Belvidere House Limited - Period Ending 2017-04-30

Company registration number: 4187987

Belvidere House Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Belvidere House Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 10

Belvidere House Limited

(Registration number: 4187987)
Balance Sheet as at 30 April 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	3	1,431	1,419
Investment property	4	1,000,000	1,000,000
		1,001,431	1,001,419
Current assets
Debtors	5	313	288
Cash at bank and in hand		15,773	1,705
		16,086	1,993
Creditors: Amounts falling due within one year	6	(38,022)	(42,668)
Net current liabilities		(21,936)	(40,675)
Total assets less current liabilities		979,495	960,744
Provisions for liabilities
Deferred tax liabilities		(34,337)	(41,722)
Net assets		945,158	919,022
Capital and reserves
Called up share capital		475,000	475,000
Fair value reserve		440,935	433,562
Profit and loss reserve		29,223	10,460
Total equity		945,158	919,022

Page 1

Belvidere House Limited

(Registration number: 4187987)
Balance Sheet as at 30 April 2017

For the financial year ending 30 April 2017 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 21 July 2017 and signed on its behalf by:
 

Mrs V J Brown Company secretary and director

Mr N A Brown Director

Page 2

Belvidere House Limited

Statement of Changes in Equity
for the Year Ended 30 April 2017

	Share capital £	Fair value reserve £	Profit and loss reserve £	Total £
At 1 May 2016	475,000	433,562	10,460	919,022
Movement in year :
Profit for the year	-	-	33,336	33,336
Total comprehensive income	-	-	33,336	33,336
Dividends	-	-	(7,200)	(7,200)
Transfer of fair value adjustment	-	7,373	(7,373)	-
Total movement for the year	-	7,373	18,763	26,136
At 30 April 2017	475,000	440,935	29,223	945,158

	Share capital £	Fair value reserve £	Profit and loss reserve £	Total £
At 1 May 2015	475,000	431,499	12,669	919,168
Movement in year :
Profit for the year	-	-	26,854	26,854
Total comprehensive income	-	-	26,854	26,854
Dividends	-	-	(27,000)	(27,000)
Transfer of fair value adjustment	-	2,063	(2,063)	-
Total movement for the year	-	2,063	(2,209)	(146)
At 30 April 2016	475,000	433,562	10,460	919,022

Page 3

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

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:
Lupins Business Centre
1 - 3 Greenhill
Weymouth
Dorset
DT4 7SP
England

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

This is the first year in which the financial statements have been prepared under FRS102 Section 1A. Restatements were required to the prior year as a result of transition to FRS102 Section1A, as shown in note 9.

Basis of preparation

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Page 5

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

3	Tangible assets

	Fixtures and fittings  £	Total £
Cost or valuation
At 1 May 2016	12,269	12,269
Additions	265	265
At 30 April 2017	12,534	12,534
Depreciation
At 1 May 2016	10,850	10,850
Charge for the year	253	253
At 30 April 2017	11,103	11,103
Carrying amount
At 30 April 2017	1,431	1,431
At 30 April 2016	1,419	1,419

4	Investment properties

	2017  £
At 1 May 2016	1,000,000

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

5

Debtors

	2017  £	2016  £
Other debtors	313	288
Total current trade and other debtors	313	288

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		139	302
Corporation tax		6,452	6,248
Other creditors		31,431	36,118
		38,022	42,668

Page 6

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

7

Dividends

Interim dividends paid

	2017 £	2016 £
Interim dividend of £0.72 (2016 - £2.70) per each Ordinary C share	7,200.00	27,000.00

8	Related party transactions

Transactions with directors

2017	At 1 May 2016 £	Advances to directors £	Re- payments by director £	Other payments made to company by director £	Written off £	Waived £	At 30 April 2017 £
Mrs V J Brown
Interest free loan, repayable on demand	6,514	(17,162)	10,656	-	-	-	8

2016	At 1 May 2015 £	Advances to directors £	Re- payments by director £	Other payments made to company by director £	Written off £	Waived £	At 30 April 2016 £
Mrs V J Brown
Interest free loan, repayable on demand	883	(34,628)	40,259	-	-	-	6,514

Other transactions with directors

Mrs V J Brown
V J Brown is a director of the company. During the year V J Brown received dividends totalling £7,200 (2016 - £27,000) and maintained an interest free current account with the company, which is repayable on demand. At the balance sheet date the amount due to V J Brown was £8 (2016 - 6,514).

Page 7

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

Summary of transactions with other related parties

Nicholas Brown (RIBA) Limited
(Associated company)
 During the year Nicholas Brown (RIBA) Limited, a company in which N A Brown is a director and the ultimate controller, provided the company with an interest free loan which is repayable on demand. At the balance sheet date the amount due to Nicholas Brown (RIBA) Limited was £29,641 (2016 - £27,855).
 

9	Transition to FRS 102

This is the first set of financial statements that 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. FRS 102 Section 1A, requires investment properties to be measured at fair value with changes in fair value being presented in the profit and loss. Deferred tax is also recognised on investment property fair value movements. At the date of transition the revaluation reserve relating to the investment property has been reclassified as a fair value reserve and deferred tax recognised. The impact, including any taxation implications from the transition, is as follows:

Page 8

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

Balance Sheet at 1 May 2015
 

	As originally reported £	Re- classification £	Re- measurement £	As restated £
Fixed assets
Tangible assets	1,669	-	-	1,669
Investment property	1,000,000	-	-	1,000,000
	1,001,669	-	-	1,001,669
Current assets
Debtors	462	-	-	462
Cash at bank and in hand	1,521	-	-	1,521
	1,983	-	-	1,983
Creditors: Amounts falling due within one year	(10,794)	-	-	(10,794)
Net current liabilities	(8,811)	-	-	(8,811)
Total assets less current liabilities	992,858	-	-	992,858
Creditors: Amounts falling due after more than one year	(29,855)	-	-	(29,855)
Provisions for liabilities	(334)	-	(43,501)	(43,835)
Net assets/(liabilities)	962,669	-	(43,501)	919,168
Capital and reserves
Called up share capital	475,000	-	-	475,000
Revaluation reserve	475,000	(475,000)	-	-
Fair value reserve	-	475,000	(43,501)	431,499
Profit and loss reserve	12,669	-	-	12,669
Total equity	962,669	-	(43,501)	919,168

Page 9

Belvidere House Limited

Notes to the Financial Statements
for the Year Ended 30 April 2017

Balance Sheet at 30 April 2016
 

	As originally reported £	Re- classification £	Re- measurement £	As restated £
Fixed assets
Tangible assets	1,419	-	-	1,419
Investment property	1,000,000	-	-	1,000,000
	1,001,419	-	-	1,001,419
Current assets
Debtors	288	-	-	288
Cash at bank and in hand	1,705	-	-	1,705
	1,993	-	-	1,993
Creditors: Amounts falling due within one year	(42,668)	-	-	(42,668)
Net current liabilities	(40,675)	-	-	(40,675)
Total assets less current liabilities	960,744	-	-	960,744
Provisions for liabilities	(284)	-	(41,438)	(41,722)
Net assets/(liabilities)	960,460	-	(41,438)	919,022
Capital and reserves
Called up share capital	475,000	-	-	475,000
Revaluation reserve	475,000	(475,000)	-	-
Fair value reserve	-	475,000	(41,438)	433,562
Profit and loss reserve	10,460	-	-	10,460
Total equity	960,460	-	(41,438)	919,022

Page 10