Bells Property Services Limited Filleted accounts for Companies House (small and micro)

BELLS PROPERTY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02225392

Bells Property Services Limited

Filleted unaudited financial statements

31 March 2018

Bells Property Services Limited

Balance sheet

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	4		282,500		282,500

Current assets

Debtors	5	500	–
Cash at bank and in hand		2,404	2,090
		------	------
		2,904	2,090

Creditors: amounts falling due within one year	6	46,387		38,403
		-------		-------
Net current liabilities			43,483		36,313
			---------		---------
Total assets less current liabilities			239,017		246,187

Creditors: amounts falling due after more than one year	7	35,387	42,990
		---------	---------
Net assets		203,630	203,197
		---------	---------

Capital and reserves

Called up share capital	68	68
Revaluation reserve	174,720	174,720
Capital redemption reserve	32	32
Profit and loss account	28,810	28,377
	---------	---------
Shareholders funds	203,630	203,197
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31st 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 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 .

Bells Property Services Limited

Balance sheet (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 14 December 2018 , and are signed on behalf of the board by:

P D Wright

Director

Company registration number: 02225392

Bells Property Services Limited

Notes to the financial statements

year ended 31st March 2018

1. General information

The principle activity of the company is property ownership . The company is a private limited company, which is incorporated in England and Wales (no 02225392 .). The address of the registered office is 7 Lord Street, Gainsborough, Lincolnshire, DN21 2DF.

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 for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies .

Turnover

Turnover represents rent receivable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

All fixed assets are initially recorded at cost. Investment Properties are valued at their open market value. Depreciation is only provided on investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£

Cost
At 1st April 2017 and 31st March 2018	282,500
	---------
Depreciation
At 1st April 2017 and 31st March 2018	–
	---------
Carrying amount
At 31st March 2018	282,500
	---------
At 31st March 2017	282,500
	---------

Tangible assets held at valuation

The Directors have valued the property at £282,500 (2017 - £282,500) based on their knowledge of the local area and the market conditions at the year end. If the investment property was to be disposed of at the value at which it is included in the accounts there would be a tax liability of approximately £33,000.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£

At 31st March 2018
Aggregate cost	107,780
Aggregate depreciation	(8,250)
	---------
Carrying value	99,530
	---------

At 31st March 2017
Aggregate cost	116,030
Aggregate depreciation	(8,250)
	---------
Carrying value	107,780
	---------

5. Debtors

	2018	2017
	£	£

Trade debtors	500	–
	----	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£

Bank loans and overdrafts	6,000	6,000
Corporation tax	5,350	5,500
Other creditors	35,037	26,903
	-------	-------
	46,387	38,403
	-------	-------

The bank loan of £6,000 (2017 - £6,000) is secured by a legal charge from Bells Property Services Limited over the commercial freehold property at 7 Lord Street, Gainsborough.

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£

Bank loans and overdrafts	35,387	42,990
	-------	-------

The bank loan of £35,387 (2017 - £42,990) is secured by a legal charge from Bells Property Services Limited over the commercial freehold property at 7 Lord Street, Gainsborough.