Bly Developments Ltd Filleted accounts for Companies House (small and micro)

BLY DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11542753

Bly Developments Ltd

Unaudited financial statements

31 July 2021

Bly Developments Ltd

Statement of financial position

31 July 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		3,204,648		2,698,177

Current assets

Debtors	6	81,031	40,839
Cash at bank and in hand		117,922	275,496
		---------	---------
		198,953	316,335

Creditors: Amounts falling due within one year	7	( 1,649,652)		( 1,258,882)
		-----------		-----------
Net current liabilities			( 1,450,699)		( 942,547)
			-----------		-----------
Total assets less current liabilities			1,753,949		1,755,630

Creditors: Amounts falling due after more than one year	8		( 707,149)		( 771,115)

Provisions

Taxation including deferred tax		( 11,810)		–

Accruals and deferred income	( 7,876)	( 7,714)
	-----------	-----------
Net assets	1,027,114	976,801
	-----------	-----------

Capital and reserves

Called up share capital	1,000,001	1,000,001
Profit and loss account	27,113	( 23,200)
	-----------	-----------
Shareholder funds	1,027,114	976,801
	-----------	-----------

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 income statement has not been delivered.

For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 .

Bly Developments Ltd

Statement of financial position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 25 July 2022 , and are signed on behalf of the board by:

Mr A D Bly

Director

Company registration number: 11542753

Bly Developments Ltd

Notes to the financial statements

Year ended 31 July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Winter Palace, Nup End Business Centre, Old Knebworth, Knebworth, Hertfordshire, SG3 6QJ, England.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease 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 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. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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:

Plant and machinery	-	25% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of employees during the year was 3 (2020: 3 ).

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 August 2020	2,694,323	5,000	–	–	2,699,323
Additions	434,143	70,275	13,000	3,019	520,437
	-----------	-------	-------	------	-----------
At 31 July 2021	3,128,466	75,275	13,000	3,019	3,219,760
	-----------	-------	-------	------	-----------
Depreciation
At 1 August 2020	–	1,146	–	–	1,146
Charge for the year	–	12,917	542	507	13,966
	-----------	-------	-------	------	-----------
At 31 July 2021	–	14,063	542	507	15,112
	-----------	-------	-------	------	-----------
Carrying amount
At 31 July 2021	3,128,466	61,212	12,458	2,512	3,204,648
	-----------	-------	-------	------	-----------
At 31 July 2020	2,694,323	3,854	–	–	2,698,177
	-----------	-------	-------	------	-----------

6. Debtors

	2021	2020
	£	£
Trade debtors	22,933	15,935
Other debtors	58,098	24,904
	-------	-------
	81,031	40,839
	-------	-------

7. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	32,131	–
Trade creditors	17,178	14,179
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,552,448	938,538
Social security and other taxes	176	2,683
Other creditors	47,719	303,482
	-----------	-----------
	1,649,652	1,258,882
	-----------	-----------

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

	2021	2020
	£	£
Bank loans and overdrafts	687,574	771,115
Other creditors	19,575	–
	---------	---------
	707,149	771,115
	---------	---------

Creditors in respect of bank loans agreements are secured by the company.