Bastion Flats Limited 11123220 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is other letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 11123220 2022-04-01 2023-03-31 11123220 2023-03-31 11123220 core:CurrentFinancialInstruments 2023-03-31 11123220 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11123220 core:Non-currentFinancialInstruments 2023-03-31 11123220 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11123220 core:FurnitureFittingsToolsEquipment 2023-03-31 11123220 bus:SmallEntities 2022-04-01 2023-03-31 11123220 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11123220 bus:FullAccounts 2022-04-01 2023-03-31 11123220 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11123220 bus:RegisteredOffice 2022-04-01 2023-03-31 11123220 bus:Director2 2022-04-01 2023-03-31 11123220 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11123220 core:FurnitureFittings 2022-04-01 2023-03-31 11123220 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 11123220 core:OtherRelatedParties 2022-04-01 2023-03-31 11123220 countries:EnglandWales 2022-04-01 2023-03-31 11123220 2022-03-31 11123220 core:FurnitureFittingsToolsEquipment 2022-03-31 11123220 2021-04-01 2022-03-31 11123220 2022-03-31 11123220 core:CurrentFinancialInstruments 2022-03-31 11123220 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11123220 core:Non-currentFinancialInstruments 2022-03-31 11123220 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 11123220 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 11123220

Prepared for the registrar

Bastion Flats Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Bastion Flats Limited

(Registration number: 11123220)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

3,489

Investment property

5

1,195,000

1,195,000

 

1,195,000

1,198,489

Current assets

 

Debtors

6

118,914

121,343

Cash at bank and in hand

 

2,883

7,704

 

121,797

129,047

Creditors: Amounts falling due within one year

7

(293,530)

(308,503)

Net current liabilities

 

(171,733)

(179,456)

Total assets less current liabilities

 

1,023,267

1,019,033

Creditors: Amounts falling due after more than one year

7

(858,135)

(869,661)

Deferred tax liabilities

 

(51,046)

(51,918)

Net assets

 

114,086

97,454

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

40,627

54,169

Profit and loss account

73,458

43,284

Shareholders' funds

 

114,086

97,454

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 


A A Day
Director

 

Bastion Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

1

General information

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

The address of its registered office is:
112 Estcourt Road
Gloucester
GL1 3LH
England

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Bastion Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Bastion Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 April 2022

17,445

At 31 March 2023

17,445

Depreciation

At 1 April 2022

13,956

Charge for the year

3,489

At 31 March 2023

17,445

Carrying amount

At 31 March 2023

-

At 31 March 2022

3,489

 

Bastion Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

5

Investment properties

£

At 31 March 2023

1,195,000

At 31 March 2023 the investment properties were valued by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer.

 

6

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

9

118,914

115,521

Other debtors

 

-

5,602

Prepayments

 

-

220

   

118,914

121,343

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

217,476

272,638

Amounts due to related parties

9

68,548

31,785

Accrued expenses

 

2,991

4,080

Corporation tax liability

4,515

-

 

293,530

308,503

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

858,135

869,661

 

8

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Bank borrowings

 

10,905

10,673

Other borrowings

9

206,571

261,965

 

217,476

272,638

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

858,135

869,661

The bank borrowings are secured on the investment property.

 

Bastion Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

9

Related party transactions

Summary of transactions with other related parties

At 31 March 2023, the company owed £68,548 (2022: £31,785) to Look Lets! Ltd, a company under common control.

At 31 March 2023, the company was owed £18,327 (2022: £19,933) by Waldegrave Investments Limited, a company under common control.

At 31 March 2023, the company was owed £5,000 (2022: £5,000) by Waldegrave Developments Limited, a company under common control.

At 31 March 2023, the company was owed £95,587 (2022: £90,588) by Bastion House Ltd, its parent company.

At 31 March 2023 the company owed £206,571 (2022: £261,965) to its directors, in the form of a director's loan account.

No interest was charged on these balances and there are no fixed repayment terms.

 

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Bastion House Ltd, incorporated in England and Wales.