Buchanan First Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03954492 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

BUCHANAN FIRST PROPERTIES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D J Hilder

REGISTERED OFFICE:

93-97 Bohemia Road

St Leonards On Sea

East Sussex

TN37 6RJ

REGISTERED NUMBER:

03954492 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

91-97 Bohemia Road

St Leonards on Sea

East Sussex

TN37 6RJ

FIXED ASSETS

Investment property

4

2,288,536

2,288,536

CURRENT ASSETS

Debtors

5

74,320

60,018

Cash at bank and in hand

1,622

6,411

75,942

66,429

CREDITORS

Amounts falling due within one year

6

76,993

81,471

NET CURRENT LIABILITIES

(1,051

)

(15,042

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,287,485

2,273,494

CREDITORS

Amounts falling due after more than one year

7

(1,382,247

)

(1,382,247

)

PROVISIONS FOR LIABILITIES

8

(73,591

)

(73,591

)

NET ASSETS

831,647

817,656

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Non distributable reserves

10

816,081

809,401

Retained earnings

10

14,566

7,255

SHAREHOLDERS' FUNDS

831,647

817,656

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 October 2019 and were signed by:

Mr D J Hilder - Director

1.	STATUTORY INFORMATION

Buchanan First Properties Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 April 2018

and 31 March 2019

2,288,536

Net book value

At 31 March 2019

2,288,536

At 31 March 2018

2,288,536

Fair value at 31 March 2019 is represented by:

£

Valuation in 2009

411,279

Valuation in 2017

478,393

Cost

1,398,864

2,288,536

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amount owed by associate

74,320

60,018

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,507

9,392

Tax

9,461

6,308

Social security and other taxes

182

171

Other creditors

13,708

12,941

Directors' current accounts

47,091

51,651

Accruals and deferred income

1,044

1,008

76,993

81,471

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans more than 5 years

1,382,247

1,382,247

2019

2018

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 years

1,382,247

1,382,247

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

73,591

73,591

Deferred

tax

£

Balance at 1 April 2018

73,591

Balance at 31 March 2019

73,591

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

972

Ordinary

£1

972

972

14

A Ordinary

£1

14

14

14

B Ordinary

£1

14

14

1,000

1,000

10.

RESERVES

Non

Retained

distributable

earnings

reserves

Totals

£

£

£

At 1 April 2018

7,255

809,401

816,656

Profit for the year

40,491

40,491

Dividends

(26,500

)

(26,500

)

Deferred tax

(6,680

)

6,680

-

At 31 March 2019

14,566

816,081

830,647

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D J Hilder.