ACCOUNTS - Final Accounts preparation

Registered number: 02127230

BILLON DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

BILLON DEVELOPMENTS LIMITED

REGISTERED NUMBER: 02127230

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Investment property	4		69,200		69,200
			69,200		69,200
Current assets
Cash at bank and in hand	5	9,532		7,229
		9,532		7,229
Creditors: amounts falling due within one year	6	(9,428)		(9,207)
Net current assets/(liabilities)			104		(1,978)
Total assets less current liabilities			69,304		67,222
Provisions for liabilities
Other provisions	8	(2,782)		(2,782)
			(2,782)		(2,782)
Net assets			66,522		64,440

Capital and reserves
Called up share capital	2	2
Profit and loss account	66,520	64,438
	66,522	64,440

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 on 23 December 2019.

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BILLON DEVELOPMENTS LIMITED

REGISTERED NUMBER: 02127230

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2019

J R W Baker

Director

The notes on pages 3 to 6 form part of these financial statements.

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BILLON DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Billon Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Infromation Page.

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Taxation

Tax is recognised in the Statement of comprehensive income, 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 reporting 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 Statement of financial position 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

2.3

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 the Statement of comprehensive income.

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BILLON DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.4

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.

2.5

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.

2.6

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 the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position 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 Statement of financial position.

2.7

Financial instruments

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

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BILLON DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2018	69,200
	At 31 March 2019	69,200

Comprising

The 2019 valuations were made by [Enter surveyor name here...], on an open market value for existing use basis.


	At 31 March 2019

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

5.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	9,532	7,229
	9,532	7,229

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other taxation and social security	618	427
Other creditors	8,810	8,780
	9,428	9,207

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BILLON DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

7.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	9,532	7,229

Financial assets measured at fair value through profit or loss comprise...

8.	Provisions

		Other provision 1
		£

	At 1 April 2018	2,782
	At 31 March 2019	2,782

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