Bridge Street Cardiff Properties Limited Filleted accounts for Companies House (small and micro)

BRIDGE STREET CARDIFF PROPERTIES LIMITED - Company Information

4 false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 00542596 2019-04-01 2020-03-31 00542596 2020-03-31 00542596 2019-03-31 00542596 2018-04-01 2019-03-31 00542596 2019-03-31 00542596 bus:RegisteredOffice 2019-04-01 2020-03-31 00542596 bus:LeadAgentIfApplicable 2019-04-01 2020-03-31 00542596 bus:Director1 2019-04-01 2020-03-31 00542596 bus:Director2 2019-04-01 2020-03-31 00542596 bus:Director3 2019-04-01 2020-03-31 00542596 bus:Director4 2019-04-01 2020-03-31 00542596 bus:CompanySecretary1 2019-04-01 2020-03-31 00542596 core:LandBuildings 2019-03-31 00542596 core:LandBuildings 2020-03-31 00542596 core:WithinOneYear 2020-03-31 00542596 core:WithinOneYear 2019-03-31 00542596 core:AfterOneYear 2020-03-31 00542596 core:AfterOneYear 2019-03-31 00542596 core:ShareCapital 2020-03-31 00542596 core:ShareCapital 2019-03-31 00542596 core:RetainedEarningsAccumulatedLosses 2020-03-31 00542596 core:RetainedEarningsAccumulatedLosses 2019-03-31 00542596 core:FinancialAssetsFairValue 2020-03-31 00542596 core:FinancialAssetsFairValue 2019-03-31 00542596 core:LandBuildings 2019-03-31 00542596 bus:Director1 2019-03-31 00542596 bus:Director1 2020-03-31 00542596 bus:Director1 2018-03-31 00542596 bus:Director1 2019-03-31 00542596 bus:Director1 2018-04-01 2019-03-31 00542596 bus:SmallEntities 2019-04-01 2020-03-31 00542596 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 00542596 bus:FullAccounts 2019-04-01 2020-03-31 00542596 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 00542596 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 00542596 core:OfficeEquipment 2019-04-01 2020-03-31 00542596 core:OfficeEquipment 2020-03-31

COMPANY REGISTRATION NUMBER: 00542596

Bridge Street Cardiff Properties Limited

Filleted Unaudited Financial Statements

31 March 2020

Bridge Street Cardiff Properties Limited

Financial Statements

Year ended 31 March 2020

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 9

Bridge Street Cardiff Properties Limited

Officers and Professional Advisers

The board of directors	D I Rapport
	Mrs L S Rapport
	M A Rapport
	O E Rapport

Company secretary	D I Rapport & M A Rapport (Joint)

Registered office	The Marcol Suite
	East Wing, Ivor House
	Bridge Street
	Cardiff
	CF10 2TH

Accountants	West Wake Price LLP
	Chartered Accountants
	4 City Road
	London
	EC1Y 2AA

Bridge Street Cardiff Properties Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		2,664,205	2,661,765

Current assets

Debtors	6	1,472,218	1,464,760
Cash at bank and in hand		–	63,537
		------------	------------
		1,472,218	1,528,297

Creditors: amounts falling due within one year	7	1,531,573		1,045,195
		------------		------------
Net current (liabilities)/assets			( 59,355)	483,102
			------------	------------
Total assets less current liabilities			2,604,850	3,144,867

Creditors: amounts falling due after more than one year	8	2,083,064	2,186,765
		------------	------------
Net assets		521,786	958,102
		------------	------------

Capital and reserves

Called up share capital	99	99
Profit and loss account	521,687	958,003
	---------	---------
Shareholders funds	521,786	958,102
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bridge Street Cardiff Properties Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 22 March 2021 , and are signed on behalf of the board by:

D I Rapport

Director

Company registration number: 00542596

Bridge Street Cardiff Properties Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Marcol Suite, East Wing, Ivor House, Bridge Street, Cardiff, CF10 2TH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements,estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover represents the gross rental income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).

