Bridge Street Cardiff Properties Limited Company Accounts

BRIDGE STREET CARDIFF PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00542596

Bridge Street Cardiff Properties Limited

Filleted Unaudited Financial Statements

31 March 2017

Bridge Street Cardiff Properties Limited

Financial Statements

Year ended 31 March 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

Bridge Street Cardiff Properties Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		2,661,765	2,661,765

Current assets

Debtors	6	763,656	586,075
Cash at bank and in hand		253,765	–
		------------	---------
		1,017,421	586,075

Creditors: amounts falling due within one year	7	469,973		318,532
		------------		---------
Net current assets			547,448	267,543
			------------	------------
Total assets less current liabilities			3,209,213	2,929,308

Creditors: amounts falling due after more than one year	8	2,387,710	2,491,707
		------------	------------
Net assets		821,503	437,601
		------------	------------

Capital and reserves

Called up share capital	99	99
Profit and loss account	821,404	437,502
	---------	---------
Shareholders funds	821,503	437,601
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bridge Street Cardiff Properties Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 6 October 2017 , and are signed on behalf of the board by:

D I Rapport

Director

Company registration number: 00542596

Bridge Street Cardiff Properties Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Marcol Suite, East Wing, Ivor House, Bridge Street, Cardiff, CF10 2TH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements,estimates and assumptions about the carrying value 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 an ongoing 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.

Revenue recognition

Turnover represents the gross rental income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Tangible assets

	At 1 April 2016 and 31 March 2017
	£
Cost
Land and buildings	2,661,765
	------------
	2,661,765
	------------

	At 1 April 2016 and 31 March 2017
	£
Depreciation
Land and buildings	–
	----
	–
	----

	At 31 March 2017	At 31 March 2016
	£	£
Carrying amount
Land and buildings	2,661,765	2,661,765
	------------	------------
	2,661,765	2,661,765
	------------	------------

6. Debtors

	2017	2016
	£	£
Trade debtors	9,308	–
Other debtors	754,348	586,075
	---------	---------
	763,656	586,075
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	103,997	93,620
Trade creditors	207	206
Corporation tax	14,724	56
Social security and other taxes	45,302	23,212
Other creditors	305,743	201,438
	---------	---------
	469,973	318,532
	---------	---------

The bank overdraft is secured.

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	2,387,710	2,491,707
	------------	------------

The bank loans are secured over the company's long leasehold property.

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2016: £2,075,720) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The rate of interest payable on the loans is at Base Rate plus an interest margin of 1.85% per annum.

9. Contingencies

£750,000 (2016: £750,000) in respect of guarantees issued, in favour of Great Western Estates Limited, with recourse to the company by way of counter indemnities.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D I Rapport	10,222	45,305	55,527
	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D I Rapport	10,000	222	10,222
	--------	----	--------

Mr D I Rapport had loans during the year with interest payable at the rate of 3%. The movement on these loans are shown above.

11. Related party transactions

The company was under the control of Mr D I Rapport , a director, throughout the current and previous year. Mr D I Rapport is personally interested in 63% (2016 - 66%) of the company's issued share capital. In addition, his sons, control in aggregate a further 37% (2016 - 34%) of the company's issued share capital. Transactions with related parties undertaken during the year were as follows :

	2017	2016	2017	2016
	£	£	£	£
Related Party

Equity Exchange Ltd (Controlled by Mr D I Rapport)
Loan Interest Receivable	13,115	12,122
Balance Receivable	422,107	408,992

Great Western Estates Ltd (Associate undertaking)
Loan Interest Receivable	1,990	1,888
Balance Receivable	35,991	34,001

M A Rapport & Co Ltd (Controlled by Mr D I Rapport)
Management Expenses (Payable)	(20,000)	(20,000)


Balance Receivable/(Payable)	75,000	45,000

Ivor Holdings Ltd (Controlled by Mr D I Rapport)
Balance Receivable	60,000	60,000

Great Eastern Finance Co Ltd (Controlled by Mr D I Rapport)
Balance Receivable	5,000	5,000

South Glamorgan Estates Ltd (Controlled by close family)
Balance (Payable)	(65,000)	(75,000)


During the year, the company paid dividends to the following directors as set out below:
Mr D I Rapport	75,250	75,240
Mr M A Rapport	21,500	21,498
Mr O E Rapport	21,500	21,498
	---------	---------
	118,250	118,236

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

13. Going concern

In the course of preparing the financial statements for the year ended 31 March 2017 the directors have assessed whether the company is a going concern. They have considered all available information about the future and will ensure that the company has adequate resources available to finance its activities and other obligations during the course of the next twelve months and therefore, no material uncertainties have been identified by the directors that may cast any significant doubt about the ability of the company to continue as a going concern.