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Company registration number: 14610553
Blanco Properties Ltd
Unaudited filleted financial statements
31 January 2024
Blanco Properties Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Blanco Properties Ltd
Directors and other information
Directors Antonio Blanco (Appointed 23 January 2023)
Bernadette Blanco (Appointed 23 January 2023)
Company number 14610553
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Blanco Properties Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Blanco Properties Ltd
Period ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blanco Properties Ltd for the period ended 31 January 2024 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Blanco Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 27 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Blanco Properties Ltd and state those matters that we have agreed to state to the board of directors of Blanco Properties Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blanco Properties Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Blanco Properties Ltd 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 profit of Blanco Properties Ltd. You consider that Blanco Properties Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Blanco Properties Ltd. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
4 September 2024
Blanco Properties Ltd
Statement of financial position
31 January 2024
31/01/24
Note £ £
Fixed assets
Tangible assets 4 749,394
_______
749,394
Current assets
Debtors 5 753
Cash at bank and in hand 165,482
_______
166,235
Creditors: amounts falling due
within one year 6 ( 4,858)
_______
Net current assets 161,377
_______
Total assets less current liabilities 910,771
Creditors: amounts falling due
after more than one year 7 ( 900,000)
_______
Net assets 10,771
_______
Capital and reserves
Called up share capital 100
Profit and loss account 10,671
_______
Shareholders funds 10,771
_______
For the period ending 31 January 2024 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 September 2024 , and are signed on behalf of the board by:
Antonio Blanco
Director
Company registration number: 14610553
Blanco Properties Ltd
Statement of changes in equity
Period ended 31 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 23 January 2023 - - -
Profit for the period 10,671 10,671
_______ _______ _______
Total comprehensive income for the period - 10,671 10,671
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 31 January 2024 100 10,671 10,771
_______ _______ _______
Blanco Properties Ltd
Notes to the financial statements
Period ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Blanco Properties Limited, Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value of rental income received during the period and derives from activities falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment property - See investment property policy note
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Investment property Total
£ £
Cost
At 23 January 2023 - -
Additions 749,394 749,394
_______ _______
At 31 January 2024 749,394 749,394
_______ _______
Depreciation
At 23 January 2023 and 31 January 2024 - -
_______ _______
Carrying amount
At 31 January 2024 749,394 749,394
_______ _______
Investment property
The directors believe that the cost is a good estimate of the market value at 31 January 2024
5. Debtors
31/01/24
£
Other debtors 753
_______
6. Creditors: amounts falling due within one year
31/01/24
£
Corporation tax 2,574
Other creditors 2,284
_______
4,858
_______
7. Creditors: amounts falling due after more than one year
31/01/24
£
Other creditors 900,000
_______