Bullitt Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09322254 (England and Wales)

Bullitt Associates Limited

Financial Statements

for the Year Ended 30 April 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr N Smillie

REGISTERED OFFICE:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

REGISTERED NUMBER:

09322254 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

CURRENT ASSETS

Stocks

1,841,418

1,803,926

Debtors

3

421

224

Cash at bank

2,668

376,945

1,844,507

2,181,095

CREDITORS

Amounts falling due within one year

4

2,162,987

2,356,553

NET CURRENT LIABILITIES

(318,480

)

(175,458

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(318,480

)

(175,458

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(318,580

)

(175,558

)

SHAREHOLDERS' FUNDS

(318,480

)

(175,458

)

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.

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:

Mr N Smillie - Director

1.	STATUTORY INFORMATION

Bullitt Associates Limited is a private limited 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 company's principal

place of business is Suite 2, Victoria Avenue, Harrogate, HG1 1EQ.

The functional and presentation currency for the company is pound sterling (£). All financial information presented has

been rounded to the nearest (£), unless otherwise stated.

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.

Going concern

The company had a net deficit on its balance sheet as at the accounting reference date and is dependant upon the continued

support of its shareholders and creditors. The Director is of the opinion that the Company continues to be a going concern

and has therefore adopted that basis in the preparation of the financial statements.

Turnover

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

tax and other sales taxes.

Turnover in respect of property development is recognised once the sale has legally completed.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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 balance sheet date.

Deferred tax

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

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

VAT

421

224

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,271

4,321

Other creditors

2,138,572

2,340,770

Accruals and deferred income

23,144

11,462

2,162,987

2,356,553

5.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Canons Garth LLP

2,089,172

2,293,770

The above partnership has 4 charges over the freehold land asset and its subsequent development. Interest is accruing until

full and final settlement of the loan.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100