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Company registration number: 08599321
BEL OMBRE PROPERTIES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 July 2023
BEL OMBRE PROPERTIES LIMITED
CONTENTS
Directors and other information
Directors report
Accountants report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
BEL OMBRE PROPERTIES LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr A.F.J. Watson
Mrs R.D. Watson
Company number 08599321
Registered office 6 Drakes Meadow
Penny Lane
Swindon
Wiltshire
SN3 3LL
Business address Upper Westcott
Stype
Hungerford
Wiltshire
RG17 0RE
Accountants JAYSM Limited
22 Margaret Crescent
Burnham On Sea
Somerset
TA8 1BX
Bankers Santander Bank Plc
Bridle Road
Bootle
Merseyside
L30 4GB
BEL OMBRE PROPERTIES LIMITED
DIRECTORS REPORT
YEAR ENDED 31 JULY 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 July 2023.
Directors
The directors who served the company during the year were as follows:
Mr A.F.J. Watson
Mrs R.D. Watson
Other matters
The Directors arranged professional valuation of all properties to reflect current market conditions, details are set out in note 5. The valuations resulted in an additional impairment charge of £1,673,599 resulting in a loss for the year of £1,397,826.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 February 2024 and signed on behalf of the board by:
Mr A.F.J. Watson
Director
BEL OMBRE PROPERTIES LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEL OMBRE PROPERTIES LIMITED
YEAR ENDED 31 JULY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bel Ombre Properties Limited for the year ended 31 July 2023 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Bel Ombre Properties Limited, as a body, in accordance with the terms of our engagement letter dated 31 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Bel Ombre Properties Limited and state those matters that we have agreed to state to the board of directors of Bel Ombre Properties Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bel Ombre Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bel Ombre Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bel Ombre Properties Limited. You consider that Bel Ombre Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bel Ombre Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
JAYSM Limited
Chartered Certified Accountants
22 Margaret Crescent
Burnham On Sea
Somerset
TA8 1BX
21 February 2024
BEL OMBRE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 12,215,364 14,457,003
Investments 5 - 1
_______ _______
12,215,364 14,457,004
Current assets
Debtors 6 1,488 8,892
Cash at bank and in hand 775,115 2,100,031
_______ _______
776,603 2,108,923
Creditors: amounts falling due
within one year 7 ( 4,474,486) ( 5,108,140)
_______ _______
Net current liabilities ( 3,697,883) ( 2,999,217)
_______ _______
Total assets less current liabilities 8,517,481 11,457,787
Creditors: amounts falling due
after more than one year 8 ( 3,250,000) ( 4,000,000)
Provisions for liabilities 9 ( 1,341) ( 688,847)
_______ _______
Net assets 5,266,140 6,768,940
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 5,266,138 6,768,938
_______ _______
Shareholders funds 5,266,140 6,768,940
_______ _______
For the year ending 31 July 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr A.F.J. Watson
Director
Company registration number: 08599321
BEL OMBRE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire, SN3 3LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property associated costs - 20 % straight line
Long leasehold property - 2 % straight line
Computer equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Impairment
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. 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Long leasehold property Computer equipment Total
£ £ £ £
Cost or valuation
At 1 August 2022 14,572,592 443,133 2,440 15,018,165
Additions 14,936 3,528 6,494 24,958
Revaluation ( 2,377,528) ( 446,661) - ( 2,824,189)
_______ _______ _______ _______
At 31 July 2023 12,210,000 - 8,934 12,218,934
_______ _______ _______ _______
Depreciation
At 1 August 2022 484,543 74,447 2,172 561,162
Charge for the year 148,408 8,879 1,398 158,685
Revaluations ( 632,951) ( 83,326) - ( 716,277)
_______ _______ _______ _______
At 31 July 2023 - - 3,570 3,570
_______ _______ _______ _______
Carrying amount
At 31 July 2023 12,210,000 - 5,364 12,215,364
_______ _______ _______ _______
At 31 July 2022 14,088,049 368,686 268 14,457,003
_______ _______ _______ _______
Tangible assets held at valuation
All the Properties have been valued during the year by valuers who are qualified for the purpose of the Valuation in accordance with the Red Book. The basis of the valuations was market value.( The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion) The car dealership property in Preston and petrol filling station in Beverley were valued by CBRE effective the 17th August 2023 and the 10th August 2023. They made various assumptions as to tenure, letting, taxation, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination. The commercial properties in Chelmsford, Poole and Sudbury were valued by Angermann Goddard and Loyd Limited effective the 1st September 2023. A traditional term and reversion valuation approach was applied. The valuation has been cross-checked with a cash flow appraisal. The land at Chelworth and Blakehill was valued by Woolley and Wallis effective the 6th September 2023.
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2022 1 1
Disposals ( 1) ( 1)
_______ _______
At 31 July 2023 - -
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 - -
_______ _______
At 31 July 2022 1 1
_______ _______
The fixed asset investment is in a subsidiary company Caruso Properties Limited
6. Debtors
2023 2022
£ £
Other debtors 1,488 8,892
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 1
Corporation tax 103,684 366,584
Social security and other taxes 32,570 -
Other creditors 4,338,232 4,741,555
_______ _______
4,474,486 5,108,140
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 3,250,000 4,000,000
_______ _______
9. Provisions
Deferred tax (note 10) Other provisions Total
£ £ £
At 1 August 2022 51 688,796 688,847
Additions 1,290 66,550 67,840
Unused amounts reversed - ( 755,346) ( 755,346)
_______ _______ _______
At 31 July 2023 1,341 - 1,341
_______ _______ _______
Provision is made for non recoverable dilapidation costs at the end of the tenants lease. The provision has been removed in 2023, following the formal valuations of the properties during the year.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 1,341 51
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 1,341 51
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr A.F.J. Watson ( 484,016) 240,000 ( 244,016)
Mrs R.D. Watson ( 484,016) 240,000 ( 244,016)
_______ _______ _______
( 968,032) 480,000 ( 488,032)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr A.F.J. Watson ( 724,016) 240,000 ( 484,016)
Mrs R.D. Watson ( 724,016) 240,000 ( 484,016)
_______ _______ _______
( 1,448,032) 480,000 ( 968,032)
_______ _______ _______
12. Controlling party
The ultimate controlling party is Mr A F J Watson a director and shareholder of the Company.