Blongy Property Limited - Period Ending 2020-11-30

Blongy Property Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 3

Blongy Property Limited

(Registration number: 07858502)
Balance Sheet as at 30 November 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	173,766	173,766
Current assets
Debtors	5	13	13
Cash at bank and in hand		10,208	7,772
		10,221	7,785
Creditors: Amounts falling due within one year	6	(148,394)	(147,773)
Net current liabilities		(138,173)	(139,988)
Net assets		35,593	33,778
Capital and reserves
Called up share capital		100	100
Profit and loss account		35,493	33,678
Shareholders' funds		35,593	33,778

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 April 2021 and signed on its behalf by:
 

.........................................

B Long
Director

Blongy Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jessamine Cottage
High Street
Sutton Veny
Warminster
Wiltshire
BA12 7AW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the letting of property in the ordinary course of the company’s activities.

Tax

The tax expense for the period comprises current tax, and is recognised in profit or loss

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, including acquisition costs.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Blongy Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

4	Investment properties

	2020 £
At 1 December	173,766
At 30 November	173,766

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2020 £	2019 £
Prepayments	13	13
	13	13

6

Creditors

Amounts falling due within one year

	2020 £	2019 £
Other creditors	146,796	146,373
Corporation tax	1,598	1,400
	148,394	147,773