Bingham Land Company Ltd Company Accounts

BINGHAM LAND COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01065260

Bingham Land Company Ltd

Filleted Unaudited Financial Statements

31 December 2017

Bingham Land Company Ltd

Financial Statements

Year ended 31 December 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	9

Bingham Land Company Ltd

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5	242,997	255,335
Investments	6	50	50
		---------	---------
		243,047	255,385

Current assets

Stocks		101,703	100,417
Debtors	7	408,720	7,800
Cash at bank and in hand		12,859	18,966
		---------	---------
		523,282	127,183

Creditors: amounts falling due within one year	8	777,050		309,537
		---------		---------
Net current liabilities			253,768		182,354
			---------		---------
Total assets less current liabilities			( 10,721)		73,031
			--------		--------
Net (liabilities)/assets			( 10,721)		73,031
			--------		--------

Capital and reserves

Called up share capital	25,134	25,134
Revaluation reserve	121,032	121,032
Profit and loss account	( 156,887)	( 73,135)
	---------	---------
Shareholders (deficit)/funds	( 10,721)	73,031
	---------	---------

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 income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

Bingham Land Company Ltd

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 13 September 2018 , and are signed on behalf of the board by:

M R McCalmont

Director

Company registration number: 01065260

Bingham Land Company Ltd

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Winton House Offices, Hampstead Norreys, Thatcham, Berkshire, RG18 0TF.

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.

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 represents fees for management services provided during the year.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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	-	2% straight line
Fixtures & Fittngs	-	25% straight line
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2017 and 31 December 2017	344,257	49,787	1,024	395,068
	---------	--------	-------	---------
Depreciation
At 1 January 2017	95,500	43,721	512	139,733
Charge for the year	7,500	4,582	256	12,338
	---------	--------	-------	---------
At 31 December 2017	103,000	48,303	768	152,071
	---------	--------	-------	---------
Carrying amount
At 31 December 2017	241,257	1,484	256	242,997
	---------	--------	-------	---------
At 31 December 2016	248,757	6,066	512	255,335
	---------	--------	-------	---------

6. Investments

	Shares in participating interests
	£
Cost
At 1 January 2017 and 31 December 2017	50
	----
Impairment
At 1 January 2017 and 31 December 2017	–
	----

Carrying amount
At 31 December 2017	50
	----
At 31 December 2016	50
	----

The company owns 50% of the issued share capital of Derwent Kensington which itself owns 100% of the issued share capital of Derwent Apartments Ltd and Derwent Belgravia Ltd. The principal activity of all of these companies is property management. All are registered in England.

In respect of these undertakings, at 31 December:

	2017	2016
	£	£

Aggregate capital and reserves

Derwent Kensington Ltd	(564,951)	(578,937)
Derwent Apartments Ltd	(551,193)	(572,271)
Derwent Belgravia Ltd	(318,302)	(336,461)

Profit and (loss) for the year

Derwent Kensington Ltd	13,986	8,813
Derwent Apartments Ltd	21,078	19,830
Derwent Belgravia Ltd	18,159	4,168

7. Debtors

	2017	2016
	£	£
Other debtors	408,720	7,800
	---------	-------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Other creditors	777,050	309,537
	---------	---------

9. Directors' advances, credits and guarantees

The director has incurred expenses on behalf of and advanced sums to the company. The amounts owed to the director by the company are included within creditors.

Bingham Land Company Ltd

Management Information

Year ended 31 December 2017

The following pages do not form part of the financial statements.

Bingham Land Company Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bingham Land Company Ltd

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 financial statements of Bingham Land Company Ltd for the year ended 31 December 2017, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

MERCER LEWIN LTD Chartered accountant

41 Cornmarket Street Oxford OX1 3HA

14 September 2018