Company registration number 10787215 (England and Wales)
BUCKSTONES INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
BUCKSTONES INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BUCKSTONES INVESTMENTS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
201,115
201,115
Current assets
Cash at bank and in hand
10,870
17,389
Creditors: amounts falling due within one year
4
(70,940)
(70,600)
Net current liabilities
(60,070)
(53,211)
Total assets less current liabilities
141,045
147,904
Creditors: amounts falling due after more than one year
5
(137,906)
(145,574)
Net assets
3,139
2,330
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
3,129
2,320
Total equity
3,139
2,330
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BUCKSTONES INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 February 2024
Mr L Lukoczki
Director
Company registration number 10787215 (England and Wales)
BUCKSTONES INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The validity of this basis relies on the continuing support of it's creditors and director, who is also the controlling shareholder. The director has confirmed that this support will not be withdrawn for the foreseeable future, to allow the company to meet its liabilities as they fall. The director therefore considers it appropriate that the financial statements are prepared on a going concern basis.
1.3
Turnover
Turnover is attributable to the stated principal activities of the company and arose wholly within the United Kingdom.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BUCKSTONES INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Company information
Buckstones Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Capital House, 272 Manchester Road, Droylsden, Manchester, M43 6PW.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
201,115
BUCKSTONES INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
3
Investment property
(Continued)
- 5 -
Investment properties are measured at fair value based on the opinion of the director. Valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
400
990
Other creditors
70,540
69,610
70,940
70,600
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
137,906
145,574
The bank loans are secured against the assets to which they relate.
6
Financial commitments, guarantees and contingent liabilities
The director is not aware of any contingent liabilities.
7
Events after the reporting date
There have been no significant post balance sheet events.