Company Registration No. 11321308 (England and Wales)
BALLYCROY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
BALLYCROY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BALLYCROY PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
600,000
519,200
Current assets
Cash at bank and in hand
19,026
14,592
Creditors: amounts falling due within one year
5
(247,487)
(244,416)
Net current liabilities
(228,461)
(229,824)
Total assets less current liabilities
371,539
289,376
Creditors: amounts falling due after more than one year
6
(300,835)
(299,717)
Provisions for liabilities
(15,352)
Net assets/(liabilities)
55,352
(10,341)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
55,350
(10,343)
Total equity
55,352
(10,341)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BALLYCROY PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2021
30 April 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 March 2022 and are signed on its behalf by:
M McManamon
Director
Company Registration No. 11321308
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
1
Accounting policies
Company information
Ballycroy Properties Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
17 Pennine Parade, Pennine Drive, London, NW2 1NT.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis which assumes that the
true
company will continue in operational existence for the foreseeable future. The validity of this assumption
is dependent upon the continued support from
its directors, who have indictated that they will continue to support Ballycroy Properties Limited for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows.
As a consequence, the director
s
believe
that the company is well placed to manage its business risks successfully despite the current uncertain
economic outlook.
In view of the above, and at the time of approving the financial statements,
the director
s
ha
ve
a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. Accordingly,
they
continue
to
adopt the going concern basis in preparing the annual report and accounts.
If the company were unable to trade, adjustments would have to be made to reduce the value of the
assets to their recoverable amounts, to provide for further liabilities that might arise
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
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. Bank overdrafts are shown within borrowings in current liabilities.
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
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 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.
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:2
2021
2020
Number
Number
Total
2
2
4
Investment property
2021
£
Fair value
At 1 May 2020
519,200
Revaluations
80,800
At 30 April 2021
600,000
Investment property comprises of a residential property. The fair value of the investment property includes the purchase cost and any directly attributable expenditure, The directors have revalued the property at the end of the year . The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Investment property with a carrying amount of £600,200 have been pledged to secure borrowings of the company.
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,380
1,622
Other creditors
246,107
242,794
247,487
244,416
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
300,835
299,717
There is a legal charge dated 12 July 2018 in favour of the lender, Paragon Bank PLC, to secure loan facilities. This comprises fixed charge over the company's property included within investment properties.
At 30 April 2021, of the creditors falling due within and after more than one year, the bank loans totalling £300,835 are secured.
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable other than by instalments
300,835
299,717
7
Non-distributable profits reserve
2021
2020
£
£
At the beginning of the year
-
-
Non distributable profits in the year
65,448
-
At the end of the year
65,448
-