5. Tangible assets

	At 1 April 2019	Additions	At 31 March 2020
	£	£	£
Cost
Land and buildings	2,661,765	–	2,661,765
Equipment	–	3,253	3,253
	------------	-------	------------
	2,661,765	3,253	2,665,018
	------------	-------	------------

	At 1 April 2019	Charge for the year	At 31 March 2020
	£	£	£
Depreciation
Land and buildings	–	–	–
Equipment	–	813	813
	------------	-------	----
	–	813	813
	------------	-------	----

	At 31 March 2020	At 31 March 2019
	£	£
Carrying amount
Land and buildings	2,661,765	2,661,765
Equipment	2,440	–
	------------	------------
	2,664,205	2,661,765
	------------	------------

6. Debtors

	2020	2019
	£	£
Trade debtors	83,050	–
Other debtors	1,389,168	1,464,760
	------------	------------
	1,472,218	1,464,760
	------------	------------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	317,014	103,997
Trade creditors	601,410	113,507
Corporation tax	466	23,818
Social security and other taxes	14,424	47,968
Net salaries	28,755	–
Other creditors	569,504	755,905
	------------	------------
	1,531,573	1,045,195
	------------	------------

The bank overdraft is secured.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	2,083,064	2,186,765
	------------	------------

The bank loans are secured over the company's long leasehold property.

The rate of interest payable on the loans is at Base Rate plus an interest margin of 1.85% per annum.

9. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2020	2019
	£	£

Financial assets measured at fair value through profit or loss

Trade debtors	83,050	–
Cash at bank	–	65,537
	--------	--------
	83,050	65,537
	--------	--------

Financial liabilities measured at fair value through profit or loss

Trade creditors	601,410	113,507
	---------	---------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D I Rapport	57,852	1,435	59,287
	--------	-------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D I Rapport	56,447	1,405	57,852
	--------	-------	--------

Mr D I Rapport had loans during the year with interest payable at the rate of 2.5% (2019:2.5%). The movement on these loans are shown above.

11. Related party transactions

The company was under the control of Mr D I Rapport , a director, throughout the current and previous year. Mr D I Rapport is personally interested in 63% (2019 - 63%) of the company's issued share capital. In addition, his sons, control in aggregate a further 37% (2019 - 37%) of the company's issued share capital. Transactions with related parties undertaken during the year were as follows :

	2020	2019	2020	2019
	£	£	£	£
Related Party

Equity Exchange Ltd (Controlled by Mr D I Rapport)
Loan Interest Receivable	34,570	28,375
Balance Receivable	1,121,692	966,122

Great Western Estates Ltd (Controlled by close family)
Loan Interest Receivable	2,369	2,246
Balance Receivable	42,717	40,348

M A Rapport & Co Ltd (Controlled by Mr D I Rapport)
Management Expenses (Payable)	(250,000)	(401,750)


Balance (Payable)	(155,000)	(306,750)

Ivor Holdings Ltd (Controlled by Mr D I Rapport)
Balance Receivable	10,000	60,000

Great Eastern Finance Co Ltd (Controlled by Mr D I Rapport)
Balance Receivable	5,000	5,000

South Glamorgan Estates Ltd (Controlled by close family)
Balance (Payable)	(185,000)	(85,000)


During the year, the company paid dividends to the following directors as set out below:
Mr D I Rapport	75,250	75,250
Mr M A Rapport	21,500	21,500
Mr O E Rapport	21,500	21,500
	---------	---------
	118,250	118,250

12. Going concern

In the course of preparing the financial statements for the year ended 31 March 2020 the directors have assessed whether the company is a going concern. The Covid-19 pandemic has had a significant impact on the UK economy. However, the directors are confident that it is unlikely that the company will be adversely affected as it's income arises from rent receivable from long-standing commercial tenants who, to date, have not indicated to be under any financial hardship. As the situation remains ongoing, the directors will continue to monitor this on a regular basis. They have considered all available information about the future and will ensure that the company has adequate resources available to finance its activities and other obligations during the course of the next twelve months and, therefore, no material uncertainties have been identified by the directors that may cast any significant doubt about the ability of the company to continue as a going concern.