REGISTERED NUMBER: |
BPT (SOUTHERN NUMBER 2) LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
BPT (SOUTHERN NUMBER 2) LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
BPT (SOUTHERN NUMBER 2) LIMITED (REGISTERED NUMBER: 03744648) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
BPT (SOUTHERN NUMBER 2) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Tax Advisors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |
BPT (SOUTHERN NUMBER 2) LIMITED (REGISTERED NUMBER: 03744648) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BPT (SOUTHERN NUMBER 2) LIMITED (REGISTERED NUMBER: 03744648) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Bpt (Southern Number 2) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern basis |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Turnover includes rental income and service & management charges from properties. |
Rental income from operating leases is recognised on a straight-line basis over the lease term. When the company provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. |
Service & management charges are recognised in the accounting period in which the services are rendered. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Investment property |
Investment properties consist of commercial properties held for long-term rental yields or for capital appreciation or both, and not held for the social benefit or for use in the business. Investment properties are measured at cost, including related transaction costs, on initial recognition and subsequently at fair value as at the year end, with changes in fair value recognised in profit and loss. Subsequent expenditure is capitalised to the asset's carrying value only when it is probable that future economic benefits associated with the expenditure will flow to the company. All other repairs and maintenance costs are expensed when incurred. Fair value is determined by either independent professional third party valuers or company officers, such as the directors.Depreciation is not provided in respect of the investment properties. Fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. |
BPT (SOUTHERN NUMBER 2) LIMITED (REGISTERED NUMBER: 03744648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
a) Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
b) Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- | the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- | any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
BPT (SOUTHERN NUMBER 2) LIMITED (REGISTERED NUMBER: 03744648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The investment properties are secured by way of a legal mortgage. |
Fair value at 31 March is represented by: |
£ |
Cost | 2,331,702 |
Valuation | 6,335,898 |
8,667,600 |
Investment property was valued on an informal open market basis on 31 March 2023 by the directors. |
At the reporting date, the carrying value of all the investment property was considered by the directors to be in line with open market expectations. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amount owed by group undertaking |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amount owed to group undertaking |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amount owed to group undertaking |
BPT (SOUTHERN NUMBER 2) LIMITED (REGISTERED NUMBER: 03744648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Loan from group company | 2,438,500 | 2,438,500 |
The amount due to the group company is secured by way of a legal debenture over all the property and assets of the company, present and future. |
9. | RESERVES |
Fair value |
reserve |
£ |
At 1 April 2022 |
Revaluation during year | (93,000 | ) |
Deferred tax | 17,670 |
At 31 March 2023 |
The fair value reserve comprises the movement on the revaluation of investment property and deferred tax recognised thereon. |
10. | CONTINGENT LIABILITIES |
The company covenanted, that it will pay to the Security Trustee, Nationwide Building Society, for the account of the Lenders ((Homeselect Finance (No.3) Limited)) and the Security Trustee all monies and discharge all obligations and liabilities present and future owning or incurred to the Lenders or any of them or the Security Trustee under any Finance Documents or in connection with any facility thereby granted when the same become due for payment or discharge. |
11. | RELATED PARTY DISCLOSURES |
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. |
Homeselect Finance (No.3) Limited: parent company |
31.3.23 | 31.3.22 |
£ | £ |
Amount falling due after more than one year | 2,438,500 | 2,438,500 |
The amount is secured, interest at 10% per annum simple interest, with no fixed terms of repayment and considered repayable on demand. Settlement is expected to be after more than one year. |
During the reporting period, the company procured services from a related party in the amount of £16,378 (2022: £23,628). The directors are key management personnel to both parties. At the reporting date, amount due to related party was £10,510 (2021: £5,438). Amount outstanding is unsecured, attracts no interest, has no fixed terms of repayment and considered payable on demand. |
12. | ULTIMATE CONTROLLING PARTY |
The company's controlling party is the parent company, Homeselect Finance (No.3) Limited, registered in Jersey. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BPT (SOUTHERN NUMBER 2) LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bpt (Southern Number 2) Limited for the year ended 31 March 2023 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Bpt (Southern Number 2) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bpt (Southern Number 2) Limited and state those matters that we have agreed to state to the Board of Directors of Bpt (Southern Number 2) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bpt (Southern Number 2) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Bpt (Southern Number 2) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bpt (Southern Number 2) Limited. You consider that Bpt (Southern Number 2) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Bpt (Southern Number 2) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants and Tax Advisors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |