Bulan Wheeler Limited - Period Ending 2019-09-29

Bulan Wheeler Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Unaudited Financial Statements	8 to 10
Detailed Profit and Loss Account	11 to 12

Bulan Wheeler Limited

Company Information

Directors

Mr John W Marrin QC Dr Paquita de Zulueta

Registered office

27A Lansdowne Crescent, London, W11 2NS

Accountants

Charles Rippin & Turner Chartered Accountants Middlesex House 130 College Road Harrow Middlesex HA1 1BQ

Bulan Wheeler Limited

Directors' Report for the Year Ended 29 September 2019

The directors present their report and the financial statements for the year ended 29 September 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr John W Marrin QC

Dr Paquita de Zulueta

Principal activity

The principal activity of the company is the management and administration of the property at 27 Lansdowne Crescent, London W11 2NS. It is a non profit making company and does not trade.

Small companies provision statement

This report has 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.

Approved by the Board on 12 March 2020 and signed on its behalf by:

.........................................
Mr John W Marrin QC
Director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bulan Wheeler Limited
for the Year Ended 29 September 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bulan Wheeler Limited for the year ended 29 September 2019 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Bulan Wheeler Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bulan Wheeler Limited and state those matters that we have agreed to state to the Board of Directors of Bulan Wheeler Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bulan Wheeler Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bulan Wheeler Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Bulan Wheeler Limited. You consider that Bulan Wheeler Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bulan Wheeler Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Charles Rippin & Turner
Chartered Accountants
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

12 March 2020

Bulan Wheeler Limited

Profit and Loss Account for the Year Ended 29 September 2019

	Note	2019 £	2018 £
Turnover		400	400
Gross profit		400	400
Administrative expenses		(2,139)	(3,777)
Operating loss		(1,739)	(3,377)
Loss before tax		(1,739)	(3,377)
Loss for the financial year		(1,739)	(3,377)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Bulan Wheeler Limited

Statement of Comprehensive Income for the Year Ended 29 September 2019

	2019 £	2018 £
Loss for the year	(1,739)	(3,377)
Total comprehensive income for the year	(1,739)	(3,377)

Bulan Wheeler Limited

(Registration number: 01912145)
Balance Sheet as at 29 September 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	3,000	3,000
Current assets
Debtors	4	14,443	13,846
Cash at bank and in hand		10,766	11,915
		25,209	25,761
Creditors: Amounts falling due within one year	5	(6,003)	(4,816)
Net current assets		19,206	20,945
Net assets		22,206	23,945
Capital and reserves
Called up share capital		100	100
Profit and loss account		22,106	23,845
Total equity		22,206	23,945

For the financial year ending 29 September 2019 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 year 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 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.

Approved and authorised by the Board on 12 March 2020 and signed on its behalf by:
 

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

Mr John W Marrin QC
Director

Bulan Wheeler Limited

Statement of Changes in Equity for the Year Ended 29 September 2019

	Share capital £	Profit and loss account £	Total £
At 30 September 2018	100	23,845	23,945
Loss for the year	-	(1,739)	(1,739)
Total comprehensive income	-	(1,739)	(1,739)
At 29 September 2019	100	22,106	22,206

	Share capital £	Profit and loss account £	Total £
At 30 September 2017	100	27,222	27,322
Loss for the year	-	(3,377)	(3,377)
Total comprehensive income	-	(3,377)	(3,377)
At 29 September 2018	100	23,845	23,945

Bulan Wheeler Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27A Lansdowne Crescent,
London,
W11 2NS

These financial statements were authorised for issue by the Board on 12 March 2020.

2	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

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	No depreciation provided

Bulan Wheeler Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2019

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are service charges due from tenants for the year.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 30 September 2018	3,000	3,000
At 29 September 2019	3,000	3,000
Depreciation
Carrying amount
At 29 September 2019	3,000	3,000
At 29 September 2018	3,000	3,000

Included within the net book value of land and buildings above is £3,000 (2018 - £3,000) in respect of freehold reversionary interest.
 

Bulan Wheeler Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2019

4

Debtors

	2019 £	2018 £
Other debtors	14,443	13,846
	14,443	13,846

5

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Other creditors	6,003	4,816

Bulan Wheeler Limited

Detailed Profit and Loss Account for the Year Ended 29 September 2019

	2019  £	2018  £
Turnover (analysed below)	400	400
Gross profit (%)	100%	100%
Administrative expenses
Establishment costs (analysed below)	(69)	(225)
General administrative expenses (analysed below)	(1,996)	(3,471)
Finance charges (analysed below)	(74)	(81)
	(2,139)	(3,777)
Operating loss	(1,739)	(3,377)
Loss before tax	(1,739)	(3,377)

Bulan Wheeler Limited

Detailed Profit and Loss Account for the Year Ended 29 September 2019

2019 £

2018 £

Turnover
Ground rent	400	400

Establishment costs
Light, heat and power	(69)	(225)

General administrative expenses
General maintenance	(580)	(2,378)
Sundry expenses	(13)	(13)
Accountancy fees	(1,184)	(1,080)
Legal and professional fees	(219)	-
	(1,996)	(3,471)

Finance charges
Bank charges	(74)	(81)