REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2021 TO 31 OCTOBER 2022 |
FOR |
BRITANIACREST PROPERTIES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2021 TO 31 OCTOBER 2022 |
FOR |
BRITANIACREST PROPERTIES LTD |
BRITANIACREST PROPERTIES LTD (REGISTERED NUMBER: 10651084) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2021 TO 31 OCTOBER 2022 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
BRITANIACREST PROPERTIES LTD (REGISTERED NUMBER: 10651084) |
BALANCE SHEET |
31 OCTOBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRITANIACREST PROPERTIES LTD (REGISTERED NUMBER: 10651084) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2021 TO 31 OCTOBER 2022 |
1. | STATUTORY INFORMATION |
Britaniacrest Properties Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
All amounts in the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
BRITANIACREST PROPERTIES LTD (REGISTERED NUMBER: 10651084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2021 TO 31 OCTOBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, including investments in joint venture, other debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost. Basic financial liabilities, including trade creditors, other creditors and bank loans, are initially recognised at transaction price and are subsequently recognised at amortised cost. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Joint ventures |
An entity is treated as a joint venture where the company is party to a contractual agreement with one or more parties from outside the company to undertake an economic activity that is subject to joint control. |
Interests in joint ventures are accounted for using the cost method of accounting. Under this method the investment is initially recognised as the transaction price (including transaction costs) and is subsequently adjusted by any accumulated impairment losses through the profit and loss account. Any distributions received from the investment are recognised in the profit and loss accounts. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2021 - NIL). |
BRITANIACREST PROPERTIES LTD (REGISTERED NUMBER: 10651084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2021 TO 31 OCTOBER 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 May 2021 |
Impairments | ( |
) |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 30 April 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE PARENT UNDERTAKING |
The ultimate parent company is Foss & Co Group Limited, and the immediate parent company is Foss Holdings Limited, both companies registered in England and Wales. The registered office of both companies is Chancery House, 3 Hatchlands Road, Redhill, Surrey RH1 6AA. Copies of the parent's accounts can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. |