REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 March 2018 |
for |
BenRay Property Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 March 2018 |
for |
BenRay Property Limited |
BenRay Property Limited (Registered number: 08412836) |
Contents of the Financial Statements |
For The Year Ended 31 March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Chartered Accountants' Report | 8 |
BenRay Property Limited |
Company Information |
For The Year Ended 31 March 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Riverdale |
89 Graham Road |
Sheffield |
South Yorkshire |
S10 3GP |
BenRay Property Limited (Registered number: 08412836) |
Balance Sheet |
31 March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
BenRay Property Limited (Registered number: 08412836) |
Balance Sheet - continued |
31 March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | 11 | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on its behalf by: |
BenRay Property Limited (Registered number: 08412836) |
Notes to the Financial Statements |
For The Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
BenRay Property Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rent receivable from investment properties. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss |
Account, 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 material 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 year 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
BenRay Property Limited (Registered number: 08412836) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2018 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
BenRay Property Limited (Registered number: 08412836) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2018 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2018 is represented by: |
£ |
Valuation in 2014 | 33,887 |
Valuation in 2015 | (3,970 | ) |
Valuation in 2016 | 75,522 |
Valuation in 2017 | 102,821 |
Valuation in 2018 | (44,716 | ) |
Cost | 1,206,456 |
1,370,000 |
The fair value of the investment property has been arrived on the basis of the valuation carried out by |
the directors at 31 March 2018, based on their experience in this sector. The valuation was made on |
an open market value basis also taking account of market evidence relating to transaction prices for |
similar properties. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
Other creditors |
BenRay Property Limited (Registered number: 08412836) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2018 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank loans |
The bank loan is secured on the investment property by a fixed legal charge with the company's |
bankers. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 |
11. | RESERVES |
Profit and | Fair Value | Totals |
Loss account | Reserve |
£ | £ | £ |
At 1 April 2017 | (21,215 | ) | 183,260 | 162,045 |
Surplus for the year | 33,900 | - | 33,900 |
Fair value losses on investment properties | - | (12,131 | ) | (12,131 | ) |
Realised losses on investment properties | - | (32,585 | ) | (32,585 | ) |
Deferred tax movement on fair value losses | (11,500 | ) | 11,500 | - |
At 31 March 2018 | 1,185 | 150,044 | 151,229 |
12. | FINANCIAL COMMITMENTS |
At 31 March 2018 the company had total commitments under non-cancellable operating leases over |
the remaining life of those leases of £3,965 (2017 - £9,581). |
13. | RELATED PARTY DISCLOSURES |
Included in creditors is an amount of £721,155 (2017 - £647,155) due jointly to R Low and J D Low, |
shareholders and directors of the company. In addition an amount of £20,000 (2017 - £Nil) is due to B |
Low, a shareholder and director of the company. These loans are interest free and have no fixed terms |
of repayment. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
BenRay Property Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive |
Income and certain other primary statements and the Report of the Directors are not required to be |
filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of BenRay Property Limited for the year ended 31 March 2018 which |
comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting |
records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of BenRay Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of BenRay Property Limited and state those matters that we have agreed to state to the Board of Directors of BenRay Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BenRay Property Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that BenRay Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of BenRay Property Limited. You consider that BenRay Property Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of BenRay Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Riverdale |
89 Graham Road |
Sheffield |
South Yorkshire |
S10 3GP |