570,893)	(1,667,145)
Net liabilities		(83,122)	(352,024)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(83,222)	(352,124)
Total equity		(83,122)	(352,024)

For the financial period ending 30 June 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 period 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 which 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. and in accordance with the provisions of FRS102 Section 1A Small Entities.

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 Directors' Report and the Profit and Loss Account has been taken.

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Bawtry Hall Property Limited

(Registration number: 08817291)
Balance Sheet as at 30 June 2018 (continued)

Approved and authorised by the Board on 27 September 2019 and signed on its behalf by:
 

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

J P Cooper

Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Bawtry Hall Property Limited

Notes to the Financial Statements for the Period from 1 June 2017 to 30 June 2018

1	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

Bawtry Hall Property Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

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 sterling which is the functional currency of the company and rounded to the nearest £.

Disclosure of long or short period

The company extended its year end date to 30 June in order to become coterminous with the directors other trading companies.

Revenue recognition

Turnover comprises the sale of land and property in the ordinary course of the company’s activities.

Contract revenue recognition

Other operating income comprises temporary rents receivable from property held for resale.

The company acquired Bawtry Hall to develop into various commercial and residential units to ultimately realise the individual units of the development by outright sales to third parties.
As it is not possible to dispose of some units until others have been fully developed the company have let off parts of the site on a temporary basis to cover ongoing operating costs until such time as units can be marketed for sale.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 3

Bawtry Hall Property Limited

Notes to the Financial Statements for the Period from 1 June 2017 to 30 June 2018 (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stock is the value of property held for future resale stated at the lower of cost or net realisable value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

Page 4

Bawtry Hall Property Limited

Notes to the Financial Statements for the Period from 1 June 2017 to 30 June 2018 (continued)

2	Investments in subsidiaries, joint ventures and associates

	30 June 2018  £
Investments in subsidiaries	100

Subsidiaries	£
Cost or valuation
Additions	100
Carrying amount
At 30 June 2018	100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held
			2018	2017
Subsidiary undertakings
Bawtry Hall Management Ltd	England	Ordinary	100%	0%

3

Debtors

	30 June 2018  £	31 May 2017  £
Trade debtors	33,145	29,079
Amounts owed by related parties	415,055	-
Other debtors	39,910	18,228
Accrued income	245,000	-
	733,110	47,307

Page 5

Bawtry Hall Property Limited

Notes to the Financial Statements for the Period from 1 June 2017 to 30 June 2018 (continued)

4

Creditors

	30 June 2018  £	31 May 2017  £
Due within one year
Bank loans	60,187	609,962
Trade creditors	186,739	83,137
Social security and other taxes	8,939	8,547
Other payables	621,871	344,322
	877,736	1,045,968
Due after one year
Bank loans	1,570,893	1,667,145

Bank loans are secured against the property currently being developed.

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

	30 June 2018  £	31 May 2017  £
After more than five years by instalments	1,066,148	1,519,998

Page 6