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COMPANY REGISTRATION NUMBER: 11638441
BELAY PROPERTY HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2022
BELAY PROPERTY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Investment properties
4
2,088,416
2,088,416
Investments
5
1
1
-------------
-------------
2,088,417
2,088,417
CURRENT ASSETS
Debtors
6
905
59,558
Cash at bank and in hand
146,765
66,160
----------
----------
147,670
125,718
CREDITORS: amounts falling due within one year
7
( 35,464)
( 30,643)
----------
----------
NET CURRENT ASSETS
112,206
95,075
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,200,623
2,183,492
CREDITORS: amounts falling due after more than one year
8
( 93,240)
( 93,240)
-------------
-------------
NET ASSETS
2,107,383
2,090,252
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
2,107,283
2,090,152
-------------
-------------
SHAREHOLDER FUNDS
2,107,383
2,090,252
-------------
-------------
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 income and retained earnings has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BELAY PROPERTY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2022
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 T Ben-Nagi
Director
Company registration number: 11638441
BELAY PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
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
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with the provisions of FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. There were no judgements, estimates and assumptions that affected the amounts reported in the year other than those stated below.
Revenue recognition
The turnover shown in the Income Statement represents amounts of rental income and service charges invoiced during the period. Costs of Sales The costs of sales are recognised in the Statement of Income Statement in the year in which they are incurred.
Income 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.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Any gains or losses arising from changes in the fair value are recognised in the income statement in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
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 its financial liabilities.
4. INVESTMENT PROPERTIES
Long leasehold properties
£
Cost
At 1 November 2021 and 31 October 2022
2,088,416
-------------
Carrying amount
At 31 October 2022
2,088,416
-------------
At 31 October 2021
2,088,416
-------------
5. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 November 2021 and 31 October 2022
1
----
Impairment
At 1 November 2021 and 31 October 2022
----
Carrying amount
At 31 October 2022
1
----
At 31 October 2021
1
----
6. DEBTORS
2022
2021
£
£
Other debtors
905
59,558
----
---------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Corporation tax
13,522
17,113
Other creditors
21,942
13,530
---------
---------
35,464
30,643
---------
---------
8. CREDITORS: amounts falling due after more than one year
2022
2021
£
£
Other creditors
93,240
93,240
---------
---------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
In the prior year, the director had an outstanding balance due to the company totalling £11,517, which was charged at the official interest rate. This balance was cleared during the current year, within 9 months of the previous year-end.