Caseware UK (AP4) 2021.0.152 2021.0.152 2022-06-302022-06-302021-07-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04743944 2021-07-01 2022-06-30 04743944 2020-07-01 2021-06-30 04743944 2022-06-30 04743944 2021-06-30 04743944 c:Director1 2021-07-01 2022-06-30 04743944 d:PlantMachinery 2021-07-01 2022-06-30 04743944 d:PlantMachinery 2022-06-30 04743944 d:PlantMachinery 2021-06-30 04743944 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 04743944 d:OfficeEquipment 2021-07-01 2022-06-30 04743944 d:OfficeEquipment 2022-06-30 04743944 d:OfficeEquipment 2021-06-30 04743944 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 04743944 d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 04743944 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-06-30 04743944 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-06-30 04743944 d:FreeholdInvestmentProperty 2022-06-30 04743944 d:FreeholdInvestmentProperty 2021-06-30 04743944 d:FreeholdInvestmentProperty 2 2021-07-01 2022-06-30 04743944 d:CurrentFinancialInstruments 2022-06-30 04743944 d:CurrentFinancialInstruments 2021-06-30 04743944 d:Non-currentFinancialInstruments 2022-06-30 04743944 d:Non-currentFinancialInstruments 2021-06-30 04743944 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 04743944 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 04743944 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 04743944 d:Non-currentFinancialInstruments d:AfterOneYear 2021-06-30 04743944 d:ShareCapital 2022-06-30 04743944 d:ShareCapital 2021-06-30 04743944 d:CapitalRedemptionReserve 2022-06-30 04743944 d:CapitalRedemptionReserve 2021-06-30 04743944 d:OtherMiscellaneousReserve 2022-06-30 04743944 d:OtherMiscellaneousReserve 2021-06-30 04743944 d:RetainedEarningsAccumulatedLosses 2022-06-30 04743944 d:RetainedEarningsAccumulatedLosses 2021-06-30 04743944 c:FRS102 2021-07-01 2022-06-30 04743944 c:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 04743944 c:FullAccounts 2021-07-01 2022-06-30 04743944 c:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 04743944 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure

Registered number: 04743944










BLUNDELLS PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2022

 
BLUNDELLS PROPERTIES LTD
REGISTERED NUMBER: 04743944

BALANCE SHEET
AS AT 30 JUNE 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 5 
1,520
1,710

Tangible assets
 6 
3,593
5,112

Investment property
 7 
1,563,000
1,542,574

  
1,568,113
1,549,396

Current assets
  

Debtors: amounts falling due within one year
 8 
982
1,981

Cash at bank and in hand
  
822
895

  
1,804
2,876

Creditors: amounts falling due within one year
 9 
(276,990)
(282,088)

Net current liabilities
  
 
 
(275,186)
 
 
(279,212)

Total assets less current liabilities
  
1,292,927
1,270,184

Creditors: amounts falling due after more than one year
 10 
(773,282)
(805,821)

Provisions for liabilities
  

Deferred tax
  
(58,851)
(95,582)

Net assets
  
460,794
368,781


Capital and reserves
  

Called up share capital 
  
5,025
5,025

Capital redemption reserve
  
4,950
4,950

Fair value reserve
  
461,636
404,575

Profit and loss account
  
(10,817)
(45,769)

  
460,794
368,781


Page 1

 
BLUNDELLS PROPERTIES LTD
REGISTERED NUMBER: 04743944
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022

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 the 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 by: 





Mr R S Blundell
Director

Date: 30 August 2022

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1.


General information

Blundells Properties Ltd is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Victoria Court, 17-21 Ashford Road, Maidstone, Kent, ME14 5DA.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have reviewed the Company's financial position.  The directors consider that there are no material uncertainties about the Company's ability to continue as a going concern, and the financial statements have been prepared on that basis. 

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance basis
Office equipment
-
25%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

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.

 
2.6

Financial instruments

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 ordinary shares.

 
2.7

Creditors

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.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Cash and cash equivalents

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.

Page 5

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


5.


Intangible assets




Trademarks

£



Cost


At 1 July 2021
1,901



At 30 June 2022

1,901



Amortisation


At 1 July 2021
191


Charge for the year on owned assets
190



At 30 June 2022

381



Net book value



At 30 June 2022
1,520



At 30 June 2021
1,710



Page 6

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

6.


Tangible fixed assets





Plant and equipment
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2021
8,397
2,485
10,882



At 30 June 2022

8,397
2,485
10,882



Depreciation


At 1 July 2021
3,906
1,864
5,770


Charge for the year on owned assets
898
621
1,519



At 30 June 2022

4,804
2,485
7,289



Net book value



At 30 June 2022
3,593
-
3,593



At 30 June 2021
4,491
621
5,112


7.


Investment property


Freehold investment property

£



Valuation


At 1 July 2021
1,542,574


Surplus on revaluation
20,426



At 30 June 2022
1,563,000

On 30 June 2022, the property on High Street, Sittingbourne, was valued at £1,563,000 by the directors, on an open market value for existing use basis.
The directors are of the opinion that the valuation remain valid.


Page 7

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

8.


Debtors

2022
2021
£
£


Trade debtors
624
1,432

Prepayments and accrued income
358
549

982
1,981



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
20,300
19,600

Other loans
11,548
18,077

Trade creditors
3,004
4,141

Corporation tax
15,870
13,981

Other creditors
220,037
220,145

Accruals and deferred income
6,231
6,144

276,990
282,088


Page 8

 
BLUNDELLS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
773,282
794,273

Other loans
-
11,548

773,282
805,821


The following liabilities were secured:

2022
2021
£
£



Bank loans
793,582
813,873

Details of security provided:

The bank loans are secured by the way of a legal charge and debenture both created by Svenska Handelsbanken Ab on 9 February 2017 which creates fixed and floating charges over the property 35-37 High Street, Sittingbourne, Kent ME10 4AP and over all assets of the Company, as well as a legal charge created by Svenska Handelsbanken Ab on 21 January 2019 which creates fixed and floating charges over the property 33 High Street, Sittingbourne, Kent ME10 4AP.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2022
2021
£
£


Repayable by instalments
32,082
55,873

The loan is due to be repaid by instalments by January 2029.


11.


Capital redemption reserve

The capital redemption reserve is a result of the purchase of the Company's own shares on 22 December 2009. 


12.


Fair value reserve

The fair value reserve represents the undistrbutable reserves on the revaluation of the Company's investment property less the deferred tax thereon.

 
Page 9