Accounts filed on 31-03-2017

Accounts filed on 31-03-2017

BRISTOL ASSURED TENANCIES (NO.1) LIMITED - Company Information

Print Friendly Version

2723203falsethe letting of property under assured shorthold tenancies2016-04-012017-03-31http://www.companieshouse.gov.uk/2016-03-31http://www.companieshouse.gov.uk/pt:PlantMachinery2016-03-31http://www.companieshouse.gov.uk/cd:Director12016-04-012017-03-31http://www.companieshouse.gov.uk/pt:PlantMachinery2017-03-31http://www.companieshouse.gov.uk/cd:Director22016-04-012017-03-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12016-04-012017-03-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2016-04-012017-03-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass22016-04-012017-03-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass32016-04-012017-03-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2016-04-012017-03-31http://www.companieshouse.gov.uk/2016-04-012017-03-31http://www.companieshouse.gov.uk/2016-03-31http://www.companieshouse.gov.uk/cd:FRS1022016-04-012017-03-31http://www.companieshouse.gov.uk/2017-03-31http://www.companieshouse.gov.uk/cd:FullAccounts2016-04-012017-03-31http://www.companieshouse.gov.uk/pt:LandBuildings2016-03-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2016-04-012017-03-31http://www.companieshouse.gov.uk/pt:LandBuildings2017-03-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 2723203
Bristol Assured Tenancies (No 1) Limited
ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2017
Bristol Assured Tenancies (No 1) Limited
ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2017
DIRECTORS
T P d'E Vallancey
C S Jackson
SECRETARY
N Claydon
REGISTERED OFFICE
The Lodge
Park Road
Shepton Mallet
Somerset
BA4 5BS
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 2723203
Bristol Assured Tenancies (No 1) Limited
ACCOUNTS
FOR THEYEARENDED31 MARCH 2017
CONTENTS
Page
Directors' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Bristol Assured Tenancies (No 1) Limited
BALANCE SHEET AT 31 March 2017
20172016
Notes££
FIXED ASSETS
Tangible assets21,481,9531,012,846
CURRENT ASSETS
Debtors36192,552
Cash at bank and in hand49,85225,659
50,47128,211
CREDITORS: Amounts falling due within one year45,9325,581
NET CURRENT ASSETS44,53922,630
TOTAL ASSETS LESS CURRENT LIABILITIES1,526,4921,035,476
CREDITORS: Amounts falling due after more than one year5427,290432,290
PROVISIONS FOR LIABILITIES AND CHARGES7156,35966,575
NET ASSETS942,843536,611
CAPITAL AND RESERVES
Called up share capital834,00034,000
Capital redemption reserve911,21411,214
Profit and loss account897,629491,397
SHAREHOLDERS' FUNDS942,843536,611
For the year ending 31 March 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 7 December 2017 and signed on their behalf by
.............................
T P d'E Vallancey
Director
Bristol Assured Tenancies (No 1) Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2017
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Change In Accounting Policy
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 17 below.
1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures and Fittingsreducing balance 10 - 25%
Motor Carsstraight line 10%
1d. Investment Properties
Investment properties are included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1e. Basis Of Accounting FRS 1021 a
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of sections 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Bristol Assured Tenancies (No 1) Limited
1f. Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing differences.
2. TANGIBLE FIXED ASSETS
Land AndPlant and
BuildingsMachinery Etc.Total
£££
Cost
At 1 April 20161,005,00036,0231,041,023
Revaluation470,000-470,000
At 31 March 20171,475,00036,0231,511,023
Depreciation
At 1 April 2016-28,17728,177
For the year-893893
At 31 March 2017-29,07029,070
Net Book Amounts
At 31 March 20171,475,0006,9531,481,953
At 31 March 20161,005,0007,8461,012,846
The fair value of the investment property is comprised of freehold investment properties in the Redland and Cotham areas of Bristol. The directors having considered the current economic climate and its effect on property prices, have valued the property at the balance sheet date on an untenanted basis and the properties are shown at this fair value.
During the year ended 31 March 2017, the revaluation in the year of £470,000 was credited to the profit and loss account in accordance with FRS 102.
3. DEBTORS 20172016
££
Amounts falling due within one year:
Other debtors6192,552
6192,552
Bristol Assured Tenancies (No 1) Limited
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20172016
££
Taxation and social security1,687-
Other creditors4,2455,581
5,9325,581
5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20172016
££
Bank loans and overdrafts427,290432,290
427,290432,290
The bank loan of £427,290 is secured by fixed charges over the investment property.
6. EMPLOYEES
20172016
No.No.
7. PROVISIONS FOR LIABILITIES 20172016
££
Deferred taxation156,35966,575
156,35966,575
Bristol Assured Tenancies (No 1) Limited
8. SHARE CAPITAL 20172016
££
Allotted, issued and fully paid:
16900 'A' Ordinary shares of £1 each1690016900
100 'B' Ordinary shares of £1 each100100
17000 Preferred Ordinary of £1 each1700017000
34,00034,000
9. OTHER RESERVES 20172016
££
Capital redemption reserve11,21411,214
11,21411,214
10. CONTROLLING PARTY
The company is controlled by Vision Perfect Limited, the ultimate parent company, by virtue of its holding of 100 'B' ordinary shares.
11. RELATED PARTY TRANSACTIONS
Other Creditors includes a loan owing to the director Mr T P d'E Vallancey of £24 (2016 - £24). The loan is unsecured, interest free and there are no fixed repayment terms.
Bristol Assured Tenancies (No 1) Limited
12. RECONCILIATION ON ADOPTION OF FRS 102
On transition to FRS 102 the directors have applied the provisions of section 16 and have measured investment properties at fair value through profit and loss. This has resulted in a transfer between the revaluation reserve and the profit and loss reserve at 1 April 2015 of £585,576. In the year ended 31 March 2016, the increase in value of investment properties of £0 has been included in the profit and loss account. In accordance with section 19 of FRS 102 a related deferred tax liability of £68,609 was also included in the accounts at 1 April 2015, with a £2,034 decrease in the provision in the year ended 31 March 2016.
Reconciliation of equity
31 March 20161 April 2015
££
Equity as reported under previoud UK GAAP603,186566,133
Adjustments arising from transition to FRS 102:
Increase in fair value of investment property--
Deferred tax provision on investment properties(66,575)(68,609)
Equity reported under FRS 102536,611497,524
Reconciliation of profit for the financial period
2016
£
Profit as reported under previoud UK GAAP37,053
Adjustments arising from transition to FRS 102:
Increase in fair value of investment property-
Deferred tax provision on investment properties2,034
Profit reported under FRS 10239,087
13. RETAINED EARNINGS BREAKDOWN
Included in retained earnings is £899,217 (2016 - £519,001) of profits which are not available for distribution as they are unrealised.