Broomhall Investments Limited - Period Ending 2016-12-31

Registration number: 07092805

Broomhall Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Broomhall Investments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Broomhall Investments Limited

Company Information

Director

J M Brownhill

Registered office

Jenkin Hill House Horsleygate Lane Holmesfield Dronfield S18 7WD

Accountants

Marriott Gibbs Rees Wallis Limited Chartered Certified Accountants 13 - 17 Paradise Square Sheffield South Yorkshire S1 2DE

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Broomhall Investments Limited

(Registration number: 07092805)
Balance Sheet as at 31 December 2016

	Note	2016 £	(As restated) 2015 £
Fixed assets
Investment property	3	1,700,000	1,600,000
Current assets
Debtors	4	18,008	17,769
Cash at bank and in hand		69,832	63,927
		87,840	81,696
Creditors: Amounts falling due within one year	5	(200,313)	(105,421)
Net current liabilities		(112,473)	(23,725)
Total assets less current liabilities		1,587,527	1,576,275
Creditors: Amounts falling due after more than one year	5	(1,152,557)	(1,190,000)
Net assets		434,970	386,275
Capital and reserves
Called up share capital		100	100
Profit and loss account		434,870	386,175
Total equity		434,970	386,275

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 28 June 2017
 

J M Brownhill

Director

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

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Broomhall Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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:
Jenkin Hill House
Horsleygate Lane
Holmesfield
Dronfield
S18 7WD

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.

Judgements

The director has made key assumptions in the determination of the fair value of investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation of the property at the reporting date is stated in Note 3.

Turnover

Turnover consists of rental income receivable on property investments in the United Kingdom, exclusive of VAT.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 in the countries where the company operates and generates taxable income.

Investment property

Investment property is shown at fair value at each reporting date with changes in fair value recognised in profit or loss.

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Broomhall Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Investment properties

	2016 £
At 1 January	1,600,000
Additions	103,228
Fair value adjustments	(3,228)
At 31 December	1,700,000

The historic cost of the investment property included above at a valuation of £1,700,000 was £1,488,430 (2015 - £1,385,202).

The investment property was valued at the balance sheet date by the director of the company who is not a professionally qualified valuer. The fair value has been determined by reference to market factors including evidence of transaction prices for similar property in the location where the property is situated.

4

Debtors

	2016 £	2015 £
Other debtors	18,008	17,769
Total current trade and other debtors	18,008	17,769

5

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	6	40,000	40,000
Other creditors		160,313	65,421
		200,313	105,421
Due after one year
Loans and borrowings	6	600,000	640,000
Other creditors		552,557	550,000
		1,152,557	1,190,000

Included within other creditors is an amount of £13,028 (2015 - £15,751) relating to corporation tax.

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Broomhall Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

6	Loans and borrowings

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	600,000	640,000

Creditors include a bank loan of £600,000 (2015 - £640,000) which is secured on the investment property.

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	40,000	40,000

Creditors include a bank loan of £40,000 (2015 - £40,000) which is secured on the investment property.

7	Related party transactions

Key management personnel

J M Brownhill

Summary of transactions with key management

J M Brownhill has provided an interest free loan. The company's bankers hold a deed of subordination in respect of £275,000 owed to J M Brownhill by the company. This deed is part security towards the bank loan received by the company. At the balance sheet date the amount owed to J M Brownhill was £275,279 (2015 - £275,279)
 

Summary of transactions with other related parties

The Flexible Life Interest Trust for J M Brownhill has provided an interest free loan . The company's bankers hold a deed of subordination in respect of £275,000 owed to The Flexible Life Interest Trust for J M Brownhill by the company. This deed is part security towards the bank loan received by the company. At the balance sheet date the amount owed to The Flexible Life Interest Trust for J M Brownhill was £277,279 (2015 - £277,279)
 

8	Transition to FRS 102

The investment property revaluation reserve of £214,798 at 1 January 2015 has been reclassified to the profit and loss reserve in accordance with FRS 102. There were no further transitional adjustments to be made.

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