BSRC (Holdings) Ltd - Period Ending 2017-09-30

Registration number: 01537707

BSRC (Holdings) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

Henry and Banwell Limited
26 Berkeley Square
Clifton
Bristol
BS8 1HP

BSRC (Holdings) Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

BSRC (Holdings) Ltd

Company Information

Directors

M O Davies-Jones A C Smith

Company secretary

M O Davies-Jones

Registered office

7 Avon Grove Sneyd Park Bristol BS9 1PJ

Accountants

Henry and Banwell Limited 26 Berkeley Square Clifton Bristol BS8 1HP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
BSRC (Holdings) Ltd
for the Year Ended 30 September 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BSRC (Holdings) Ltd for the year ended 30 September 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of BSRC (Holdings) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of BSRC (Holdings) Ltd and state those matters that we have agreed to state to the Board of Directors of BSRC (Holdings) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BSRC (Holdings) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that BSRC (Holdings) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of BSRC (Holdings) Ltd. You consider that BSRC (Holdings) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of BSRC (Holdings) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Henry and Banwell Limited
26 Berkeley Square
Clifton
Bristol
BS8 1HP

29 January 2018

Page 2

BSRC (Holdings) Ltd

(Registration number: 01537707)
Balance Sheet as at 30 September 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	3	840,000	1,400,000
Current assets
Debtors	4	14,786	648
Cash at bank and in hand		781,571	24,180
		796,357	24,828
Creditors: Amounts falling due within one year	5	(37,445)	(33,712)
Net current assets/(liabilities)		758,912	(8,884)
Net assets		1,598,912	1,391,116
Capital and reserves
Called up share capital		54,000	54,000
Profit and loss account		1,544,912	1,337,116
Total equity		1,598,912	1,391,116

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 January 2018 and signed on its behalf by:
 

.........................................

A C Smith

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

BSRC (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
7 Avon Grove
Sneyd Park
Bristol
BS9 1PJ

These financial statements were authorised for issue by the Board on 29 January 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 4

BSRC (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Investment properties

	2017 £
At 1 October	1,400,000
Disposals	(575,000)
Fair value adjustments	15,000
At 30 September	840,000

There has been no valuation of investment property by an independent valuer.

4

Debtors

	2017 £	2016 £
Other debtors	14,786	648
Total current trade and other debtors	14,786	648

5

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		450	-
Taxation and social security		3,526	5,418
Other creditors		33,469	28,294
		37,445	33,712

Page 5

BSRC (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

6	Transition to FRS 102

On transition to FRS 102 there was a change in the way the revaluation of investment properties is presented in the accounts. The revaluations were previously shown in a revaluation reserve but on transition this was moved to the profit and loss reserve and all fair value movements were reflected through the profit & loss. The opening prior year balance saw the revaluation reserve decreased and the profit and loss reserve increased by £399,816. The prior year balance sheet saw the revaluation reserve decreased and the profit and loss reserve increased by £534,816. The fair value movement in the prior year has been moved to the profit and loss increasing profit in last year by £134,930.

Balance Sheet at 1 October 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		1,265	-	-	1,265
Current assets
Debtors		336	-	-	336
Cash at bank and in hand		41,663	-	-	41,663
		41,999	-	-	41,999
Creditors: Amounts falling due within one year		(44,903)	-	-	(44,903)
Net current liabilities		(2,904)	-	-	(2,904)
Net liabilities		(1,639)	-	-	(1,639)
Capital and reserves
Called up share capital		(54,000)	-	-	(54,000)
Revaluation reserve		(399,816)	399,816	-	-
Profit and loss account		(808,280)	(399,816)	-	(1,208,096)
Total equity		(1,262,096)	-	-	(1,262,096)

Page 6

BSRC (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

Balance Sheet at 30 September 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		1,400,000	-	-	1,400,000
Current assets
Debtors		648	-	-	648
Cash at bank and in hand		24,180	-	-	24,180
		24,828	-	-	24,828
Creditors: Amounts falling due within one year		(33,712)	-	-	(33,712)
Net current liabilities		(8,884)	-	-	(8,884)
Net assets		1,391,116	-	-	1,391,116
Capital and reserves
Called up share capital		(54,000)	-	-	(54,000)
Revaluation reserve		(534,816)	534,816	-	-
Profit and loss account		(802,300)	(534,816)	-	(1,337,116)
Total equity		(1,391,116)	-	-	(1,391,116)

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