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COMPANY REGISTRATION NUMBER: 10753477
Bellfield Park Limited
Filleted Unaudited Financial Statements
31 August 2023
Bellfield Park Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Bellfield Park Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
6,025,125
5,982,571
Investments
5
9,913,642
9,913,642
--------------
--------------
15,938,767
15,896,213
Current assets
Debtors
6
3,709,465
3,598,964
Cash at bank and in hand
170,572
232,681
------------
------------
3,880,037
3,831,645
Creditors: amounts falling due within one year
7
4,824,311
4,722,771
------------
------------
Net current liabilities
944,274
891,126
--------------
--------------
Total assets less current liabilities
14,994,493
15,005,087
Creditors: amounts falling due after more than one year
8
9,872,140
10,000,000
Provisions
940,467
940,991
--------------
--------------
Net assets
4,181,886
4,064,096
--------------
--------------
Capital and reserves
Called up share capital
9
3
3
Profit and loss account
4,181,883
4,064,093
------------
------------
Shareholders funds
4,181,886
4,064,096
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bellfield Park Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 2 February 2024 , and are signed on behalf of the board by:
Mr P O'Donnell
Director
Company registration number: 10753477
Bellfield Park Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
10% straight line
Investment property
Investment property is initially recorded at cost, which includes the purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant and machinery
Fixtures and fittings
Investment Property
Total
£
£
£
£
Cost
At 1 September 2022
9,955
20,952
5,970,000
6,000,907
Additions
44,649
44,649
-------
--------
------------
------------
At 31 August 2023
9,955
20,952
6,014,649
6,045,556
-------
--------
------------
------------
Depreciation
At 1 September 2022
9,955
8,381
18,336
Charge for the year
2,095
2,095
-------
--------
------------
------------
At 31 August 2023
9,955
10,476
20,431
-------
--------
------------
------------
Carrying amount
At 31 August 2023
10,476
6,014,649
6,025,125
-------
--------
------------
------------
At 31 August 2022
12,571
5,970,000
5,982,571
-------
--------
------------
------------
The investment property is included at a fair value of £6,014,649. The property is valued by the directors at fair value at the reporting date.
5. Investments
Shares in group undertakings
£
Cost
At 1 September 2022 and 31 August 2023
9,913,642
------------
Impairment
At 1 September 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
9,913,642
------------
At 31 August 2022
9,913,642
------------
The company owns 100% of the issued share capital of Kerville Associates Limited, incorporated in England and Wales, registered address: Printing House, 66 Lower Road, Harrow, HA2 0DH.
6. Debtors
2023
2022
£
£
Trade debtors
20,071
20,715
Other debtors
3,689,394
3,578,249
------------
------------
3,709,465
3,598,964
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
127,860
Trade creditors
17
Amounts owed to group undertakings
74,440
74,441
Accruals and deferred income
3,236
3,246
Corporation tax
32,721
51,175
Social security and other taxes
23,719
30,791
Other creditors
4,562,318
4,563,118
------------
------------
4,824,311
4,722,771
------------
------------
The bank loans are secured by a fixed and floating charge over all the assets of the company in favour of Metro Bank PLC.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,872,140
10,000,000
------------
--------------
The bank loans are secured by a fixed and floating charge over all the assets of the company in favour of Metro Bank PLC.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
----
----
10. Related party transactions
Transactions with related parties, such as are required to be disclosed under FRS 102 were as follows:
2023 2022
£ £
Entities over which the entity has control:
Balances owed by/(owed to): (74,440) (74,440)
-------- --------
Other related parties:
Balances owed by/(owed to): (859,245) (970,391)
---------- ----------
The amounts owed by/(owed to) related parties are in respect of short term interest free loans.