Company registration number 03145504 (England and Wales)
BENCHLEVEL PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BENCHLEVEL PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
BENCHLEVEL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
29,795,000
30,075,000
Investments
5
13,016
13,016
29,808,016
30,088,016
Current assets
Debtors
7
99,514,466
79,812,995
Cash at bank and in hand
1,642,393
1,422,876
101,156,859
81,235,871
Creditors: amounts falling due within one year
8
(13,393,180)
(13,944,851)
Net current assets
87,763,679
67,291,020
Total assets less current liabilities
117,571,695
97,379,036
Creditors: amounts falling due after more than one year
9
(53,047,500)
(38,702,500)
Provisions for liabilities
10
(4,136,385)
(3,199,284)
Net assets
60,387,810
55,477,252
Capital and reserves
Called up share capital
11
2
2
Investment property revalutation reserve
16,489,838
17,725,353
Profit and loss reserves
43,897,970
37,751,897
Total equity
60,387,810
55,477,252

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
W B Todd
Director
Company Registration No. 03145504
BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Benchlevel Properties Limited is a private company limited by shares and is incorporated and domiciled in England. The registered office is 30 City Road, London, EC1Y 2AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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 £.

The financial statements have been prepared under the historical cost convention modified to include investment properties at fair value. The principal accounting policies are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable from letting of investment properties and market stalls. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

 

The fair value model is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

 

Current asset investments are initially measured at transactions price including transaction costs. Subsequently, current assets investments are held at fair value. The surplus or deficit on revaluation is recognised in the income statement.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives, including interest rate swaps are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate swaps.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment Properties

Investment properties are measured at fair value with any movement in valuation at the year-end being taken to profit or loss. The Directors have made key assumptions with the benefit of professional external valuers in the determination of the value of an investment property. The valuation was arrived at by reference to market evidence of transaction prices of similar properties in its location, together with a review of property rental yields.

 

BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
4
Investment property
2022
£
Fair value
At 1 January 2022
30,075,000
Additions
76,630
Disposals
(331,630)
Revaluations
(25,000)
At 31 December 2022
29,795,000

No depreciation is provided in respect of these properties,

 

On an historical cost basis these would have been included at an original cost of £9,168,777 (2021 - £9,150,362)

 

5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
13,016
13,016
6
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,477,353
-
BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
54,498
87,017
Amounts owed by group undertakings
52,521,298
37,998,798
Other debtors
42,461,317
41,727,180
95,037,113
79,812,995
2022
2021
Amounts falling due after more than one year:
£
£
Financial instruments
4,477,353
-
0
Total debtors
99,514,466
79,812,995
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,642,500
350,000
Amounts owed to group undertakings
5,132,591
11,207,209
Corporation tax
-
0
3,966
Other creditors
2,618,089
2,383,676
13,393,180
13,944,851

There are two bank loans:

 

The first bank loan is secured by a debenture and first legal charges over some of the properties of the company together with guarantees provided by its subsidiary undertakings.

 

The second bank loan is secured by a debenture and first legal charge over one of the properties of the company together with personal guarantees of the directors (as described in note 14).

9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
53,047,500
38,702,500

The bank loan is secured by a debenture and first legal charges over some of the properties of the company together with guarantees provided by its subsidiary undertakings.

BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
10
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
4,136,385
3,199,284
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jean-Francois Lefort FCA
Statutory Auditor:
Gravita II LLP
13
Financial commitments, guarantees and contingent liabilities

The company has provided a corporate guarantee of £1.5m on the National Westminster Bank loan advanced to Benchlevel Developments Limited, a subsidiary company.

 

The company has provided a corporate guarantee of £1.3m on the National Westminster Bank loan advanced to 173 Westbourne Grove Ltd, a subsidiary company.

 

The company has provided a corporate guarantee of £2.65m on the National Westminster Bank loan advanced to Gallery Investments Ltd, a subsidiary company.

 

The company has given a guarantee by a fixed and floating charge over its assets and over the shares held in WBG Retail Limited to secure the borrowings of its subsidiary WBG Retail Limited. At the balance sheet dates WBG Retail Limited's indebtedness in respect of this guarantee was £6,473,750.

 

14
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 “Related party disclosures” whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.

Purchases
Purchases
2022
2021
£
£
Property repairs and maintenance
686
48,653
BENCHLEVEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
14
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due to related parties
£
£
Other related parties
1,084,405
1,084,405

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due from related parties
£
£
Other related parties
41,773,367
41,498,468

Directors' guarantees

 

The directors have provided guarantees of up to £5,200,000 each to one of the company's bankers.

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