Brightbest Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06616954 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

Brightbest Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Soltani

REGISTERED OFFICE:

6 Wimborne Road

Bournemouth

BH2 6NG

REGISTERED NUMBER:

06616954 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,562

5,125

Investment property

5

1,121,687

1,060,658

1,124,249

1,065,783

CURRENT ASSETS

Debtors

6

10,000

10,000

Cash at bank

6,832

4,935

16,832

14,935

CREDITORS

Amounts falling due within one year

7

(1,372,894

)

(1,338,483

)

NET CURRENT LIABILITIES

(1,356,062

)

(1,323,548

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(231,813

)

(257,765

)

PROVISIONS FOR LIABILITIES

8

(506

)

-

NET LIABILITIES

(232,319

)

(257,765

)

CAPITAL AND RESERVES

Called up share capital

9

4

1

Retained earnings

10

(232,323

)

(257,766

)

SHAREHOLDERS' FUNDS

(232,319

)

(257,765

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the director on 29 March 2018 and were signed by:

Mr A Soltani - Director

1.	STATUTORY INFORMATION

Brightbest Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Rent receivable

The company’s income is derived from rental income from the letting of rooms during the year.

Tangible fixed assets

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

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Investment property

The Director considers that the value of the investment property at the year-end is no more than the

carrying cost due to on-going legal issues with regard to the lease term. Therefore, the property is

valued at the accumulated cost at that date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Going concern

After making enquiries the director has a reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. For this reason, he continues

to adopt the going concern basis in preparing the accounts.

The director considers that no additional disclosures in respect of going concern are necessary for the

accounts to give a true and fair view.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments.

An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities.

Prior period adjustment

The directors intended that the completed property be retained for its investment potential. They have

therefore revised the accounts to reflect the property as an investment property and not as a

development property. The accounts have been adjusted to reflect this with the prior period

comparatives being amended as necessary.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

9,770

600

10,370

DEPRECIATION

At 1 July 2016

4,885

360

5,245

Charge for year

2,443

120

2,563

At 30 June 2017

7,328

480

7,808

NET BOOK VALUE

At 30 June 2017

2,442

120

2,562

At 30 June 2016

4,885

240

5,125

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

1,060,658

Additions

61,029

At 30 June 2017

1,121,687

NET BOOK VALUE

At 30 June 2017

1,121,687

At 30 June 2016

1,060,658

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

10,000

10,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

50,000

50,000

Company credit card

5,316

20

Director's curr accs less 1yr

1,316,078

1,286,963

Accruals and deferred income

1,500

1,500

1,372,894

1,338,483

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

506

-

Deferred

tax

£

Provided during year

506

Balance at 30 June 2017

506

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

4

Ordinary

£1

4

1

3 Ordinary shares of £1 were issued during the year for cash of £ 3 .

10.

RESERVES

Retained

earnings

£

At 1 July 2016

(257,766

)

Profit for the year

25,443

At 30 June 2017

(232,323

)

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

Mr A Soltani

Balance outstanding at start of year

1,286,963

1,084,492

Amounts advanced

-

202,471

Amounts repaid

29,115

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,316,078

1,286,963