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Registration number: 13929960

Bellvy Limited

Annual Report and Unaudited Financial Statements

for the Period from 21 February 2022 to 28 February 2023

 

Bellvy Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

 

Bellvy Limited

Company Information

Directors

A G Stent

R Cox

Registered office

77a Cheap Street
Sherborne
Dorset
DT9 3BA

Accountants

Lanham & Francis
77a Cheap Street
Sherborne
Dorset
DT9 3BA

 

Bellvy Limited

Directors' Report for the Period from 21 February 2022 to 28 February 2023

The directors present their report and the financial statements for the period from 21 February 2022 to 28 February 2023.

Incorporation

The company was incorporated and commenced trading on 21 February 2022..

Directors of the company

The directors who held office during the period were as follows:

A G Stent (appointed 21 February 2022)

R Cox (appointed 21 February 2022)

Principal activity

The principal activity of the company is property ownership and rental.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 


A G Stent
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bellvy Limited
for the Period Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bellvy Limited for the period ended 28 February 2023 as set out on pages 4 to 12 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Bellvy Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bellvy Limited and state those matters that we have agreed to state to the Board of Directors of Bellvy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bellvy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bellvy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bellvy Limited. You consider that Bellvy Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Bellvy 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 accounts.






Lanham & Francis
77a Cheap Street
Sherborne
Dorset
DT9 3BA

21 November 2023

 

Bellvy Limited

Profit and Loss Account for the Period from 21 February 2022 to 28 February 2023

Note

2023
£

Turnover

 

13,650

Gross profit

 

13,650

Administrative expenses

 

(89,138)

Operating loss

 

(75,488)

Gain on financial assets at fair value through profit and loss

 

702,131

Interest payable and similar expenses

 

(24,991)

   

677,140

Profit before tax

4

601,652

Tax on profit

 

(177,715)

Profit for the financial period

 

423,937

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Bellvy Limited

(Registration number: 13929960)
Balance Sheet as at 28 February 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

8,730

Investment property

6

1,724,467

 

1,733,197

Current assets

 

Debtors

7

1,635

Cash at bank and in hand

 

11,613

 

13,248

Creditors: Amounts falling due within one year

8

(1,025,825)

Net current liabilities

 

(1,012,577)

Total assets less current liabilities

 

720,620

Creditors: Amounts falling due after more than one year

8

(294,499)

Provisions for liabilities

(2,182)

Net assets

 

423,939

Capital and reserves

 

Called up share capital

9

2

Other reserves

526,598

Retained earnings

(102,661)

Shareholders' funds

 

423,939

For the financial period ending 28 February 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 


A G Stent
Director

 

Bellvy Limited

Statement of Changes in Equity for the Period from 21 February 2022 to 28 February 2023

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

Profit for the period

-

-

423,937

423,937

New share capital subscribed

2

-

-

2

Transfers

-

526,598

(526,598)

-

At 28 February 2023

2

526,598

(102,661)

423,939


 

 

Bellvy Limited

Notes to the Unaudited Financial Statements for the Period from 21 February 2022 to 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
77a Cheap Street
Sherborne
Dorset
DT9 3BA

The principal place of business is:
57 Church Road
Sparkford
Somerset
BA22 7JZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from rental income in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bellvy Limited

Notes to the Unaudited Financial Statements for the Period from 21 February 2022 to 28 February 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

3 years on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset,. Changes in fair value are recognised in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Bellvy Limited

Notes to the Unaudited Financial Statements for the Period from 21 February 2022 to 28 February 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

2,305

 

Bellvy Limited

Notes to the Unaudited Financial Statements for the Period from 21 February 2022 to 28 February 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

11,035

11,035

At 28 February 2023

11,035

11,035

Depreciation

Charge for the period

2,305

2,305

At 28 February 2023

2,305

2,305

Carrying amount

At 28 February 2023

8,730

8,730

6

Investment properties

2023
£

Additions

1,197,869

Fair value adjustments

526,598

At 28 February

1,724,467

There has been no valuation of investment property by an independent valuer. The properties have been valued by the directors.

7

Debtors

Current

2023
£

Prepayments

1,635

 

Bellvy Limited

Notes to the Unaudited Financial Statements for the Period from 21 February 2022 to 28 February 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

10

676,679

Trade creditors

 

900

Accruals and deferred income

 

2,182

Other creditors

 

346,064

 

1,025,825

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £676,679

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

10

294,499

2023
£

Due after more than five years

After more than five years not by instalments

294,499

Creditors include bank loans not repayable by instalments of £294,499.00 due after more than five years.

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £676,679

9

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each of £1 each

2

2

     
 

Bellvy Limited

Notes to the Unaudited Financial Statements for the Period from 21 February 2022 to 28 February 2023 (continued)

10

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

294,499

2023
£

Current loans and borrowings

Other borrowings

676,679

11

Related party transactions

Loans from related parties

2023

Other related parties
£

Total
£

Advanced

69,531

69,531

At end of period

69,531

69,531

Terms of loans from related parties

Loans from Cox Renovations Ltd and Ivybridge Properties Ltd, companies in which one of the directors, R Cox, is the director and shareholder. The loans are repayable on demand.