Registered number: 12249342
BYM LETTINGS NO 3 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2022
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BYM LETTINGS NO 3 LIMITED
COMPANY INFORMATION
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BYM LETTINGS NO 3 LIMITED
REGISTERED NUMBER: 12249342
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BYM LETTINGS NO 3 LIMITED
REGISTERED NUMBER: 12249342
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2022
The directors consider 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 directors acknowledge their 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 statement of comprehensive income 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:
The notes on pages 5 to 10 form part of these financial statements.
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BYM LETTINGS NO 3 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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At 1 July 2021 (as previously stated)
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Prior year adjustment - correction of error
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At 1 July 2021 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 5 to 10 form part of these financial statements.
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BYM LETTINGS NO 3 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 5 to 10 form part of these financial statements.
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BYM LETTINGS NO 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
BYM Lettings No 3 Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. Its company number is 12249342.
The principal activity of the Company is that of the letting and operating of owned or leased real estate.
These financial statements have been presented in Pounds Sterling (£) as this is the Company's functional currency, being the primary economic environment in which the company operates. The monetary amounts included in these financial statements are rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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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:
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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BYM LETTINGS NO 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Investment property is carried at fair value determined annually by 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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.
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Cash and cash equivalents
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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.
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.
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.
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BYM LETTINGS NO 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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The average monthly number of employees, including directors, during the year was 3 (2021 - 3).
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Long term leasehold investment property
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There is a legal charge over the property.
The 2022 valuations were made by directors, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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BYM LETTINGS NO 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Bank loans shown above are due to be repaid in 2026 and are secured by a charge over leasehold land and buildings. The parent company has also given a guarantee for these loans.
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BYM LETTINGS NO 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Allotted, called up and fully paid
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100 (2021 - 100) Ordinary shares of £1.00 each
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Profit and loss account
The profit & loss account represents cumulative profits and losses of the Company.
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BYM LETTINGS NO 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The prior year adjustment has arisen due to omitted costs of £27,817 and has resulted in changes in the reported profit for the year to 30 June 2021 as well as to the profit and loss reserves and amounts owed by group companies shown at 30 June 2021.
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Related party transactions
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At the year end the company owed £5,215,790 to Permitted Development Investments No 3 Ltd its immediate parent company. The amount is interest free and payable on demand.
At the year end the company owed £22,865 to BYM Lettings 14 Limited a fellow subsidiary. The amount is interest free and repayable on demand.
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Post balance sheet events
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After the year end the company sold the long leasehold property held as an investment property held in the company at below market value.
The controlling party is BYM Holdings Limited. Company registered in England and Wales.
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