Registered number
00312510
Broadway Mercantile Trust (Bedford) Limited
Report and Accounts
31 March 2023
Broadway Mercantile Trust (Bedford) Limited
Registered number: 00312510
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 143 214
Investment Property 4 520,000 520,000
520,143 520,214
Current assets
Debtors 5 54,927 23,652
Cash at bank and in hand 151,371 188,533
206,298 212,185
Creditors: amounts falling due within one year 6 (23,470) (10,956)
Net current assets 182,828 201,229
Total assets less current liabilities 702,971 721,443
Creditors: amounts falling due after more than one year 7 (10,200) (17,000)
Net assets 692,771 704,443
Capital and reserves
Called up share capital 1,233 1,233
Capital redemption reserve 5,641 5,641
Revaluation reserve 8 534,669 537,003
Profit and loss account 151,228 160,566
Shareholders' funds 692,771 704,443
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Jacqueline Pell
Director
Approved by the board on 28 September 2023
Broadway Mercantile Trust (Bedford) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Plant and machinery 33.33% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Freehold investment properties are included at valuation.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2022 1,066
At 31 March 2023 1,066
Depreciation
At 1 April 2022 852
Charge for the year 71
At 31 March 2023 923
Net book value
At 31 March 2023 143
At 31 March 2022 214
4 Investment Property
Other
investments
£
Valuation
At 1 April 2022 520,000
At 31 March 2023 520,000
Investment property is carried at fair value determined annually by the directors 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 Changes in Equity.
5 Debtors 2023 2022
£ £
Trade debtors 13,200 15,475
Other debtors 41,727 8,177
54,927 23,652
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,400 -
Trade creditors - 2
Taxation and social security costs 18,070 4,254
Other creditors 2,000 6,700
23,470 10,956
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,200 17,000
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 537,003 699,669
Eliminated on disposal of land and buildings (2,334) (162,666)
At 31 March 2023 534,669 537,003
9 Related party transactions
Included in other Debtors at Note 5 above is a loan of £37,995 made to the S G Ayers Trust in which the Director, Mrs J Pell, is a Trustee.
10 Other information
Broadway Mercantile Trust (Bedford) Limited is a private company limited by shares and incorporated in England. Its registered office is:
64 Renhold Road
Wilden
Bedford
MK44 2PX
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