BPC Interiors Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10970595 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

BPC INTERIORS PROPERTIES LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B Knight

Mr P J Johnson

SECRETARIES:

Ms N J Parmenter

Mrs A Knight

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

10970595 (England and Wales)

AUDITORS:

Raffingers LLP

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Investment property

4

1,974,833

1,907,934

CURRENT ASSETS

Prepayments and accrued income

-

10,633

Cash at bank

227,773

152,913

227,773

163,546

CREDITORS

Amounts falling due within one year

2,318,576

2,305,137

NET CURRENT LIABILITIES

(2,090,803

)

(2,141,591

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(115,970

)

(233,657

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(115,971

)

(233,658

)

(115,970

)

(233,657

)

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 Income Statement and an abridged Statement of Financial Position for the year ended 30 September 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 Board of Directors and authorised for issue on 21 September 2020 and were signed on its behalf by:

Mr B Knight - Director

1.	STATUTORY INFORMATION

BPC Interiors Properties Limited 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.	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.

The accounts have been prepared on the going concern basis as the director is of the opinion that the company

will meet its liabilities as and when due.

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 properties are properties held to earn rentals and for capital appreciation. Investment properties are

initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can

be measured reliably without undue cost or effort on an ongoing basis are measured at fair value. Gains and

losses arising from changes in the fair value of investment properties are included in profit or loss in the period in

which they arise.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets

expire or substantially the risks and rewards of ownership are transferred to another party, or in the case of

liabilities, when the company's obligations are discharged, expire or cancelled.

The company holds the following financial instruments, all of which meet the conditions to be classified as basic

instruments:

- Cash, short term trade debtors and creditors

Such instruments are initially measured at transaction price, transaction costs, and are subsequently carried at the

undiscounted amount of cash or other consideration expected to be paid or received, after taking account of

impairment adjustment.

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 NIL (2018 - NIL).

4.	INVESTMENT PROPERTY

Freehold investment property

Long term leasehold investment property

Total

£

£

£

Costs

741,407

1,439,349

2,180,756

Revaluation in 2018

(303,005

)

(303,005

)

Foreign exchange gain 2018

36,183

36,183

Foreign exchange gain 2019

60,899

60,899

At 30 September 2019

741,407

1,233,425

1,974,833

The freehold property is used as an investment property for rental and is stated at the consideration paid at the

time of the purchase of the properties.

The long term leasehold investment property includes properties in Dubai which are stated at the directors'

estimate of open market value, based on advice from P.K Properties, regulated by Dubai Real Estate Regulatory

Agency, who have carried out a valuation on these properties on 12 March 2019 at £825,427.

The remaining leasehold investment property is in UK and valued at consideration paid at the time of the

purchase of the property.

Investment property has a fixed and floating charge on it.

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Raffingers LLP

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

7.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements.

8.	AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of

the statutory audit for the year ended 30 September 2019. The proportionate liability agreement follows the

standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability

Agreements, and was approved by the directors on 14 September 2020.

9.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current period by the directors, by virtue of their ownership of the

entire issued share capital of the parent company, BPC Interiors Holdings Limited.