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Registration number: 05832171

Belfiore Investments Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2021 to 31 May 2022

 

Belfiore Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Belfiore Investments Limited

Company Information

Directors

Mrs V Johnson

Mr S H Johnson

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
Lancashire
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Belfiore Investments Limited

(Registration number: 05832171)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

-

1,662

Other financial assets

5

-

312,000

 

-

313,662

Current assets

 

Debtors

6

591

32

Cash at bank and in hand

 

3,039

4,328

 

3,630

4,360

Creditors: Amounts falling due within one year

7

(55,755)

(366,887)

Net current liabilities

 

(52,125)

(362,527)

Total assets less current liabilities

 

(52,125)

(48,865)

Provisions for liabilities

-

(95)

Net liabilities

 

(52,125)

(48,960)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(52,225)

(49,060)

Shareholders' deficit

 

(52,125)

(48,960)

For the financial period ending 31 May 2022 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 period 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 and the option not to file the Profit and Loss Account has been taken.

 

Belfiore Investments Limited

(Registration number: 05832171)
Balance Sheet as at 31 May 2022

Approved and authorised by the Board on 15 August 2022 and signed on its behalf by:
 

.........................................

Mr S H Johnson
Director

 

Belfiore Investments Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

1

General information

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

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
Lancashire
PR2 2YP

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have not been prepared on a going concern basis as it is intended that the company will be dissolved within 12 months of the year end.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

Belfiore Investments Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

20% on cost

Office equipment

33% on cost

Investments

Investments comprise of unquoted equity instruments. Where an active market exists, they are valuied at closing mid-market price on the reporting date. Where an active market does not exist, they are valued by the application of an appropriate valuation method. Changes in value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Belfiore Investments Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2021 - 2).

 

Belfiore Investments Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

4

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2021

5,812

1,477

7,289

Disposals

(5,812)

(1,477)

(7,289)

At 31 May 2022

-

-

-

Depreciation

At 1 October 2021

4,649

978

5,627

Eliminated on disposal

(4,649)

(978)

(5,627)

At 31 May 2022

-

-

-

Carrying amount

At 31 May 2022

-

-

-

At 30 September 2021

1,163

499

1,662

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2021

312,000

312,000

Disposals

(312,000)

(312,000)

At 31 May 2022

-

-

Impairment

Carrying amount

At 31 May 2022

-

-

6

Debtors

2022
£

2021
£

Other debtors

591

32

591

32

 

Belfiore Investments Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

54,670

361,291

Accruals and deferred income

 

1,086

1,102

Other creditors

 

(1)

4,494

 

55,755

366,887

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Directors' loan accounts

54,670

361,291

The directors' loan accounts are non-interest bearing and have no formal repayment terms.