Beardvale Limited - Limited company accounts 11.9

REGISTERED NUMBER: 02789676 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2015

FOR

BEARDVALE LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

J R Coles

D F Godfrey

Mrs H E Godfrey

Mrs I Godfrey

SECRETARY:

J R Coles

REGISTERED OFFICE:

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

REGISTERED NUMBER:

02789676 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

The directors present their report with the financial statements of the company for the year ended 31st March 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2014 to the date of this report.

J R Coles

D F Godfrey

Mrs H E Godfrey

Mrs I Godfrey

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

D F Godfrey - Director

30th November 2015

TURNOVER

18,003

13,431

Cost of sales

10,519

11,456

GROSS PROFIT

7,484

1,975

Administrative expenses

3,863

4,544

3,621

(2,569

)

Other operating income

38,598

34,283

OPERATING PROFIT

2

42,219

31,714

Interest receivable and similar income

1,041

1,013

43,260

32,727

Interest payable and similar charges

3,552

3,661

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

39,708

29,066

Tax on profit on ordinary activities

3

7,905

5,811

PROFIT FOR THE FINANCIAL YEAR

31,803

23,255

PROFIT FOR THE FINANCIAL YEAR

31,803

23,255

Unrealised surplus on revaluation of properties

50,000

-

TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR

81,803

23,255

FIXED ASSETS

Tangible assets

5

69

104

Investments

6

100

100

Investment property

7

350,000

300,000

350,169

300,204

CURRENT ASSETS

Debtors

8

53,880

61,132

Cash at bank

12,386

16,459

66,266

77,591

CREDITORS

Amounts falling due within one year

9

54,844

30,007

NET CURRENT ASSETS

11,422

47,584

TOTAL ASSETS LESS CURRENT LIABILITIES

361,591

347,788

CREDITORS

Amounts falling due after more than one year

10

30,000

30,000

NET ASSETS

331,591

317,788

CAPITAL AND RESERVES

Called up share capital

11

60

60

Revaluation reserve

12

279,565

229,565

Profit and loss account

12

51,966

88,163

SHAREHOLDERS' FUNDS

331,591

317,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 30th November 2015 and were signed on its behalf by:

D F Godfrey - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Preparation of consolidated financial statements

The financial statements contain information about Beardvale Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents the value of rental income receivable in the period.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment property disposals are accounted for in the period in which completion takes place.

Depreciation

Depreciation of computer equipment is charged at 33.3% per annum on net book value.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31/3/15

31/3/14

£

£

Depreciation - owned assets

35

37

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31/3/15

31/3/14

£

£

Current tax:

UK corporation tax

7,905

5,811

Tax on profit on ordinary activities

7,905

5,811

4.

DIVIDENDS

31/3/15

31/3/14

£

£

Ordinary shares of £1 each

Final

68,000

43,000

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st April 2014

and 31st March 2015

1,599

DEPRECIATION

At 1st April 2014

1,495

Charge for year

35

At 31st March 2015

1,530

NET BOOK VALUE

At 31st March 2015

69

At 31st March 2014

104

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2014

and 31st March 2015

100

NET BOOK VALUE

At 31st March 2015

100

At 31st March 2014

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Oaktree Properties Limited

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

31/3/15

31/3/14

£

£

Aggregate capital and reserves

2,180,510

2,160,758

Profit for the year

19,752

44,861

Fixed asset investments represent an investment in the ordinary shares of Oaktree Properties Limited at cost of

£100.

7.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st April 2014

300,000

Revaluations

50,000

At 31st March 2015

350,000

NET BOOK VALUE

At 31st March 2015

350,000

At 31st March 2014

300,000

Cost or valuation at 31st March 2015 is represented by:

£

Valuation in 2009

169,565

Valuation in 2010

10,000

Valuation in 2013

50,000

Valuation in 2015

50,000

Cost

70,435

350,000

If investment property had not been revalued it would have been included at the following historical cost:

31/3/15

31/3/14

£

£

Cost

70,435

70,435

Investment property was valued on an open market basis on 31st March 2015 by the directors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/15

31/3/14

£

£

Trade debtors

6,975

6,358

Loan

45,000

45,000

Directors' current accounts

344

8,344

Tax

1,561

1,430

53,880

61,132

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/15

31/3/14

£

£

Amount due to subsidiary company

27,899

5,259

Tax

7,905

5,811

Accrued expenses

3,891

4,688

Accrued interest

15,149

14,249

54,844

30,007

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/15

31/3/14

£

£

Other creditors

30,000

30,000

Other creditors represents a loan from Wendgreen Limited, a company in which Mr D F Godfrey and Mr J R

Coles are directors and shareholders. Interest on this loan was charged at 3.00% per annum from 1st January

2009.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/15

31/3/14

value:

£

£

60

Ordinary

£1

60

60

12.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

£

£

At 1st April 2014

88,163

229,565

317,728

Profit for the year

31,803

31,803

Dividends

(68,000

)

(68,000

)

Surplus on revaluation of

investment property (note 7)

-

50,000

50,000

At 31st March 2015

51,966

279,565

331,531

13.	CONTINGENT LIABILITIES

The company had no contingent liabilities at 31st March 2015 (2014 - None).

14.	CAPITAL COMMITMENTS

31/3/15

31/3/14

£

£

Contracted but not provided for in the

financial statements

-

-

15.	RELATED PARTY DISCLOSURES

At 31st March 2015 the sum of £45,000 (2015 - £45,000) was owed by Axelport Limited, a company in which a

member of the family of D F Godfrey has an interest in 50% of the issued share capital, and D F Godfrey and

Mrs I Godfrey jointly hold the remaining 50% of the share capital. Interest, at the rate of 2.5% above bank base

rate is payable on this loan. There is no fixed repayment date for the loan but the directors are confident that the

debt is recoverable and no provision is required. D F Godfrey, Mrs I Godfrey and D H Godfrey are directors of

Axelport Ltd.

During the year, total Management charges of £5,000 were receivable from Oaktree Properties Limited which is

a subsidiary of Beardvale Limited as referred to in note 6. At 31st March 2015 the sum of £27,899 was due to

Oaktree Properties Limited (2014 - £5,259).This loan is interest free.

At 31st March 2015 the sum of £30,000 (2014 - £30,000) was owed to Wendgreen Limited, a company in which

Oaktree Properties Limited, D F Godfrey and close members of his family held 5%, 42%and 8% respectively of

the issued ordinary share capital. Interest, at the rate of 3% per annum from 1st January 2009 was payable on this

loan. Unpaid interest at 31st March 2015 amounted to £15,149 - (2014 - £14,249). J R Coles, D F Godfrey and

D H Godfrey are directors of Wendgreen Ltd.

D F Godfrey together with his wife Mrs I Godfrey and daughter Mrs H E Godfrey, control Beardvale Ltd by

virtue of a controlling interest of 100% of the issued ordinary share capital.

16.	DEFERRED TAXATION

There is a potential liability for deferred taxation on the revaluation of investment properties in the region of

£45,000 as at 31st March 2015, based on current corporation tax rates. The directors had no binding agreement

to sell the investment properties at that date, and no provision for the deferred taxation liability is required within

these accounts, in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).