Ballygowan Ltd - Period Ending 2015-03-31

Registration number: NI068210

Ballygowan Ltd

trading as Belvoir Lettings South Belfast

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

Ballygowan Ltd
trading as Belvoir Lettings South Belfast
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ballygowan Ltd
trading as Belvoir Lettings South Belfast
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ballygowan Ltd for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements.

This report is made solely to the Board of Directors of Ballygowan Ltd, as a body, in accordance with the terms of our engagement letter dated 9 December 2015. Our work has been undertaken solely to prepare for your approval the accounts of Ballygowan Ltd and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ballygowan Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ballygowan Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ballygowan Ltd. You consider that Ballygowan Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ballygowan Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

22 December 2015

Page 1

Ballygowan Ltd
trading as Belvoir Lettings South Belfast
(Registration number: NI068210)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					60,000			60,000
Tangible fixed assets					1,479			2,071
					61,479			62,071
Current assets
Debtors					90,337			26,044
Cash at bank and in hand					198,713			216,164
					289,050			242,208
Creditors: Amounts falling due within one year					(338,765)			(303,288)
Net current liabilities					(49,715)			(61,080)
Net assets					11,764			991
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					11,762			989
Shareholders' funds					11,764			991

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 December 2015 and signed on its behalf by:

.........................................
Mr Andrew Jack
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Ballygowan Ltd
trading as Belvoir Lettings South Belfast
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is subject to periodic impairment review

Asset class	Amortisation method and rate
Goodwill	Impairment review

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life.

Asset class	Depreciation method and rate
Property	10% Straight Line
Fixtures and Fittings	20% Straight Line
Motor Vehicles	25% Straight Line

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Ballygowan Ltd
trading as Belvoir Lettings South Belfast
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		60,000			38,912			98,912
Additions		-			347			347
At 31 March 2015		60,000			39,259			99,259
Depreciation
At 1 April 2014		-			36,841			36,841
Charge for the year		-			939			939
At 31 March 2015		-			37,780			37,780
Net book value
At 31 March 2015		60,000			1,479			61,479
At 31 March 2014		60,000			2,071			62,071

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		7,340			14,118

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		2			2			2			2

Page 4

Ballygowan Ltd
trading as Belvoir Lettings South Belfast
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Andrew Jack
Interest Free Loan	63,963	-	1,892	-
Mr Craig McCracken
Interest free loan	(8,697)	-	(23,570)	-

Page 5