The Bloomsbury Property Company (Scarbor - Abbreviated accounts 16.1

REGISTERED NUMBER: 09268832 (England and Wales)

Abbreviated Unaudited Accounts

for the Period

17 October 2014 to 31 December 2015

for

The Bloomsbury Property Company

(Scarborough) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Directors:

Miss Sadie Isabella Shard

Mr William Pringle

Registered office:

The Crescent Hotel

2 Belvoir Terrace

Scarborough

North Yorkshire

YO11 2PP

Registered number:

09268832 (England and Wales)

Accountants:

Rayner & Co

Chartered Certified Accountants

6 Arundel Place

Scarborough

North Yorkshire

YO11 1TX

Fixed assets

Intangible assets

2

129,199

Tangible assets

3

76,000

Investments

4

100

Investment property

5

861,720

1,067,019

Current assets

Debtors

4,579

Cash at bank

8,915

13,494

Creditors

Amounts falling due within one year

6

362,048

Net current liabilities

(348,554

)

Total assets less current liabilities

718,465

Creditors

Amounts falling due after more than one year

6

748,572

Net liabilities

(30,107

)

Capital and reserves

Called up share capital

7

100

Profit and loss account

(30,207

)

Shareholders' funds

(30,107

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2015.

The members have not required the Company to obtain an audit of its financial statements for the period ended 31 December 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 July 2016 and were signed on its behalf by:

Mr William Pringle - Director

1.	Accounting policies

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company has chosen to early adopt the reporting requirements of FRSSE 2015.

Preparation of consolidated financial statements

The financial statements contain information about The Bloomsbury Property Company (Scarborough)

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

The turnover shown in the profit and loss account represents the total invoice value, excluding value

added tax, of sales made during the year. Rental income is recognised in the profit and loss account in

the period in which the rents are due.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Investment property

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the

investment properties are revalued annually to open market value and the aggregate surplus or deficit

is transferred to a revaluation reserve. No depreciation is provided in respect of the investment

properties which is a departure from the requirements of the Companies Act 2006 which requires all

properties to be depreciated. The directors consider however, that this accounting policy results in the

accounts giving a true and fair view. Depreciation is only one of many factors reflected in the annual

valuation and the amount which might otherwise have been shown cannot be separately identified or

quantified.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date where transactions or events have occurred at that date that will

result in an obligation to pay more, or a right to pay less or to receive more tax, with the following

exceptions :

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of

fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets,

only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the

assets concerned. However, no provision is made where, on the basis of all available evidence at the

balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement

assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Going concern - basis of preparation

In assessing the appropriateness of the application of the going concern basis, the directors have

considered the uncertainties around the general economic environment, the current and future

trading performance of the company and available cash. The directors have a reasonable

expectation that the company has adequate resources to continue in operational existence for the

foreseeable future, accordingly they continue to adopt the going concern basis in preparing the

financial statements.

2.	Intangible fixed assets

Total

£

Cost

Additions

161,499

At 31 December 2015

161,499

Amortisation

Amortisation for period

32,300

At 31 December 2015

32,300

Net book value

At 31 December 2015

129,199

3.	Tangible fixed assets

Total

£

Cost

Additions

95,000

At 31 December 2015

95,000

Depreciation

Charge for period

19,000

At 31 December 2015

19,000

Net book value

At 31 December 2015

76,000

4.	Fixed asset investments

Investments

other than

loans

£

Cost

Additions

100

At 31 December 2015

100

Net book value

At 31 December 2015

100

The Company's investments at the Balance Sheet date in the share capital of companies include the

following:

First Resort Events Limited

Country of incorporation: England

Nature of business: Hoteliers

%

Class of shares:

holding

Ordinary £1 shares

100.00

2015

£

Aggregate capital and reserves

36,605

Profit for the period

36,505

5.	Investment property

Total

£

Cost

Additions

861,720

At 31 December 2015

861,720

Net book value

At 31 December 2015

861,720

6.

Creditors

Creditors include an amount of £ 773,574 for which security has been given.

They also include the following debts falling due in more than five years:

£

Repayable by instalments

641,101

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

8.	Going concern

The directors have continued to adopt the going concern basis for the preparation of the accounts.

The company continues to operate with the support of its directors.