Badnell Properties Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00684553 (England and Wales)

BADNELL PROPERTIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A I R Grant

L F Grant

SECRETARY:

M Preedy

REGISTERED OFFICE:

Pioneer Works

Malvern Road

Maidenhead

Berkshire

SL6 7RD

REGISTERED NUMBER:

00684553 (England and Wales)

FIXED ASSETS

Tangible assets

2

3,770

3,430

Investments

3

900,000

50,000

Investment property

4

9,449,770

8,257,556

10,353,540

8,310,986

CURRENT ASSETS

Debtors

1,089,202

951,646

Cash at bank

874,472

2,423,193

1,963,674

3,374,839

CREDITORS

Amounts falling due within one year

(324,359

)

(211,634

)

NET CURRENT ASSETS

1,639,315

3,163,205

TOTAL ASSETS LESS CURRENT LIABILITIES

11,992,855

11,474,191

CAPITAL AND RESERVES

Called up share capital

5

100

100

Revaluation reserve

549,209

549,209

Profit and loss account

11,443,546

10,924,882

SHAREHOLDERS' FUNDS

11,992,855

11,474,191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22 December 2014 and were signed on its behalf by:

A I R Grant - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts are prepared on a going concern basis. The use of the going concern basis

of accounting is appropriate because there are no material uncertainties related to events

or conditions that may cast significant doubt about the ability of the company to continue

as a going concern.

Accounting convention

The financial statements have been prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Preparation of consolidated financial statements

The financial statements contain information about Badnell Properties Limited as an

individual company and do not contain consolidated financial information as the parent of a

group. The company has taken the option under Section 398 of the Companies Act 2006

not to prepare consolidated financial statements.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the

company qualifies as a small company.

Turnover

Turnover represents rental income achieved in the year on an accruals basis, net of value

added tax.

Depreciation

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

Fixtures and fittings

-

20% on cost

Depreciation is not provided in respect of freehold investment properties. Leasehold

investment properties are not amortised where the unexpired term is over twenty years.

This policy represents a departure from statutory accounting principles, which require

depreciation to be provided on all fixed assets. The directors consider that this policy is

necessary in order that the financial statements may give a true and fair view because

current values and changes in current values are of prime importance rather than the

calculation of systematic annual depreciation. Depreciation is only one of many factors

reflected in the valuation and the amount which might otherwise have been shown cannot

be separately identified or quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date. The company has not adopted a policy of discounting

deferred tax assets and liabilities.

Investment property

Investment property is included in the balance sheet at market value.

Surpluses or deficits arising on revaluation are transferred to the revaluation reserve

unless a deficit (or its reversal) are expected to be permanent, in which case it is charged

(or credited) in the profit and loss account of the period.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

8,453

Additions

1,949

At 31 March 2014

10,402

DEPRECIATION

At 1 April 2013

5,023

Charge for year

1,609

At 31 March 2014

6,632

NET BOOK VALUE

At 31 March 2014

3,770

At 31 March 2013

3,430

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

50,000

Additions

850,000

At 31 March 2014

900,000

NET BOOK VALUE

At 31 March 2014

900,000

At 31 March 2013

50,000

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2013

8,257,556

Additions

1,192,214

At 31 March 2014

9,449,770

NET BOOK VALUE

At 31 March 2014

9,449,770

At 31 March 2013

8,257,556

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

52

Ordinary A

£1

52

52

48

Ordinary B

£1

48

48

100

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is an amount of £160,000 (2013 - £160,000) due from the

director A I R Grant. The loan accrues interest at the official rate in accordance with

guidance issued by HM Revenue and Customs and is repayable on demand. Interest of

£8,450 (2013 - £8,119) accrued on the loan during the year.

Included in other debtors is £55,845 (2013 - £47,395) of accrued interest which is due from

A I R Grant.

The maximum total balance owed during the year was £215,845 (2013 - £207,395).