Black Gold Developments (UK) Ltd - Period Ending 2017-09-30

Black Gold Developments (UK) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2017

Registration number: 05431850

Black Gold Developments (UK) Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Black Gold Developments (UK) Ltd

Company Information

Director and Company secretary

Mr Julian Jones

Registered office

Westons Point Boatyard Turks Lane Whitecliff Poole Dorset BH14 8EW

Accountants

PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Page 1

Black Gold Developments (UK) Ltd

Balance Sheet

30 September 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	86,901	82,416
Investment property	5	2,845,257	2,845,257
		2,932,158	2,927,673
Current assets
Stocks	6	6,411,179	6,654,411
Debtors	7	950,666	19,947
Cash at bank and in hand		583,847	1,415,787
		7,945,692	8,090,145
Creditors: Amounts falling due within one year	8	(128,110)	(142,548)
Net current assets		7,817,582	7,947,597
Total assets less current liabilities		10,749,740	10,875,270
Creditors: Amounts falling due after more than one year	8	(10,564,541)	(10,801,083)
Provisions for liabilities		(6,032)	-
Net assets		179,167	74,187
Capital and reserves
Called up share capital		1	1
Profit and loss account		179,166	74,186
Total equity		179,167	74,187

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Black Gold Developments (UK) Ltd

Balance Sheet

30 September 2017

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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

Approved and authorised by the director on 19 April 2018
 

Mr Julian Jones

Company secretary and director

Company Registration Number: 05431850

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2017

1	General information

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

The address of its registered office is:
Westons Point Boatyard
Turks Lane
Whitecliff
Poole
Dorset
BH14 8EW

These financial statements were authorised for issue by the director on 19 April 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.

These financial statements are presented in pound sterling and rounded to the nearest pound.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 October 2015.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant, machinery and other assets	25% reducing balance
Computer and other equipment	33% straight line

Page 4

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2017

Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	25% reducing balance

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.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Rentals paid under operating leases are charged in the profit and loss account on a stright line basis over the lease term.

Page 5

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances: and
• Other long term loans and borrowings.


All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2016 - 7).

Page 6

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2017

4	Tangible assets

	Plant, equipment and other assets  £	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2016	76,229	40,633	40,786	157,648
Additions	33,115	-	-	33,115
At 30 September 2017	109,344	40,633	40,786	190,763
Depreciation
At 1 October 2016	40,986	21,848	12,398	75,232
Charge for the year	18,715	2,818	7,097	28,630
At 30 September 2017	59,701	24,666	19,495	103,862
Carrying amount
At 30 September 2017	49,643	15,967	21,291	86,901
At 30 September 2016	35,243	18,785	28,388	82,416

5	Investment properties

	2017 £
At 1 October	2,845,257
At 30 September	2,845,257

6

Stocks

	2017 £	2016 £
Work in progress	6,411,179	6,654,411

Page 7

Black Gold Developments (UK) Ltd

Notes to the Financial Statements

Year Ended 30 September 2017

7

Debtors

	2017  £	2016  £
Trade debtors	3,109	1,500
Other debtors	903,696	13,073
Prepayments	43,861	5,374
	950,666	19,947

8

Creditors

		2017  £	2016  £
Due within one year
Trade creditors		4,600	44,827
Social security and other taxes		6,462	9,184
Other creditors		85,678	80,443
Accrued expenses		5,110	7,718
Corporation tax		26,260	376
		128,110	142,548
Due after one year
Loans and borrowings		10,564,541	10,801,083

9	Financial commitments, guarantees and contingencies

The total amount of financial commitments under non cancellable operating leases not included in the balance sheet is £8,747 (2016 - £11,927).

10	Related party transactions

A loan had been received from the director and the amount outstanding at the year end was £10,564,541 (2016 £10,801,083). The loan is interest free with no fixed term for repayment.

During the year a loan was made to a company under common control. The amount outstanding at the year end was £900,000.

Page 8