Bollingwood Limited - Period Ending 2018-03-31

Bollingwood Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 05080509

Bollingwood Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Bollingwood Limited

Company Information

Directors

D L J Wells S R Wells S J Wells

Company secretary

S J Wells

Registered office

Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Accountants

PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Page 1

Bollingwood Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	37,761	34,982
Tangible assets	5	13,518	18,024
Investment property	6	4,500,000	4,500,000
		4,551,279	4,553,006
Current assets
Debtors	7	7,056	68,357
Cash at bank and in hand		134	140
		7,190	68,497
Creditors: Amounts falling due within one year	8	(1,003,106)	(1,245,878)
Net current liabilities		(995,916)	(1,177,381)
Total assets less current liabilities		3,555,363	3,375,625
Creditors: Amounts falling due after more than one year	8	(1,475,000)	(1,525,000)
Net assets		2,080,363	1,850,625
Capital and reserves
Called up share capital		1	1
Profit and loss account		2,080,362	1,850,624
Total equity		2,080,363	1,850,625

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Bollingwood Limited

Balance Sheet

31 March 2018

For the financial 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.

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 December 2018 and signed on its behalf by:
 

......................................... S J Wells Director

Company Registration Number: 05080509

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

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:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
25a St Clements Road
Bournemouth
Dorset
BH1 4DU

These financial statements were authorised for issue by the Board on 5 December 2018.

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.

The financial statements are presented in Sterling (£).
 

Going concern

The financial statements have been prepared on a going concern basis as the company has the continued support of its directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the renting of properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts within the company.

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.

Page 4

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Plant and machinery	25% reducing balance basis
Office equipment	25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset have been used. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Registration numbers	10% straight line basis

Page 5

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and trade and other creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

Page 6

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4	Intangible assets

	Registration numbers  £	Total £
Cost or valuation
At 1 April 2017	40,425	40,425
Additions acquired separately	7,580	7,580
At 31 March 2018	48,005	48,005
Amortisation
At 1 April 2017	5,443	5,443
Amortisation charge	4,801	4,801
At 31 March 2018	10,244	10,244
Carrying amount
At 31 March 2018	37,761	37,761
At 31 March 2017	34,982	34,982

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	31,859	101,645	133,504
At 31 March 2018	31,859	101,645	133,504
Depreciation
At 1 April 2017	28,206	87,274	115,480
Charge for the year	913	3,593	4,506
At 31 March 2018	29,119	90,867	119,986
Carrying amount
At 31 March 2018	2,740	10,778	13,518
At 31 March 2017	3,653	14,371	18,024

Page 7

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

6	Investment properties

	2018 £
At 1 April	4,500,000
At 31 March	4,500,000

The directors have valued the properties at 31 March 2018 at £4,500,000, having taken informal independent advice.

There has been no valuation of investment property by an independent valuer.

7

Debtors

	2018  £	2017  £
Other debtors	5,199	66,758
Prepayments	1,857	1,599
	7,056	68,357

Page 8

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

8

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	9	50,000	50,000
Trade creditors		1,721	642
Corporation tax		53,121	59,480
Social security and other taxes		2,280	265
Other creditors		893,569	1,125,958
Accrued expenses		2,415	9,533
		1,003,106	1,245,878

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	9	1,475,000	1,525,000

	2018 £	2017 £
Due after more than five years
After more than five years by instalments	1,275,000	1,325,000

	-	-

Page 9

Bollingwood Limited

Notes to the Financial Statements

Year Ended 31 March 2018

9	Loans and borrowings

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	1,475,000	1,525,000

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	50,000	50,000

Included in the loans and borrowings are the following amounts due after more than five years:

10

Reserves

Included in the profit and loss reserve is £648,742 (2017 - £648,742) of revaluation gains on investment property.

11	Related party transactions

Summary of transactions with other related parties

DWP Housing Partnership
 
The company charged rent of £351,066 (2017 - £335,900) to DWP Housing Partnership, a business controlled by D L J Wells and S J Wells, both directors of Bollingwood Limited in the year.

At the balance sheet date the amount due to DWP Housing Partnership was £888,348 (2017 - £1,060,626).
 

Page 10