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Registration number: 00663182

Blacklers Paignton Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Blacklers Paignton Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Blacklers Paignton Limited

(Registration number: 00663182)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

775

1,034

Investment property

5

485,000

1,078,000

 

485,775

1,079,034

Current assets

 

Debtors

7

2,285

1,010

Other financial assets

6

99,567

10,000

Cash at bank and in hand

 

457,653

100,516

 

559,505

111,526

Creditors: Amounts falling due within one year

8

(24,192)

(61,275)

Net current assets

 

535,313

50,251

Total assets less current liabilities

 

1,021,088

1,129,285

Creditors: Amounts falling due after more than one year

8

(55,146)

(128,374)

Net assets

 

965,942

1,000,911

Capital and reserves

 

Called up share capital

7,000

7,000

Profit and loss account

958,942

993,911

Shareholders' funds

 

965,942

1,000,911

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

 

Blacklers Paignton Limited

(Registration number: 00663182)
Statement of Financial Position as at 30 June 2023 (continued)


Mr P J Blackler
Director

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Mead Road
Torquay
Devon
TQ2 6TG

Principal activity

The principal activity of the company is is that of commercial and residential letting.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% straight line

Motor vehicles

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

12,965

1,177

3,500

17,642

At 30 June 2023

12,965

1,177

3,500

17,642

Depreciation

At 1 July 2022

11,931

1,177

3,500

16,608

Charge for the year

259

-

-

259

At 30 June 2023

12,190

1,177

3,500

16,867

Carrying amount

At 30 June 2023

775

-

-

775

At 30 June 2022

1,034

-

-

1,034

5

Investment properties

2023
£

At 1 July

1,078,000

Disposals

(593,000)

At 30 June

485,000

The investment property is shown at market value.

The valuations were carried out by independent surveyors at different periods over the years, and the directors feel that there has been no material movement during the year.

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 July 2022

10,000

10,000

Additions

99,567

99,567

Disposals

(10,000)

(10,000)

At 30 June 2023

99,567

99,567

Impairment

Carrying amount

At 30 June 2023

99,567

99,567

7

Debtors

2023
£

2022
£

Prepayments

2,285

1,010

2,285

1,010

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,000

18,000

Taxation and social security

 

10,877

33,797

Accruals and deferred income

 

3,048

5,168

Other creditors

 

4,267

4,310

 

24,192

61,275


Creditors include bank loans which are secured on the investment properties.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

55,146

128,374


Creditors include bank loans which are secured on the investment properties.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Blacklers Paignton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

55,146

128,374

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,000

18,000

11

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Director

(4,310)

43

(4,267)

       
     

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2022
£

Director

(463)

3,800

(3,800)

(3,847)

(4,310)