Bucknell Associates Ltd Filleted accounts for Companies House (small and micro)

BUCKNELL ASSOCIATES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05969572

Bucknell Associates Ltd

Filleted Unaudited Financial Statements

31 March 2022

Bucknell Associates Ltd

Financial Statements

Year ended 31 March 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Bucknell Associates Ltd

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		4,951,468	4,272,375

Current assets

Debtors	6	55	55
Cash at bank and in hand		311,155	290,007
		---------	---------
		311,210	290,062

Creditors: amounts falling due within one year	7	625,358		29,935
		---------		---------
Net current (liabilities)/assets			( 314,148)	260,127
			------------	------------
Total assets less current liabilities			4,637,320	4,532,502

Provisions	694,763	694,763
	------------	------------
Net assets	3,942,557	3,837,739
	------------	------------

Capital and reserves

Called up share capital	1,135	1,135
Other reserves	3,392,078	3,392,078
Profit and loss account	549,344	444,526
	------------	------------
Shareholders funds	3,942,557	3,837,739
	------------	------------

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 2022 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 .

Bucknell Associates Ltd

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 1 October 2022 , and are signed on behalf of the board by:

D W Bucknell

Director

Company registration number: 05969572

Bucknell Associates Ltd

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Andrews, Bayview Road, Kingsdown, Kent, CT14 8EG.

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

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable stated net of discounts and of Value Added Tax.

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.

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.

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:

	Fixtures and fittings	-	25% straight line

Investment property

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.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Investment property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2021	4,272,375	7,848	4,280,223
Additions	679,093	–	679,093
	------------	-------	------------
At 31 March 2022	4,951,468	7,848	4,959,316
	------------	-------	------------
Depreciation
At 1 April 2021 and 31 March 2022	–	7,848	7,848
	------------	-------	------------
Carrying amount
At 31 March 2022	4,951,468	–	4,951,468
	------------	-------	------------
At 31 March 2021	4,272,375	–	4,272,375
	------------	-------	------------

The carrying amount of £4,272,375 of freehold property is wholly investment property. The investment properties were revalued to an open market valuation of £4,272,375 by the directors as at 31 March 2015. The director believes that the value of the properties has not materially changed since this date, and the valuation provides a fair value for the financial statements.

6. Debtors

	2022	2021
	£	£
Other debtors	55	55
	----	----

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	33,970	23,368
Social security and other taxes	3,043	3,043
Other creditors	588,345	3,524
	---------	--------
	625,358	29,935
	---------	--------

8. Related party transactions

At the year end the company owed the directors £584,286 (2021: £180).