Ballymore Estates Limited Filleted accounts for Companies House (small and micro)

BALLYMORE ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02487508

BALLYMORE ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

BALLYMORE ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	7	89,263	91,575

Current assets

Stocks		5,702	5,878
Debtors	8	6,691	20,682
Cash at bank and in hand		77,289	46,862
		--------	--------
		89,682	73,422

Creditors: amounts falling due within one year	9	30,621	29,919
		--------	--------
Net current assets		59,061	43,503
		---------	---------
Total assets less current liabilities		148,324	135,078
		---------	---------
Net assets		148,324	135,078
		---------	---------

BALLYMORE ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

	2018	2017
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	148,224	134,978
	---------	---------
Shareholder funds	148,324	135,078
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 8 August 2018 , and are signed on behalf of the board by:

Mr M G Whelan
Director

Company registration number: 02487508

BALLYMORE ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Tollington, 115 Hornsey Road, London, N7 6DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under of FRS 102: (a) No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

leasehold property	-	over life of lease
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Factors affecting future taxation

The company has unprovided a deferred tax asset of £480 (2017: tax deferred tax asset of £340).

6. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	10,559	2,498
	--------	-------
Tax on profit	10,559	2,498
	--------	-------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2017 and 31 March 2018	105,607	56,117	14,163	4,005	179,892
	---------	--------	--------	-------	---------
Depreciation
At 1 April 2017	19,138	51,011	14,163	4,005	88,317
Charge for the year	1,066	1,246	–	–	2,312
	---------	--------	--------	-------	---------
At 31 March 2018	20,204	52,257	14,163	4,005	90,629
	---------	--------	--------	-------	---------
Carrying amount
At 31 March 2018	85,403	3,860	–	–	89,263
	---------	--------	--------	-------	---------
At 31 March 2017	86,469	5,106	–	–	91,575
	---------	--------	--------	-------	---------

8. Debtors

	2018	2017
	£	£
Trade debtors	–	120
Other debtors	6,691	20,562
	-------	--------
	6,691	20,682
	-------	--------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	7,655	13,781
Corporation tax	10,559	2,498
Social security and other taxes	8,546	6,478
Other creditors	3,861	7,162
	--------	--------
	30,621	29,919
	--------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 1 year and not later than 5 years	1,807	1,807
Later than 5 years	2,551,526	2,583,000
	------------	------------
	2,553,333	2,584,807
	------------	------------

11. Related party transactions

(a) During the year the company made a working capital loan to related companies.in which the director is a 100% shareholder and sole director. The balance due on this loan at the year end was £Nil (2017 £14,519). This loans are interest free and subject to repayment without notice. (b) At the year end there was an director loan to the company for £1,761 (2017: £4,475). This loan is interest free and subject to repayment without notice.