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Registration number: 05668978

Prepared for the registrar

Bayshill Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Bayshill Properties Limited

(Registration number: 05668978)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,046

587

Investment property

5

3,650,000

4,850,000

Investments

6

2,320,500

2,020,500

 

5,974,546

6,871,087

Current assets

 

Debtors

7

1,950

157,568

Cash at bank and in hand

 

1,851,270

810,154

 

1,853,220

967,722

Creditors: Amounts falling due within one year

8

(146,179)

(101,221)

Net current assets

 

1,707,041

866,501

Total assets less current liabilities

 

7,681,587

7,737,588

Deferred tax liabilities

9

(213,648)

(258,956)

Net assets

 

7,467,939

7,478,632

Capital and reserves

 

Called up share capital

250,000

250,000

Revaluation reserve

1,080,479

1,727,769

Profit and loss account

6,137,460

5,500,863

Shareholders' funds

 

7,467,939

7,478,632

For the financial year ending 31 March 2023 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.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

James Goymour
Director

   
     
 

Bayshill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

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:
Third Floor
95 The Promenade
Cheltenham
Gloucestershire
GL50 1HH

The principal place of business is:
29 Thurloe Street
London
SW7 2LQ

 

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 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 financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents rents receivable from investment property net of VAT.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Bayshill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% and 33% straight line

Investment property

Investment property is carried at fair value, based on the market value as estimated by the directors. The directors are highly experienced in the property industry and consider that they have the experience to provide such a valuation.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

 

Bayshill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Bayshill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

4

Tangible assets

Office equipment
£

Cost or valuation

At 1 April 2022

9,707

Additions

4,824

At 31 March 2023

14,531

Depreciation

At 1 April 2022

9,120

Charge for the year

1,365

At 31 March 2023

10,485

Carrying amount

At 31 March 2023

4,046

At 31 March 2022

587

 

5

Investment properties

2023
£

At 1 April 2022

4,850,000

Additions

3,286

Disposals

(1,203,286)

At 31 March 2023

3,650,000

The carrying value of the investment properties is based on the market value as estimated by the directors. The directors are highly experienced in the property industry and consider that they have the experience to provide such a valuation. The carrying amount at historical cost is £2,356,461 (2022 - £2,858,701).

 

Bayshill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

6

Investments

2023
£

Investments in joint ventures

2,320,500

Joint ventures

£

Cost

At 1 April 2022

2,020,500

Additions

300,000

At 31 March 2023

2,320,500

Carrying amount

At 31 March 2023

2,320,500

At 31 March 2022

2,020,500


 

 

7

Debtors

2023
 £

2022
 £

Trade debtors

-

5,830

Other debtors

1,950

150,123

Prepayments

-

1,615

 

1,950

157,568

 

8

Creditors

2023
 £

2022
 £

Due within one year

Social security and other taxes

38,450

41,291

Outstanding defined contribution pension costs

2,409

1,386

Other creditors

17,924

19,163

Accrued expenses

68,644

39,381

Corporation tax liability

18,752

-

146,179

101,221

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Fixed asset timing differences

-

773

Short term timing differences

185

-

Revaluation of investment property

-

213,060

185

213,833

 

Bayshill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

Asset
£

Liability
£

Fixed asset timing differences

144

-

Short term timing differences

138

-

Revaluation of investment property

-

263,530

Losses

4,292

-

4,574

263,530

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount not included in the balance sheet is £102,754 (2022 - £11,667) of which £23,265 (2022 - £11,667) is due within one year and £79,489 (2022 - £nil) is due in 2 - 5 years.

 

11

Related party transactions

Included within other debtors is £nil (2022 - £150,000) owed by Loumin Estates Limited, a company related by virtue of the directors. The loan is unsecured and repayable on demand. Interest was received on the loan during the year.