Bollingmore (Properties) Limited - Accounts to registrar - small 17.2

BOLLINGMORE (PROPERTIES) LIMITED

Financial Statements

for the Year Ended 31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

T E Bollingmore

J K Bollingmore

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

01262847 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Investment property

3

2,000,000

2,464,291

Current assets

Debtors

4

216,908

552,214

Creditors

Amounts falling due within one year

5

191,863

666,074

Net current assets/(liabilities)

25,045

(113,860

)

Total assets less current liabilities

2,025,045

2,350,431

Creditors

Amounts falling due after more than one year

6

(58,621

)

(412,542

)

Provisions for liabilities

8

(194,265

)

(194,265

)

Net assets

1,772,159

1,743,624

Capital and reserves

Called up share capital

9

100

100

Retained earnings

10

1,772,059

1,743,524

Shareholders' funds

1,772,159

1,743,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2017 and were signed on its behalf by:

T E Bollingmore - Director

1.	Statutory information

Bollingmore (Properties) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable during the year,

exclusive of Value Added Tax.

Investment property

Investment property is shown at fair value based on most recent valuation. Any aggregate surplus or deficit

arising from changes in fair value is recognised in the income statements.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Investment property

Total

£

Fair value

At 1 January 2016

2,464,291

Disposals

(1,164,291

)

Transfer to ownership

700,000

At 31 December 2016

2,000,000

Net book value

At 31 December 2016

2,000,000

At 31 December 2015

2,464,291

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2008

1,001,073

Valuation in 2013

152,000

Cost

846,927

2,000,000

The directors assessed the valuation of the investment property portfolio at the year end and considered the

current value represents an open market value on an existing use basis.

4.

Debtors

2016

2015

£

£

Amounts falling due within one year:

Other debtors

216,908

827

Amounts falling due after more than one year:

Other debtors

-

551,387

Aggregate amounts

216,908

552,214

5.

Creditors: amounts falling due within one year

2016

2015

£

£

Bank loans and overdrafts

66,893

100,040

Taxation and social security

17,107

36,337

Other creditors

107,863

529,697

191,863

666,074

6.

Creditors: amounts falling due after more than one year

2016

2015

£

£

Bank loans

58,621

412,542

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 years

-

159,402

7.	Secured debts

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

125,496

512,582

8.	Provisions for liabilities

2016

2015

£

£

Deferred tax

Other timing differences

194,265

194,265

Deferred tax

£

Balance at 1 January 2016

194,265

Balance at 31 December 2016

194,265

The potential liability is based on a corporation tax rate of 20% (2015: 20%).

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

10.

Reserves

Retained

earnings

£

At 1 January 2016

1,743,524

Profit for the year

28,535

At 31 December 2016

1,772,059

Included in the retained earnings, the amount of £958,808 (2015 : £958,808) relates to the revaluation of the

investment property after making the provision for deferred tax. This balance is not distributable amongst the

shareholder until the property is sold.

11.	Related party disclosures

At the balance sheet date and included in creditors is £82,119 (2015: £485,974) due to its parent company. The

amount due is interest free and repayable on demand.

At the balance sheet date and included in debtors is £216,908 (2015: £551,387) due from a company under

common control. The amount due is interest free.

12.	Ultimate controlling party

The company's ultimate parent undertaking at the balance sheet date was Bollingmore Investments Limited, a

company registered in England and Wales.

The company's ultimate controlling parties are the directors T Bollingmore and J Bollingmore.

13.	First year adoption

The company has adopted Section 1A "Small Entities" of Financial Reporting Standard 102 for the period

ended 31 December 2016, with the date of transition therefore being 1 January 2015.

On transition management have considered the effect of any changes in accounting treatment from UK GAAP

to FRS 102 for this company that would warrant restatement of the comparative financials;

Specifically, the effect of investment property for which the revaluation adjustments and the related deferred tax

both have been reflected in the income statements. The disclosure has been provided for the unrealised

profit/loss on the revalued property which is not distributed until the investment property is sold.

Reserves

On transition to Financial Reporting Standard 102, the historical revaluations on the investment properties

totalling £1,153,073 have been transferred to retained earnings and the use of the revaluation reserve with

regard to investment properties no longer applies.

Provisions for liabilities

As required under Financial Reporting Standard 102, deferred tax has been adjusted for as an effect on

transition to reflect the tax payable on the capital gain arising on the investment properties of £194,265. No

further provision was made in the year to 31 December 2015.