Registration number:
for the Period from 16 April 2018 to
BMER Properties Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
BMER Properties Ltd
Company Information
Directors |
B G Chiuriri R Guo |
Registered office |
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Accountants |
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BMER Properties Ltd
(Registration number: 11312374)
Balance Sheet as at 31 August 2019
Note |
31 August 2019 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
BMER Properties Ltd
Notes to the Financial Statements for the Period from 16 April 2018 to 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
BMER Properties Ltd
Notes to the Financial Statements for the Period from 16 April 2018 to 31 August 2019
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
BMER Properties Ltd
Notes to the Financial Statements for the Period from 16 April 2018 to 31 August 2019
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was as follows:
16 April 2018 to 31 August 2019 |
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Average number of employees |
2 |
Investment properties |
2019 |
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Additions |
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At 31 August 2019 |
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The directors are of the opinion that the value of the property has not changed significantly since acquisition.
There has been no valuation of investment property by an independent valuer.
Debtors |
Note |
31 August 2019 |
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Amounts owed by related parties |
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Prepayments |
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BMER Properties Ltd
Notes to the Financial Statements for the Period from 16 April 2018 to 31 August 2019
Creditors |
Creditors: amounts falling due within one year
Note |
31 August 2019 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Accrued expenses |
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Corporation tax liability |
4,012 |
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Creditors: amounts falling due after more than one year
Note |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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The bank borrowings are secured against the assets of the company.
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
2019 |
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After more than five years by instalments |
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BMER Properties Ltd
Notes to the Financial Statements for the Period from 16 April 2018 to 31 August 2019
Share capital |
Allotted, called up and fully paid shares
31 August 2019 |
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No. |
£ |
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2 |
New shares allotted
During the period |
Related party transactions |
Summary of transactions with key management
Summary of transactions with other related parties
(The directors and shareholders are also directors and shareholders in BEMR Investments Ltd).
As at 31 August 2019, the company owed £32,915 to BEMR Investments Ltd. There are no fixed repayment terms and no interest is charged.
D J Mitchell Limited
(The directors and shareholders are also directors and shareholders in D J Mitchell Limited).
As at 31 August 2019, the company was owed £9,000 by D J Mitchell Limited. There are no fixed repayment terms and no interest is charged.