BlackOnyx Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06500366 (England and Wales)

BLACKONYX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D M Ardley

H M J Beames

R Leechman

REGISTERED OFFICE:

Bridge House

London Bridge

London

SE1 9QR

REGISTERED NUMBER:

06500366 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,185

2,941

Investments

5

1,100,000

850,000

1,102,185

852,941

CURRENT ASSETS

Debtors

6

936,645

1,768,967

Cash at bank

30,329

2,078

966,974

1,771,045

CREDITORS

Amounts falling due within one year

7

422,799

1,199,329

NET CURRENT ASSETS

544,175

571,716

TOTAL ASSETS LESS CURRENT LIABILITIES

1,646,360

1,424,657

CAPITAL AND RESERVES

Called up share capital

125

125

Share premium

311,025

311,025

Other reserves

1,099,149

849,199

Retained earnings

236,061

264,308

SHAREHOLDERS' FUNDS

1,646,360

1,424,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 31 October 2017 and were signed on its behalf by:

D M Ardley - Director

1.	STATUTORY INFORMATION

BlackOnyx 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

There were adjustments on transition to FRS 102 that affected the reported financial performance of the company, but not the overall position of the net assets or shareholders' funds. The reconciliation of equity and profit illustrates the adjustment required, which related to a revaluation gain on fixed asset investments and brought forward revaluation reserves.

3.	ACCOUNTING POLICIES

Going concern

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is

appropriate because there are no material uncertainties related to events or conditions that may cast significant

doubt about the ability of the company to continue as a going concern. There is sufficient funding in place to

support the ongoing trade of the company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group or those deemed to have been transacted under

normal market conditions.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions

about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates

and underlying assumptions are based on historical experience and other factors that are considered to be

relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or

in the period of the revision and future periods if the revision affects both current and future periods.

There are no significant judgements or estimates included within these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Investments in subsidiaries

Investments represent interests held in special purpose vehicle companies and partnerships who are

undertaking specific property developments or related trades.

Investments in subsidiary and associate undertakings are initially recognised at cost. Once the developments

achieve certain milestones or are substantially complete, the company revalues its share to represent a true and

fair view of the investment held. The revaluation is undertaken at open market value and is reversed once the

investment delivers a return to the company.

Any revaluation in the year is accounted for as fair value through the profit and loss account, with a subsequent

reserves transfer to other reserves, to separately identify the total revaluation amount carried forward.

No deferred tax is recongnised in relation to these gains as the holdings will not be sold, and once the

development finishes Blackonyx Limited will receive it's share of profits by way of a dividend.

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 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.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement

constitutes a financing transaction in which case the transaction is measured at the present value of the future

receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are

subsequently measured at amortised cost using the effective interest method less any impairment.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing

transaction in which case the transaction is measured at present value of future payments discounted at

prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their

transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits

with an original maturity date of three months or less

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2016

and 31 January 2017

19,506

DEPRECIATION

At 1 February 2016

16,565

Charge for year

756

At 31 January 2017

17,321

NET BOOK VALUE

At 31 January 2017

2,185

At 31 January 2016

2,941

5.	FIXED ASSET INVESTMENTS

Shares in

group and

associate

undertakings

£

COST OR VALUATION

At 1 February 2016

850,000

Additions

401

Disposals

(351

)

Revaluations

249,950

At 31 January 2017

1,100,000

NET BOOK VALUE

At 31 January 2017

1,100,000

At 31 January 2016

850,000

Cost or valuation at 31 January 2017 is represented by:

Shares in

group and

associate

undertakings

£

Valuation in 2013

407,500

Valuation in 2014

235,969

Valuation in 2015

181,531

Valuation in 2016

25,000

Valuation in 2017

250,000

1,100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

114,449

Amounts owed by associates

341,500

440,000

Other debtors

595,145

1,214,518

936,645

1,768,967

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

900

358,500

Amounts owed to associates

-

560,000

Other creditors

421,899

280,829

422,799

1,199,329

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed £75,898 (2016: £48,898) to Mr D Ardley and £324,027 (2016:

£227,824) to Mr R Leechman. The company was owed £24,844 (2016: owed to £156) by Mr H Beames; this

balance was repaid in full within 9 months of the balance sheet date.

9.	ULTIMATE CONTROLLING PARTY