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Registration number: 13198192

Belleview Mortlakes Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Belleview Mortlakes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Belleview Mortlakes Limited

Company Information

Directors

H Varsani

M Yianni

S Ali

Registered office

590 Green Lanes
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
Charetered Accountants
590 Green Lanes
Palmers Green
London
N13 5RY

 

Belleview Mortlakes Limited

(Registration number: 13198192)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,992,376

1,129,466

Investments

5

100

-

 

1,992,476

1,129,466

Current assets

 

Debtors

6

179

65,000

Cash at bank and in hand

 

21,628

5,403

 

21,807

70,403

Creditors: Amounts falling due within one year

7

(1,029,283)

(475,882)

Net current liabilities

 

(1,007,476)

(405,479)

Total assets less current liabilities

 

985,000

723,987

Creditors: Amounts falling due after more than one year

7

(1,065,975)

(748,329)

Net liabilities

 

(80,975)

(24,342)

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

(80,978)

(24,345)

Shareholders' deficit

 

(80,975)

(24,342)

For the financial year 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

 

Belleview Mortlakes Limited

(Registration number: 13198192)
Balance Sheet as at 28 February 2023

.........................................
M Yianni
Director

 

Belleview Mortlakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
590 Green Lanes
London
N13 5RY

The principal place of business is:
4 Crossfield Chambers
Gladbeck Way
Enfield
EN2 7HT

These financial statements were authorised for issue by the Board on 17 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis validity of which is dependent upon the continued support of the creditors

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occurred. This is stated after discounts and other sales taxes

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

 

Belleview Mortlakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

 

Belleview Mortlakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investment properties

2023
£

At 1 March

1,129,466

Additions

862,910

At 28 February

1,992,376

The investment property has been recorded in the financial statements at historic cost which is considered by the directors to be equal to the fair value

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 28 February 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Eton House Investments Lmited

590 Green Lanes, London N13 5RY

UK

Ordinary

100%

0%

 

Belleview Mortlakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

2023
£

2022
£

Other debtors

-

65,000

Prepayments

179

-

179

65,000

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

57

-

Accruals and deferred income

-

1,920

Other creditors

-

428,956

Amounts owed to undertakings and undertakings in which has a participating interest

896,526

-

Bank borrowings

132,600

45,006

Other borrowings

100

-

1,029,283

475,882

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,065,975

748,329

The bank loan is secured by a legal charge over the company's property and a fixed & floating charge over the Company's assets

 

Belleview Mortlakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         

9

Related party transactions

Summary of transactions with other related parties

The company's bank borrowing is also secured by a personal guarantee from the shareholders and a cross guarantee from Belleveue Mortlakes Limited