Best Bav Phase 2 UK Limited |
Registered number: |
08725600 |
Balance Sheet |
as at 31 October 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Current assets |
Debtors |
3 |
|
- |
|
|
3,731 |
Cash at bank and in hand |
|
|
3,655 |
|
|
5,537 |
|
|
|
3,655 |
|
|
9,268 |
|
Creditors: amounts falling due within one year |
4 |
|
(3,654) |
|
|
(9,267) |
|
Net current assets |
|
|
|
1 |
|
|
1 |
|
Total assets less current liabilities |
|
|
|
1 |
|
|
1 |
|
Creditors: amounts falling due after more than one year |
|
|
|
- |
|
|
- |
|
Net assets |
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
|
Shareholder's funds |
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
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 member has 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. |
|
|
|
|
BJ Lincoln |
Director |
Approved by the board on 18 October 2023 |
|
Best Bav Phase 2 UK Limited |
Notes to the Accounts |
for the year ended 31 October 2022 |
|
|
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). |
|
|
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. |
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Other debtors |
- |
|
3,731 |
|
|
|
|
|
|
- |
|
3,731 |
|
|
|
|
|
|
|
|
|
|
The company has entered into a deed of settlement with Borgo Alle Vigne Management (UK) Limited (the borrower) which required the borrower to sell the secured assets and pay the proceeds to the company to be distributed to bondholders. At the balance sheet date £1,612,844 (2021: £1,612,844) of asset sales proceeds had been received by the company and distributed to investors. |
|
4 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Trade creditors |
- |
|
6,867 |
|
Amounts owed to group undertakings |
1,650 |
|
1,650 |
|
Other creditors |
2,004 |
|
750 |
|
|
|
|
|
|
3,654 |
|
9,267 |
|
|
|
|
|
|
|
|
|
|
On 17 May 2017, the company sent resolutions to the Bondholders to ask them to approve a deed of settlement which cancelled the outstanding loans and required the company to distibute sales proceeds of secured assets to the bondholders as they were realised. At a board meeting held on 20 June 2017 it was noted that more than 75% by bond value of bondholders had returned the signed documentation and no bondholders had voted against the resolution. Therefore, it was noted at the board meeting that the resolution was valid and effectual as a special resolution. At the balance sheet date, £1,612,844 (2021: £1,612,844) of secured assets sales proceeds had been received by the company and distributed to investors. From the Deed of Variation and Settlement (2017), the obligation to make repayments is entirely contingent on receipts from the assets. The longstop date for the settlement is 1 July 2022 although the director has continued to accept funds beyond this date. |
|
5 |
Events after the reporting date |
|
|
On 18 July 2023, Borgo Alle Vigne Management (UK) Limited, the parent company of the Company was dissolved. The amount owed to Borgo Alle Vigne Management (UK) Limited by the Company at that date was £1,650. |
|
6 |
Related party transactions |
|
|
Included in amounts owed to group undertakings is an amount of £1,650 (2021: £,1650) owed to Borgo Alle Vigne Management (UK) Limited, the parent company owning 100% of the Company. |
|
7 |
Other information |
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|
Best Bav Phase 2 UK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Moseley Hall Farm |
|
Chelford Road |
|
Knutsford |
|
WA16 8RB |