Burrington Estates Limited - Period Ending 2017-12-31

Registration number: 07776551

Burrington Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Burrington Estates Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 10

Burrington Estates Limited

Company Information

Directors

Mr M D Edworthy Mr P N Scantlebury

Registered office

Dean Clarke House Southernhay East Exeter Devon EX1 1AP

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Burrington Estates Limited
for the Year Ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Burrington Estates Limited for the year ended 31 December 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Burrington Estates Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Burrington Estates Limited and state those matters that we have agreed to state to the Board of Directors of Burrington Estates Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burrington Estates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Burrington Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Burrington Estates Limited . You consider that Burrington Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Burrington Estates Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

28 August 2018

Page 2

Burrington Estates Limited

(Registration number: 07776551)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	18,885	26,819
Investments	5	302,245	302,245
Other financial assets		-	2
		321,130	329,066
Current assets
Debtors	6	5,466,411	3,411,121
Cash at bank and in hand		11,217	1,662
		5,477,628	3,412,783
Creditors: Amounts falling due within one year	7	(5,739,710)	(3,684,763)
Net current liabilities		(262,082)	(271,980)
Total assets less current liabilities		59,048	57,086
Provisions for liabilities		(3,210)	(4,559)
Net assets		55,838	52,527
Capital and reserves
Called up share capital		2	2
Profit and loss account		55,836	52,525
Total equity		55,838	52,527

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Burrington Estates Limited

(Registration number: 07776551)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

These financial statements have been prepared 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 Board on 28 August 2018 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Burrington Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Dean Clarke House
Southernhay East
Exeter
Devon
EX1 1AP
England

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.

Under the provision of section 399 of the companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore, the accounts show information about the company as an individual company.

Group accounts not prepared

Under the provision of Section 399 of the Companies Act 2006, the company is exempt from preparing consolidated accounts and has not done so, the accounts show information about the company as an individual company..

Going concern

As at the year end, the balance sheet shows net current liabilities of £262,082 (2016 £271,890). Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis, as the directors continue to provide financial support, when necessary to the company. The directors have reviewed the position for twelve months from the date the accounts werer approved and in their opinion, the company will reduce the balance sheet deficiency and will show positive results for the next financial period.

Page 5

Burrington Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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
Fixtures and Fittings	20% straight line on cost
Computer equipment	33% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2016 - 6).

Page 6

Burrington Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2017	54,239	54,239
At 31 December 2017	54,239	54,239
Depreciation
At 1 January 2017	27,420	27,420
Charge for the year	7,934	7,934
At 31 December 2017	35,354	35,354
Carrying amount
At 31 December 2017	18,885	18,885
At 31 December 2016	26,819	26,819

5	Investments

	2017 £	2016 £
Investments in subsidiaries	302,245	302,245

Subsidiaries	£
Cost or valuation
At 1 January 2017	302,245
Carrying amount
At 31 December 2017	302,245
At 31 December 2016	302,245

Page 7

Burrington Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Cathedral View (Exeter) Limited	Dean Clarke House, Southernhay East, Exeter, EX1 1AP	Ordinary	50%	50%
	England
Granite Resources Limited	Dean Clarke House, Southernhay East, Exeter, EX1 1AP	Ordinary	100%	100%
	England
The Ship (Derriford) Limited	Dean Clarke House, Southernhay East, Exeter, EX1 1AP	Ordinary	54.5%	54.5%
	England

6

Debtors

	Note	2017 £	2016 £
Trade debtors		176,689	349,970
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	13	7,419
Other debtors		5,289,709	3,053,732
		5,466,411	3,411,121

Page 8

Burrington Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Trade creditors		68,685	22,130
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	218,941	490,969
Taxation and social security		9,338	59,922
Accruals and deferred income		2,625	2,625
Other creditors		5,440,121	3,109,117
		5,739,710	3,684,763

Page 9

Burrington Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

8	Related party transactions

During the year, the company made cash advances of £28,452 (2016: £6,486) to Mr Scantlebury. This made the amount owed to the company at the year end to be £28,991 (2016: £147,753), this amount is included in debtors due within one year. Interest was charged on any overdrawn amounts at HMRC's official rate. Total interest charged during the year was £448 (2016: £3,921).

During the year, the company made cash advances of £28,400 (2016: £7,523) to Mr Edworthy and made repayments totalling £602 (2016: £nil). The amount owed to the company at the year end was £41,563 (2016: £12,943) and is included in debtors due within one year. Interest was charged on any overdrawn amounts at HMRC's official rate. Total interest charged during the year was £822 (2016: £225).

Included in creditors due within one year is £218,941 (2016 £490,696), which relates to an amount owed by The Ship (Derriford) Limited, a subsidiary of Burrington Estates Limited.

Included in debtors due within one year is £13 (2016 £7,419), which is an amount owed by Cathedral View Exeter Limited, another subsidiary of Burrington Estates Limited.

Page 10