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Registered number: 3391332
Blackcap Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 June 2018
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Blackcap Limited
Registered number: 3391332
Statement of financial position
As at 30 June 2018
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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Blackcap Limited
Registered number: 3391332
Statement of financial position (continued)
As at 30 June 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 January 2019.
The notes on pages 3 to 10 form part of these financial statements.
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
Blackcap Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office can be found on the Company Information page.
The presentation currency of the financial statements is pound sterling (£), rounded to the nearest pound.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006, except with regards to investment properties (see note 2.4).
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Associates and joint ventures
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Associates and joint ventures are held at cost less impairment.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises revenue recognised by the company in respect of goods and services supplied during the year.
Investment properties are included in the Statement of Financial Position at cost. Investment properties are not revalued annually at their open market value as required by FRS 102. The directors consider that no useful purpose would be served in incurring the expense of a professional valuation. In the absence of a professional valuation, it is not possible for the directors to estimate with reasonable accuracy the open market value of the properties.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
2.Accounting policies (continued)
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including the directors, during the year was as follows:
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
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Dividends paid on Preference shares
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Dividend paid on Ordinary shares
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Freehold Investment property
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Long Term Leasehold Investment Property
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As explained in accounting policy note 2.4, investment properties are not revalued.
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
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Investments in Subsidiary Companies
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Investments in Associates
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Other Fixed Asset Investments
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The following were subsidiary undertakings of the Company:
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The aggregate of the share capital and reserves as at 30 November 2017 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
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Amounts owed by group undertakings
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Amounts owed by joint ventures and associated undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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100 (2017 - 100) Ordinary shares of £1.00 each
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12,000,000 (2017 - 12,000,000) Redeemable Preference shares of £0.50 each
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
10.Share capital (continued)
The Redeemable Preference shares are entitled to a dividend of 2% over Bank of England base rate per share, payable quarterly to be paid only if the company has sufficient profits available for distribution.
Shareholders may by written notice redeem their shares at any time on or after nine months from the date of issue of such shares, but not earlier than 28 days from the date of the notice. The company may by written notice redeem the shares at any time, but not earlier than 28 days from the date of the notice. The shares can be redeemed at a premium. There are no voting rights attached to these shares. The Redeemable Preference shares are treated as equity as neither the shareholders nor the company intend to redeem the shares in the near future.
The Company is part of a Group for VAT purposes. All companies within the group are jointly and severally liable in the event of non payment of VAT by any company within the group. The amount outstanding at the year end was approximately £Nil (2017 - £Nil).
The Company is controlled by R Shaffer Discretionary Settlement, where B M Shaffer is a potential beneficiary.
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The Company operates a lessees' service charges account. The Company can only use it for the designated purposes. The interest earned on this account is paid to the lessees. The balance on this designated bank account at 30 June 2018 was £23,626 (2017 - £23,222) and is not reflected in these financial statements.
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Blackcap Limited
Notes to the financial statements
For the Year Ended 30 June 2018
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Related party transactions
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Entities over which the Company has control
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Amounts due from subsidiaries
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Amounts owed by associates
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Entities with common directors or controlling parties
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Amounts due to related parties
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Amounts due from related parties
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Amounts paid in interest to related parties during the year
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Interest free advance due to director with no fixed repayment date
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Interest free advance due to controlling party with no fixed repayment date
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R Shaffer Discretionary Settlement
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