Balmcrest Estates Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04818628 (England and Wales)

BALMCREST ESTATES MANAGEMENT

LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

N J C Griffith

A Allaway

SECRETARY:

A Allaway

REGISTERED OFFICE:

The Warehouse

Wyndham Arcade

St Mary Street

Cardiff

CF10 1FH

REGISTERED NUMBER:

04818628 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian Garland

AUDITORS:

Gerald Thomas

Chartered Accountants and Statutory Auditor

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

BANKERS:

Barclays Bank plc

Link ASI Limited

CURRENT ASSETS

Debtors

4

-

48

Cash at bank

1,465

91,246

1,465

91,294

CREDITORS

Amounts falling due within one year

5

281,854

552,024

NET CURRENT LIABILITIES

(280,389

)

(460,730

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(280,389

)

(460,730

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(280,390

)

(460,731

)

SHAREHOLDERS' FUNDS

(280,389

)

(460,730

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 4 August 2021 and were signed on its behalf by:

N J C Griffith - Director

1.	STATUTORY INFORMATION

Balmcrest Estates Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office and principal place of business address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting 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.

Financial instruments

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cashflows.

The company has recorded a profit in the year but has both net current liabilities and net liabilities at the statement of financial position date. The company ceased investment in property during a prior period following the sale of its investment property. Therefore the continuation of the company is dependent on the continuing support of its related parties.

The directors have assessed the risks facing the business from Covid-19 and implemented measures to address these risks. Although the situation remains uncertain, in the opinion of the directors the challenges presented by Covid-19 will not adversely affect the ability of the company to continue trading for the foreseeable future.

After making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

VAT

-

48

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

278,158

427,750

Amounts owed to group undertakings

-

120,000

Accruals and deferred income

3,696

4,274

281,854

552,024

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Garland (Senior Statutory Auditor)

for and on behalf of Gerald Thomas

7.	ULTIMATE CONTROLLING PARTY

Balmcrest Estates Management Limited is a 100% subsidiary of Balmcrest Homes Limited. There is no single ultimate controlling party.