REGISTERED NUMBER: |
BEEMA PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
REGISTERED NUMBER: |
BEEMA PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BEEMA PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
BALANCE SHEET |
31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
BALANCE SHEET - continued |
31 MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Beema Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents gross rent and service charges receivable during the year. Turnover is recognise when rent become due under the lease agreement. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease. |
This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified. |
All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalue amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
and 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2016 | 881,831 |
Valuation in 2022 | 250,000 |
Cost | 518,169 |
1,650,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Tax |
Other creditors |
Shareholders loan account | 1,000 | 1,000 |
Directors' current accounts | 6,991 | 9,895 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans (see note 9) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.5.23 | 31.5.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 561,522 | 561,608 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed and floating charge over all of the company's assets. |
11. | PROVISIONS FOR LIABILITIES |
31.5.23 | 31.5.22 |
£ | £ |
Deferred tax | 164,963 | 164,963 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Balance at 31 May 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
A Ordinary shares | £1 | 100 | 100 |
B ordinary shares | £1 | 100 | 100 |
200 | 200 |
BEEMA PROPERTIES LIMITED (REGISTERED NUMBER: 03989741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
13. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2022 | 991,714 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2023 | 996,032 |
14. | CONTROLLING PARTY |
The controlling party is Mrs C Panayiotou. |