BIRDHURST_INVESTMENT_COMP - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Birdhurst Investment Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Estcots Barn, College Lane, East Grinstead, West Sussex, RH19 3LR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover represents the value of rents and fees invoiced by the company, net of VAT.

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

The tax expense represents the sum of the tax currently payable and deferred tax.

Designated bank accounts

During the course of ordinary activities the company may collect rent deposits, some of which are held in designated bank accounts. As such, these balances do not represent assets of the company as they do not convey on the company any rights or other access to future economic benefits.

On this basis such designated bank accounts are not included in the company's balance sheet together with the corresponding liability to repay the amounts to the third parties.

The investment properties were valued on an open market basis on 31 March 2020 by the director B J Darkin.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as £11,695,615 (2019 - £11,916,615).

As at the balance sheet date, the company held £72,457 (2019 - £69,549) in designated bank accounts.