Broadoak Park Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02240941

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2020

FOR

BROADOAK PARK PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs V Bentley

Mr A Bentley

REGISTERED OFFICE:

Kay Johnson Gee

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

02240941

ACCOUNTANTS:

Kay Johnson Gee Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

278,833

476,067

CURRENT ASSETS

Stocks

96,938

185,123

Debtors

5

21,948

100

Cash at bank

291,472

285,975

410,358

471,198

CREDITORS

Amounts falling due within one year

6

(328,899

)

(561,312

)

NET CURRENT ASSETS/(LIABILITIES)

81,459

(90,114

)

TOTAL ASSETS LESS CURRENT LIABILITIES

360,292

385,953

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Share premium

17,836

17,836

Retained earnings

341,456

367,117

360,292

385,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th January 2021 and were signed on its behalf by:

Mr A Bentley - Director

1.	STATUTORY INFORMATION

Broadoak Park Properties Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02240941. The address of the registered office is 1 City Road East, Manchester, M15 4PN and the principal place of business is 12 The Coppice, Hale Barns, WA15 0DU.

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, modified to include the revaluation of freehold properties.

Turnover

Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of rental income which are recognised at the point the service is provided and sale of property which is recognised at the point of completion.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery

-

20% straight line

Computer Equipment

-

33% straight line

Freehold Property

-

Nil

Leasehold Property

-

Nil

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset,

the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the direct cost of purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

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.

Cash and cash equivalents

Cash and cash equivalents are represented by cash at bank and in hand.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st November 2019

487,721

196,896

684,617

Disposals

(201,915

)

-

(201,915

)

At 31st October 2020

285,806

196,896

482,702

DEPRECIATION

At 1st November 2019

12,471

196,079

208,550

Charge for year

-

554

554

Eliminated on disposal

(5,235

)

-

(5,235

)

At 31st October 2020

7,236

196,633

203,869

NET BOOK VALUE

At 31st October 2020

278,570

263

278,833

At 31st October 2019

475,250

817

476,067

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

21,848

-

Other debtors

100

100

21,948

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

294,699

556,692

Taxation and social security

-

1,620

Other creditors

34,200

3,000

328,899

561,312

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

294,699

556,692

Bank borrowings are secured by a fixed and floating charge over the company's assets.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class

Nominal Value:

2019

2018

£

£

405

Ordinary A

£1

405

405

405

Ordinary B

£1

405

405

95

Ordinary C

£1

95

95

95

Ordinary D

£1

95

95

1000

1000