Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseProperty trading11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06434897 2022-04-01 2023-03-31 06434897 2021-04-01 2022-03-31 06434897 2023-03-31 06434897 2022-03-31 06434897 c:Director1 2022-04-01 2023-03-31 06434897 d:CurrentFinancialInstruments 2023-03-31 06434897 d:CurrentFinancialInstruments 2022-03-31 06434897 d:Non-currentFinancialInstruments 2023-03-31 06434897 d:Non-currentFinancialInstruments 2022-03-31 06434897 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06434897 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06434897 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06434897 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06434897 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 06434897 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 06434897 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 06434897 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 06434897 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 06434897 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 06434897 d:ShareCapital 2023-03-31 06434897 d:ShareCapital 2022-03-31 06434897 d:RetainedEarningsAccumulatedLosses 2023-03-31 06434897 d:RetainedEarningsAccumulatedLosses 2022-03-31 06434897 c:FRS102 2022-04-01 2023-03-31 06434897 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06434897 c:FullAccounts 2022-04-01 2023-03-31 06434897 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06434897 2 2022-04-01 2023-03-31 06434897 6 2022-04-01 2023-03-31 06434897 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 06434897










BANYAN PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BANYAN PROPERTIES LIMITED
REGISTERED NUMBER: 06434897

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Stocks
  
4,659,182
4,659,182

Debtors
 5 
1,064,345
1,070,597

Cash at bank and in hand
  
304,989
130,188

  
6,028,516
5,859,967

Creditors: amounts falling due within one year
 6 
(1,088,668)
(3,029,631)

Net current assets
  
 
 
4,939,848
 
 
2,830,336

Total assets less current liabilities
  
4,939,849
2,830,337

Creditors: amounts falling due after more than one year
 7 
(4,094,613)
(1,858,667)

  

Net assets
  
845,236
971,670


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
845,235
971,669

  
845,236
971,670


Page 1

 
BANYAN PROPERTIES LIMITED
REGISTERED NUMBER: 06434897
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Sedaghat
Director
Date: 21 December 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BANYAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Banyan Properties Limited (06434897) is a private company limited by shares and incorporated in England and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of Properties:
Revenue from sale of completed properties is recognised upon exchange of contract and purchase agreements and when the risks and rewards of ownership have been transferred to purchasers.
Rental Income:
Income from the rental stock properties is recognised in the period in which the services are provided in accordance with the tenancy agreements.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
BANYAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are valued at the lower of cost and net realisable value.
Purchases of property are included in stock if contracts are exchanged prior to the balance sheet date. Sales of property are included in stock if contracts are completed before the balance sheet date.
Included in stocks of property are capitalised finance costs towards the funding of the purchases and construction of the stocks of property. These finance costs cease to be capitalised when the development is complete and available for sale.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Page 4

 
BANYAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
BANYAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2022
1



At 31 March 2023
1





5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
17,400
19,100

Prepayments and accrued income
70,153
88,486

87,553
107,586

Due within one year

Amounts owed by group undertakings
948,016
926,414

Other debtors
2,900
-

Prepayments and accrued income
25,876
36,597

1,064,345
1,070,597


Page 6

 
BANYAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
1,860,000

Other creditors
1,069,557
1,155,862

Accruals and deferred income
9,111
13,769

1,088,668
3,029,631



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
4,077,213
1,858,667

Other creditors
17,400
-



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
1,860,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
2,240,213
21,667

Amounts falling due after more than 5 years

Bank loans
1,827,000
1,827,000

4,087,213
3,718,667


Secured Loans
Bank loans to the sum of £4,033,522 (2022 - £3,677,000) are secured by way of a debenture over all the assets of the company. The director has provided a personal guarantee and any debts due by the company to him as security to these loans.
Bank loans to the sum of £31,667 (2022 - £41,667) represent loans from the company's banker under the Bounce Back Loan Scheme (BBLS). 

Page 7

 
BANYAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Contingent liabilities

The company has given a guarantee to the banker of its subsidiary company on its bank loan. 

 
Page 8