BIRCHLAND DEVELOPMENTS LIMITED

BIRCHLAND DEVELOPMENTS LIMITED

BIRCHLAND DEVELOPMENTS LIMITED - Company Information

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BIRCHLAND DEVELOPMENTS LIMITED

Company Registration Number:
03667880 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2017

Period of accounts

Start date: 01 October 2016

End date: 30 September 2017

BIRCHLAND DEVELOPMENTS LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2017

Balance sheet
Notes

BIRCHLAND DEVELOPMENTS LIMITED

Balance sheet

As at 30 September 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 2 1,230,748 2,021,814
Total fixed assets: 1,230,748 2,021,814
Current assets
Debtors:   19,725 4,238
Cash at bank and in hand: 49,112 50,196
Total current assets: 68,837 54,434
Creditors: amounts falling due within one year: 3 (272,557) (161,783)
Net current assets (liabilities): (203,720) (107,349)
Total assets less current liabilities: 1,027,028 1,914,465
Creditors: amounts falling due after more than one year: 4 (162,767) (413,283)
Provision for liabilities: (44,780) (182,907)
Total net assets (liabilities): 819,481 1,318,275
Capital and reserves
Called up share capital: 4 4
Revaluation reserve:5520,8481,105,625
Profit and loss account: 298,629 212,646
Shareholders funds: 819,481 1,318,275

The notes form part of these financial statements

BIRCHLAND DEVELOPMENTS LIMITED

Balance sheet statements

For the year ending 30 September 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 14 June 2018
and signed on behalf of the board by:

Name: D Andrews
Status: Director

The notes form part of these financial statements

BIRCHLAND DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write of the cost, less estimated residual value, of each asset evenly over it expected useful life, as follows:Freehold buildings over 50 yearsLeasehold land and buildings over the lease termPlant and machinery over 5 yearsFixtures, fittings, tools andequipment over 5 years

Other accounting policies

TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

BIRCHLAND DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

2. Tangible Assets

Total
Cost £
At 01 October 2016 2,022,330
Additions 78,875
Disposals (584,777)
Revaluations (285,164)
At 30 September 2017 1,231,264
Depreciation
At 01 October 2016 516
At 30 September 2017 516
Net book value
At 30 September 2017 1,230,748
At 30 September 2016 2,021,814

BIRCHLAND DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

3. Creditors: amounts falling due within one year note

2017 2016 £ £Bank loans and overdrafts 10,300 20,100Taxation and social security costs 1,442 8,285Other creditors 260,815 133,398Total 272,557 161,783

BIRCHLAND DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

4. Creditors: amounts falling due after more than one year note

2017 2016 £ £Bank loans 162,767 413,283

BIRCHLAND DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

5. Revaluation reserve

2017
£
Balance at 01 October 2016 1,105,625
Surplus or deficit after revaluation (584,777)
Balance at 30 September 2017 520,848

BIRCHLAND DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

6. Changes in presentation and prior period adjustments

This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 30 September 2016, were prepared under previous UK GAAP. The transition date to FRS 102 is therefore 1 October 2015.Adopting FRS 102 has meant that a number of accounting policies have changed to comply with the new standards as follows:Investment PropertiesUnder previous GAAP, deferred taxation was not provided on properties held by the company. These properties are now carried at fair value and deferred taxation is provided in full.The impact has been to decrease the value of the company's assets by £251,764 at 1 October 2016 however, £68,857 was released back to the profit and loss account in the year to 30 September 2016.Reconciliation of equity 1 Oct 2015 30 Sep 2016 £ £As previously reported 1,596,065 1,501,182Deferred taxation (251,764) (182,907)As reported under FRS 102 1,344,301 1,318,275Reconciliation of retained profit Year ended 30 Sep 2016As previously reported 395,553Deferred taxation (182,907)As reported under FRS 102 212,646Prior year adjustmentThe prior year adjustment relates to loans made by the directors to purchase properties in prior years.