Black Isle Projects Limited - Accounts to registrar (filleted) - small 18.2
Black Isle Projects Limited - Accounts to registrar (filleted) - small 18.2
| DRAFT |
| REGISTERED NUMBER: |
| BLACK ISLE PROJECTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
| BLACK ISLE PROJECTS LIMITED (REGISTERED NUMBER: SC365458) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2018 |
| DRAFT |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 4 |
| BLACK ISLE PROJECTS LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 September 2018 |
| DRAFT |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Redwood |
| 19 Culduthel Road |
| Inverness |
| IV2 4AA |
| BLACK ISLE PROJECTS LIMITED (REGISTERED NUMBER: SC365458) |
| BALANCE SHEET |
| 30 September 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| DRAFT |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Allotted, called up and |
| fully paid share capital |
| Profit and loss account - |
| distributable |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director on |
| BLACK ISLE PROJECTS LIMITED (REGISTERED NUMBER: SC365458) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2018 |
| DRAFT |
| 1. | STATUTORY INFORMATION |
| Black Isle Projects Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with the provisions of section 1A "Small Entities" of |
| Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland" and the Companies Act 2006. The financial statements are prepared under the historical cost |
| convention as modified by the revaluation of certain assets. |
| The company has net current liabilities amounting to £774,903 (2017 - £798,277) mainly as a result of the |
| director's loan to the company. However, the director has agreed to subordinate his loan in favour of the other |
| creditors and to continue to support the company by ensuring it can meet its liabilities as they fall due and |
| therefore considers it appropriate to prepare the accounts on the going concern basis. |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| Turnover |
| Turnover represents property rental income received in the year and is recognised on a time basis over the |
| period of occupancy in line with the terms of the lease agreement. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| No depreciation is provided for on freehold investment property in accordance with FRS 102. |
| Tangible fixed assets, other than investment properties, are stated at cost, being purchase price, less |
| depreciation. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
| current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
| rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
| statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
| exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
| stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in |
| periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and |
| other deferred tax assets are recognised only 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 |
| balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, |
| non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances |
| that apply to the sale of the assets. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2017 - 1 ). |
| BLACK ISLE PROJECTS LIMITED (REGISTERED NUMBER: SC365458) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2018 |
| DRAFT |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Fixtures |
| Investment | and | Computer |
| Property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2017 |
| and 30 September 2018 |
| DEPRECIATION |
| At 1 October 2017 |
| Charge for year |
| At 30 September 2018 |
| NET BOOK VALUE |
| At 30 September 2018 |
| At 30 September 2017 |
| Investment properties are accounted for in accordance with Section 1A - FRS 102 (effective January 2015). No |
| depreciation is provided in respect of such properties. |
| The investment properties having been purchased in late 2011, 2015 and in 2016, the director considers it |
| relevant to treat purchase price as being the market value at 30 September 2018. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | 40 | 54 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2017 |
| Released during year | (14 | ) |
| Balance at 30 September 2018 |
| The deferred tax provision consists of accelerated capital allowances. |