Blakron Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10878691 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 21 JULY 2017 TO 30 JUNE 2018

FOR

BLAKRON LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M D Seagroatt

Mr D Carr

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

10878691 (England and Wales)

AUDITORS:

Raffingers LLP (Statutory Auditors)

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

3

2,250,511

CURRENT ASSETS

Cash at bank and in hand

3,602

CREDITORS

Amounts falling due within one year

879,103

NET CURRENT LIABILITIES

(875,501

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,375,010

CREDITORS

Amounts falling due after more than one year

1,379,744

NET LIABILITIES

(4,734

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(4,735

)

(4,734

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 December 2018 and were signed on its behalf by:

Mr M D Seagroatt - Director

1.	STATUTORY INFORMATION

Blakron Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These 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 have been prepared under the historical cost convention.

Going concern

The liabilities exceed the assets at the balance sheet but the company continues to have the support of its parent

company and the directors to continue trading for the foreseeable future.

Turnover

Turnover comprises income received from property rental.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised

at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured

at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies

and preference shares that are classified as debt, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the

future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

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.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

Additions

2,296,440

At 30 June 2018

2,296,440

DEPRECIATION

Charge for period

45,929

At 30 June 2018

45,929

NET BOOK VALUE

At 30 June 2018

2,250,511

4.	SECURED DEBTS

The following secured debts are included within creditors:

£

Other loans

1,379,744

The table below relates to the security schedule between the company and The Royal Bank of Scotland:

Security type

Granted by

Security address/Description

1. 1st Legal Charge

Blakron Limited

7 Eastbury Road, London Industrial Park, Beckton, London and its associated assets

2. Debenture

Blakron Limited

3. Loan guarantee supported by debenture

LDD Construction Limited

4. Deed of subordination

Dean Carr

Monies owed to Dean Carr by Blakron Limited

5. Deed of subordination

Marc Seagroatt

Monies owed to Marc Seagroatt by Blakron Ltd

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Raffingers LLP (Statutory Auditors)

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

7.	AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers LLP, the statutory auditor, in

respect of the statutory audit for the year ended 30 June 2018. The proportionate liability agreement follows the

standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability

Agreements, and was approved by the directors on 6 December 2018.

8.	ULTIMATE PARENT COMPANY

The ultimate parent company is London Diamond Drilling Holdings Limited, a company registered in the United

Kingdom.