Ballon W6 Limited Filleted accounts for Companies House (small and micro)

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Company Registration Number: 09116892

Ballon W6 Limited

Filleted Unaudited Financial Statements

31 December 2017

Ballon W6 Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed Assets

Intangible assets	4	14,586	19,972
Tangible assets	5	176,659	225,944
		---------	---------
		191,245	245,916

Current Assets

Stocks		37,750	48,106
Debtors	6	69,725	70,559
Cash at bank and in hand		6,785	25,673
		---------	---------
		114,260	144,338

Creditors: amounts falling due within one year	7	( 805,942)		( 643,897)
		---------		---------
Net Current Liabilities			( 691,682)	( 499,559)
			---------	---------
Total Assets Less Current Liabilities			( 500,437)	( 253,643)
			---------	---------
Net Liabilities			500,437	253,643
			---------	---------

Capital and Reserves

Called up share capital	1	1
Profit and loss account	( 500,438)	( 253,644)
	---------	---------
Shareholders Deficit	( 500,437)	( 253,643)
	---------	---------

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 31st 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 .

Ballon W6 Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 28 December 2018 , and are signed on behalf of the board by:

T H Gudmundsson

Director

Company registration number: 09116892

Ballon W6 Limited

Notes to the Financial Statements

Year Ended 31st 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 Martlet House, E1 Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN13 3QZ.

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.

Going Concern

The company is dependent on the continued support of its parent company Investhor Limited in its ability to continue as a going concern. Investhor Limited has provided the company with a loan and the director has confirmed that the loan will not be repaid until the company has sufficient funds in place to do so. On this basis the director considers that it is appropriate for the financial statements to be prepared on a going concern basis.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over the terms of the lease

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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 the terms of the lease
Fixtures, fittings and equipment	-	20% reducing balance basis per annum

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

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible Assets

	Goodwill
	£

Cost
At 1st January 2017 and 31st December 2017	28,500
	--------
Amortisation
At 1st January 2017	8,528
Charge for the year	5,386
	--------
At 31st December 2017	13,914
	--------
Carrying amount
At 31st December 2017	14,586
	--------
At 31st December 2016	19,972
	--------

5. Tangible Assets

Land and buildings	Fixtures and fittings	Total
£	£	£

Cost
At 1st January 2017	122,113	191,060	313,173
Additions	–	1,434	1,434
	---------	---------	---------
At 31st December 2017	122,113	192,494	314,607
	---------	---------	---------
Depreciation
At 1st January 2017	32,956	54,273	87,229
Charge for the year	23,075	27,644	50,719
	---------	---------	---------
At 31st December 2017	56,031	81,917	137,948
	---------	---------	---------
Carrying amount
At 31st December 2017	66,082	110,577	176,659
	---------	---------	---------
At 31st December 2016	89,157	136,787	225,944
	---------	---------	---------

6. Debtors

	2017	2016
	£	£

Other debtors	69,725	70,559
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£

Bank loans and overdrafts	3,101	–
Trade creditors	181,676	97,286
Amounts owed to group undertakings and undertakings in which the company has a participating interest	589,517	514,765
Social security and other taxes	17,398	27,646
Other creditors	14,250	4,200
	---------	---------
	805,942	643,897
	---------	---------

8. Operating Leases

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

	2017	2016
	£	£

Not later than 1 year	80,000	82,000
Later than 1 year and not later than 5 years	140,000	232,333
	---------	---------
	220,000	314,333
	---------	---------

9. Related Party Transactions

During the year, the company was provided an interest free loan from Investhor Limited , its parent company. The amount outstanding at the balance sheet date was £ 589,517 (2016 - £ 514,765 ). This loan is repayable on demand.

10. Controlling Party

The company's ultimate holding company is Investhor Limited , a company incorporated in England.