Buy from Us Enterprise Centre Limited 06815235 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is Property development and rental. Digita Accounts Production Advanced 6.30.9574.0 true 06815235 2022-01-01 2022-12-31 06815235 2022-12-31 06815235 core:CurrentFinancialInstruments 2022-12-31 06815235 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06815235 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06815235 core:FurnitureFittingsToolsEquipment 2022-12-31 06815235 core:LandBuildings 2022-12-31 06815235 bus:SmallEntities 2022-01-01 2022-12-31 06815235 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 06815235 bus:AbridgedAccounts 2022-01-01 2022-12-31 06815235 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06815235 bus:RegisteredOffice 2022-01-01 2022-12-31 06815235 bus:Director3 2022-01-01 2022-12-31 06815235 bus:Director4 2022-01-01 2022-12-31 06815235 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06815235 core:FurnitureFittings 2022-01-01 2022-12-31 06815235 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 06815235 core:LandBuildings 2022-01-01 2022-12-31 06815235 countries:EnglandWales 2022-01-01 2022-12-31 06815235 2021-12-31 06815235 core:FurnitureFittingsToolsEquipment 2021-12-31 06815235 core:LandBuildings 2021-12-31 06815235 2021-01-01 2021-12-31 06815235 2021-12-31 06815235 core:CurrentFinancialInstruments 2021-12-31 06815235 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 06815235 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 06815235 core:FurnitureFittingsToolsEquipment 2021-12-31 06815235 core:LandBuildings 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 06815235

Buy from Us Enterprise Centre Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2022

 

Buy from Us Enterprise Centre Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Buy from Us Enterprise Centre Limited

Company Information

Directors

Mr Brij Bushan Chowdhry

Mrs Meenakshi Chowdhry

Registered office

Unit 1 Buy from us Autopark
St Johns Road
Meadowfield Industrial Estate
Durham
DH7 8XL

Accountants

McManus Hall Ltd
C11 Marquis Court
Team Valley
Gateshead
Tyne and Wear
NE11 0RU

 

Buy from Us Enterprise Centre Limited

(Registration number: 06815235)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,107,360

1,325,091

Current assets

 

Debtors

41,136

72,992

Cash at bank and in hand

 

49,308

133,171

 

90,444

206,163

Creditors: Amounts falling due within one year

(60,127)

(72,623)

Net current assets

 

30,317

133,540

Total assets less current liabilities

 

2,137,677

1,458,631

Creditors: Amounts falling due after more than one year

(892,337)

(793,927)

Provisions for liabilities

(201,861)

-

Accruals and deferred income

 

(10,100)

(10,100)

Net assets

 

1,033,379

654,604

Capital and reserves

 

Called up share capital

187

187

Revaluation reserve

860,566

488,010

Retained earnings

172,626

166,407

Shareholders' funds

 

1,033,379

654,604

For the financial year ending 31 December 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 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Buy from Us Enterprise Centre Limited

(Registration number: 06815235)
Abridged Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 16 September 2023 and signed on its behalf by:
 

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

Mr Brij Bushan Chowdhry

Director

 

Buy from Us Enterprise Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 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:
Unit 1 Buy from us Autopark
St Johns Road
Meadowfield Industrial Estate
Durham
DH7 8XL

These financial statements were authorised for issue by the Board on 16 September 2023.

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 abridged 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 abridged 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.

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 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.

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.

 

Buy from Us Enterprise Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

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

Freehold property

5% reducing balance

Fixtures and fittings

15% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade 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.

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.

 

Buy from Us Enterprise Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

1,316,278

18,739

1,335,017

Revaluations

574,417

-

574,417

Additions

209,305

-

209,305

At 31 December 2022

2,100,000

18,739

2,118,739

Depreciation

At 1 January 2022

-

9,926

9,926

Charge for the year

-

1,453

1,453

At 31 December 2022

-

11,379

11,379

Carrying amount

At 31 December 2022

2,100,000

7,360

2,107,360

At 31 December 2021

1,316,278

8,813

1,325,091

Included within the net book value of land and buildings above is £2,100,000 (2021 - £1,316,278) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 31 December 2022. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,037,573 (2021 - £828,268).