Black Isle Projects Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC365458 (Scotland)

BLACK ISLE PROJECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

T R Pearson

REGISTERED OFFICE:

Achnagarrie

Cromarty

Ross-shire

IV11 8XX

REGISTERED NUMBER:

SC365458 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

Chartered Accountants

Redwood

19 Culduthel Road

Inverness

IV2 4AA

FIXED ASSETS

Tangible assets

4

932,100

588,022

CURRENT ASSETS

Debtors

5

1,088

1,697

Cash at bank

86,126

164,855

87,214

166,552

CREDITORS

Amounts falling due within one year

6

885,491

640,124

NET CURRENT LIABILITIES

(798,277

)

(473,572

)

TOTAL ASSETS LESS CURRENT LIABILITIES

133,823

114,450

PROVISIONS FOR LIABILITIES

7

54

73

NET ASSETS

133,769

114,377

CAPITAL AND RESERVES

Allotted, called up and

fully paid share capital

100

100

Profit and loss account -

distributable

133,669

114,277

SHAREHOLDERS' FUNDS

133,769

114,377

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 3 January 2018 and were signed by:

T R Pearson - Director

1.	STATUTORY INFORMATION

Black Isle Projects Limited is a private company, limited by shares , registered in Scotland. 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

The 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 are prepared under the

historical cost convention except that the alternative rules as set out in the 1st schedule to the

Companies Act 2006 have been adopted in respect of investment properties. As explained in the

Tangible Fixed Asset note, no depreciation is provided in respect of investment properties as it is

considered that this policy is necessary in order for the financial statements to show a true and fair view.

The company has net current liabilities amounting to £798,277 (2016 - £473,572) mainly as a result of the

director's loan to the company. However, the director has agreed to subordinate his loan in favour of the

other creditors and to continue to support the company by ensuring it can meet its liabilities as they fall

due and therefore considers it appropriate to prepare the accounts on the going concern basis.

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 October 2016 and these are the first

financial statements that comply with FRS 102.

Details of how FRS 102 has affected the reported financial position and financial performance is on the

Reconciliation of Equity and Reconciliation of Profit in the notes to these accounts.

Turnover

Turnover represents property rental income received in the year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

No depreciation is provided for on freehold investment property in accordance with FRS 102.

Tangible fixed assets, other than investment properties, are stated at cost, being purchase price, less

depreciation.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for

the current or past reporting periods. It is measured at the amount expected to be paid or recovered

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing differences,

with certain exceptions. Timing differences are differences between taxable profits and total

comprehensive income as stated in the financial statements that arise from the inclusion of income and

expenses in tax assessments in periods different from those in which they are recognised in the financial

statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted

by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax

on revalued, non-depreciable tangible fixed assets and investment properties is measured using the

rates and allowances that apply to the sale of the assets.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded

at transaction price. Any losses arising from impairment are recognised in the profit and loss account in

other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

Investment

and

Computer

Property

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2016

587,655

490

3,522

591,667

Additions

344,169

-

-

344,169

At 30 September 2017

931,824

490

3,522

935,836

DEPRECIATION

At 1 October 2016

-

123

3,522

3,645

Charge for year

-

91

-

91

At 30 September 2017

-

214

3,522

3,736

NET BOOK VALUE

At 30 September 2017

931,824

276

-

932,100

At 30 September 2016

587,655

367

-

588,022

Investment properties are accounted for in accordance with Section 1A - FRS 102 (effective January

2015). No depreciation is provided in respect of such properties. Although the Companies Act 2006

would normally require systematic annual depreciation of fixed assets, it is believed that this policy of not

providing for depreciation is necessary in order for the financial statements to give a true and fair view

since the current value of investment properties and changes in the current value are of prime

importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the

many factors reflected in the annual valuation, and the amount which might otherwise have been shown

cannot be separately identified or quantified.

The investment properties having been purchased in late 2011, last year and in this year, the director

considers it relevant to treat purchase price as being the market value at 30 September 2017.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,088

1,697

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

4,715

3,972

Other creditors

880,776

636,152

885,491

640,124

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

54

73

Deferred

tax

£

Balance at 1 October 2016

73

Released during year

(19

)

Balance at 30 September 2017

54

The deferred tax provision consists of accelerated capital allowances.