Biscayne Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06876799 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019

FOR

BISCAYNE PROPERTIES LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

J Patel

SECRETARY:

J Patel

REGISTERED OFFICE:

Basement office

28 North Parade

Bradford

West Yorkshire

BD1 3HZ

REGISTERED NUMBER:

06876799 (England and Wales)

ACCOUNTANTS:

Shenward LLP

Chartered Accountants & Business Advisors

19 Bolling Road

Bradford

West Yorkshire

BD4 7BG

FIXED ASSETS

Tangible assets

5

2,325

2,951

Investments

6

-

1,000

2,325

3,951

CURRENT ASSETS

Cash at bank and in hand

147,449

122,051

CREDITORS

Amounts falling due within one year

103,797

92,970

NET CURRENT ASSETS

43,652

29,081

TOTAL ASSETS LESS CURRENT LIABILITIES

45,977

33,032

PROVISIONS FOR LIABILITIES

7

118

165

NET ASSETS

45,859

32,867

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

44,859

31,867

SHAREHOLDERS' FUNDS

45,859

32,867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 January 2020 and were signed by:

J Patel - Director

1.	STATUTORY INFORMATION

Biscayne 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and

are based on experience and other factors, including expectations of future events that are believed to be

reasonable under the circumstances. Details of these judgements can be found in the accounting policies.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds

and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the

impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of

an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its

recoverable amount.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to

apply.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially recorded at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the

asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party,

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future payments

discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities in payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities

Provisions are made when an event has taken place that gives the company a legal or constructive obligation

that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the

amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of

the obligation, and are measured at the best estimate at the Statement of Financial Position date of the

expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial

Position.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. The company

therefore continues to adopt the going concern basis in preparing its financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2018

and 30 April 2019

5,221

DEPRECIATION

At 1 May 2018

2,270

Charge for year

626

At 30 April 2019

2,896

NET BOOK VALUE

At 30 April 2019

2,325

At 30 April 2018

2,951

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 May 2018

1,000

Disposals

(1,000

)

At 30 April 2019

-

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

1,000

7.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

118

165

Deferred

tax

£

Balance at 1 May 2018

165

Provided during year

(47

)

Balance at 30 April 2019

118

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

1

1,000

1,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Patel.