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COMPANY REGISTRATION NUMBER: 07520552
Bingham Property (Wentdale) Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
Bingham Property (Wentdale) Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
450,000
340,000
Current assets
Debtors
6
1,325
Cash at bank and in hand
10,741
12,012
--------
--------
12,066
12,012
Creditors: amounts falling due within one year
7
188,538
188,505
----------
----------
Net current liabilities
176,472
176,493
----------
----------
Total assets less current liabilities
273,528
163,507
Provisions
Taxation including deferred tax
55,365
18,948
----------
----------
Net assets
218,163
144,559
----------
----------
Bingham Property (Wentdale) Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
5
5
Non distributable
166,094
92,511
Profit and loss account
52,064
52,043
----------
----------
Shareholders funds
218,163
144,559
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr. M.G. Bingham
Director
Company registration number: 07520552
Bingham Property (Wentdale) Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 108 Park Drive, Campsall, Doncaster, DN6 9NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis and investment properties are measured at fair value through profit or loss . The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Income from rent received is recognised in accordance with terms and conditions of the relevant lease agreement.
(c) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it, and do not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost/valuation, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
(g) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(h) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors amounted to 5 (2022: 5).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 February 2022
340,000
Revaluations
110,000
----------
At 31 January 2023
450,000
----------
Depreciation
At 1 February 2022 and 31 January 2023
----------
Carrying amount
At 31 January 2023
450,000
----------
At 31 January 2022
340,000
----------
Investment property has been valued at market value by the directors who have experience in the location and category of the investment property concerned.
6. Debtors
2023
2022
£
£
Trade debtors
1,325
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,000
1,000
Accruals
1,025
991
Corporation tax
6,632
6,633
Director loan accounts
179,881
179,881
----------
----------
188,538
188,505
----------
----------
8. Related party transactions
During the year the directors made available loans to the company . The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 179,881 (2022 : £179,881)