Buckhurst Properties Ltd - Accounts to registrar (filleted) - small 18.2
Buckhurst Properties Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2020 |
| for |
| Buckhurst Properties Ltd |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Buckhurst Properties Ltd |
| Company Information |
| for the Year Ended 31 December 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| First Floor, West Barn |
| North Frith Farm, Ashes Lane |
| Hadlow |
| Tonbridge |
| Kent |
| TN11 9QU |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Balance Sheet |
| 31 December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL & RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| 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. |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Balance Sheet - continued |
| 31 December 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| Buckhurst Properties Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Judgements in applying accounting policies and key sources of estimation |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| In determining the value of the properties held by the company, the directors consider all relevant available information, including but not limited to relevant valuation indices for properties of a similar type in the locations in which the properties are held. The directors will use their judgement in selecting and applying these indices as well as their experience within the industry to determine a suitable valuation for the revaluation of the properties within the year. |
| Revenue |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Specifically, revenue is recognised when tenants' rents become due. When rents are paid in advance, they are recognised in deferred income. |
| Tangible fixed assets |
| Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumlated 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 the straight-line method. |
| Depreciation is provided on the following basis: |
| Fixtures and fittings - 25% straight line |
| White goods - Depreciated 100% on acquisition |
| The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, of if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income. |
| Investment property |
| Investment property is carried at fair value determined annually by the board of directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment, |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| & fittings |
| £ |
| COST |
| At 1 January 2020 |
| Additions |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2020 |
| Disposals | ( |
) |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| Fair value at 31 December 2020 is represented by: |
| £ |
| Valuation in 2019 | 990,731 |
| Cost | 6,214,038 |
| 7,204,769 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments & accrued income |
| Buckhurst Properties Ltd (Registered number: 03571991) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans & overdrafts |
| Amounts owed to participating interests | 12,379 | 13,171 |
| Amounts owed to associates | 2,635 | - |
| Corporation tax |
| Social security & other taxes |
| Other creditors |
| Accruals & deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more than 5 years | - | 52,004 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| 10. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 132,355 | 133,532 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2020 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2020 |
| 11. | RELATED PARTY DISCLOSURES |
| Included within creditors is an amount of £15,014 (2019: £13,171) owed to a company with common directors. |
| Included within creditors is an amount of £471,647 (2019: £494,257) owed to the directors. No interest is being charged on these loans. |