Company registration number 08198235 (England and Wales)
BLACKSWAN PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BLACKSWAN PROPERTY LIMITED
COMPANY INFORMATION
Director
Mr A Kárpáti
Company number
08198235
Registered office
22a Great Hampton Street
Birmingham
West Midlands
B18 6AH
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BLACKSWAN PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BLACKSWAN PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,159
2,707
Current assets
Debtors
5
564,524
628,003
Cash at bank and in hand
4,799
407
569,323
628,410
Creditors: amounts falling due within one year
6
(71,506)
(104,794)
Net current assets
497,817
523,616
Total assets less current liabilities
498,976
526,323
Creditors: amounts falling due after more than one year
7
(28,237)
(38,225)
Provisions for liabilities
8
(514)
(514)
Net assets
470,225
487,584
Capital and reserves
Called up share capital
10,100
10,100
Profit and loss reserves
460,125
477,484
Total equity
470,225
487,584
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr A Kárpáti
Director
Company Registration No. 08198235
BLACKSWAN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Blackswan Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22a Great Hampton Street, Birmingham, West Midlands, England, B18 6AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The main activity of the company is the recharge of services across the group and as some of the subsidiary entities have negative balance sheets the ability of this company to continue as a going concern is contingent on the group as a whole continuing to trade. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have assessed the ability of the company, and its fellow group undertakings, to continue as a going concern for a period of 12 months from the date of approval of these financial statements and this assessment indicates that the companies will have sufficient funds, through funding from its parent company, Cordia International Zrt. to meet its liabilities as they fall due for that period.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Office equipment
33% on cost
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
BLACKSWAN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BLACKSWAN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
10
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
748
13,870
14,618
Depreciation and impairment
At 1 January 2022
625
11,286
11,911
Depreciation charged in the year
123
1,425
1,548
At 31 December 2022
748
12,711
13,459
Carrying amount
At 31 December 2022
1,159
1,159
At 31 December 2021
123
2,584
2,707
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
563,949
615,996
Other debtors
575
12,007
564,524
628,003
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,648
10,000
Trade creditors
21
7,948
Amounts owed to group undertakings
52,213
Taxation and social security
33,976
Other creditors
8,624
52,870
71,506
104,794
BLACKSWAN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
28,237
38,225
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
514
514
9
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
38,885
48,225
Bank loans are secured by way of a government-backed guarantee.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Joanne Baldwin ACA FCCA
Statutory Auditor:
Ormerod Rutter Limited
11
Related party transactions
Cordia UK Project Holdings Limited is the parent company of the smallest group of which Blackswan Property Limited is a member, that prepares consolidated accounts. The registered office of Cordia UK Project Holdings Limited is 22a Great Hampton Street, Birmingham, England, B18 6AH.
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.
BLACKSWAN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
12
Control
Ultimate parent company
FR Group B.V. is regarded by the directors as being the ultimate parent company.
Ultimate controlling party
The ultimate controlling party is Mr G A Futo (as the major shareholder) together with his parents, by virtue of their controlling interest in the ultimate parent company.