Bps Developments Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02971349 (England and Wales)

Abbreviated Accounts for the Year Ended 31 August 2014

for

Bps Developments Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

E Mahoney

D M Mahoney

SECRETARY:

E Mahoney

REGISTERED OFFICE:

1 Derby Buildings

Wavertree Road

Liverpool

Merseyside

L7 3ES

REGISTERED NUMBER:

02971349 (England and Wales)

ACCOUNTANTS:

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to seven)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Bps Developments Limited for the year ended 31 August 2014 which comprise the Profit and

Loss Account, the Balance Sheet and the related notes 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Bps Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bps Developments Limited and state those matters that we have agreed to state to the Board of Directors of Bps Developments Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bps Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bps Developments Limited. You consider that Bps Developments 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 financial statements of Bps Developments 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 financial statements.

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

28 May 2015

FIXED ASSETS

Tangible assets

2

22,316,206

31,620,329

Investments

3

50,000

50,000

22,366,206

31,670,329

CURRENT ASSETS

Stocks

4,204

4,719

Debtors

253,956

464,811

Cash at bank and in hand

17,599

123,611

275,759

593,141

CREDITORS

Amounts falling due within one year

4

1,365,576

1,438,930

NET CURRENT LIABILITIES

(1,089,817

)

(845,789

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,276,389

30,824,540

CREDITORS

Amounts falling due after more than one year

4

(8,871,604

)

(9,190,695

)

PROVISIONS FOR LIABILITIES

(413,143

)

(350,200

)

NET ASSETS

11,991,642

21,283,645

CAPITAL AND RESERVES

Called up share capital

5

2

2

Revaluation reserve

12,136,213

21,797,912

Profit and loss account

(144,573

)

(514,269

)

SHAREHOLDERS' FUNDS

11,991,642

21,283,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 May 2015 and were signed on its behalf by:

D M Mahoney - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents net rents receivable and sales of goods, excluding value added tax.

Tangible fixed assets

In line with accounting standards for investment companies, no depreciation has been charged on land and

buildings.

Depreciation has been provided on other tangible assets at the following rates in order to write off each asset

over it's estimated useful life:-

Plant and machinery etc - 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of the tax effect of all timing differences that have originated but not

reversed at the balance sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available

evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the

future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the

periods in which the timing differences are expected to reverse, based on tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Going concern

At 31 August 2014 the company's current liabilities exceeded its current assets by £1,089,817 (2012: £845,789).

The director's have considered the future profitability of the company and its ability to continue as a going

concern and have prepared profit and cash flow forecasts into the future. Based on these projections, the

director's are satisfied that, for the foreseeable future, the company can meet its projected working capital

requirements. Consequently the financial statements have been prepared on a going concern basis.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 September 2013

37,009,312

Additions

382,419

Revaluations

(9,661,700

)

At 31 August 2014

27,730,031

DEPRECIATION

At 1 September 2013

5,388,983

Charge for year

24,842

At 31 August 2014

5,413,825

NET BOOK VALUE

At 31 August 2014

22,316,206

At 31 August 2013

31,620,329

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 September 2013

and 31 August 2014

50,000

NET BOOK VALUE

At 31 August 2014

50,000

At 31 August 2013

50,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Hope Street Developments Ltd

Country of incorporation: England

Nature of business: Property Development

%

Class of shares:

holding

Ordinary

33.33

4.

CREDITORS

Creditors include an amount of £ 7,516,735 (31.8.13 - £ 7,942,214 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.8.14

31.8.13

£

£

Repayable by instalments

3,930,241

4,775,535

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.14

31.8.13

value:

£

£

2

Ordinary

£1

2

2

6.	GOING CONCERN

At 31 August 2014 the company's current liabilities exceeded its current assets by £1,089,817 (2013: £845,789).

The director's have considered the future profitability of the company and its ability to continue as a going

concern and have prepared profit and cash flow forecasts into the future. Based on these projections, the

director's are satisfied that, for the foreseeable future, the company can meet its projected working capital

requirements. Consequently the financial statements have been prepared on a going concern basis.