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COMPANY REGISTRATION NUMBER: 06637010
Britannia Land Projects Limited
Filleted Unaudited Financial Statements
30 June 2023
Britannia Land Projects Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
2,188,242
2,188,242
Current assets
Debtors
5
49,290
54,145
Cash at bank and in hand
447,427
324,025
---------
---------
496,717
378,170
Creditors: amounts falling due within one year
6
1,493,171
1,482,671
------------
------------
Net current liabilities
996,454
1,104,501
------------
------------
Total assets less current liabilities
1,191,788
1,083,741
Creditors: amounts falling due after more than one year
7
202,297
232,066
Provisions
Taxation including deferred tax
56,115
56,115
------------
------------
Net assets
933,376
795,560
------------
------------
Britannia Land Projects Limited
Statement of Financial Position (continued)
30 June 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Fair value reserve
239,224
239,224
Profit and loss account
694,052
556,236
---------
---------
Shareholders funds
933,376
795,560
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 June 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 were approved by the board of directors and authorised for issue on 26 February 2024 , and are signed on behalf of the board by:
Mr R G Rowley
Director
Company registration number: 06637010
Britannia Land Projects Limited
Notes to the Financial Statements
Year ended 30 June 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 Rawdon House, Rawdon Terrace, Ashby de la Zouch, Leicestershire, LE65 2GN.
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.
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.
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.
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.
Investment property
Investment property is initially recorded at cost, which includes 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 the profit or loss.
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.
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
Freehold property
Long leasehold property
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
1,959,421
228,821
2,188,242
------------
---------
------------
Depreciation
At 1 July 2022 and 30 June 2023
------------
---------
------------
Carrying amount
At 30 June 2023
1,959,421
228,821
2,188,242
------------
---------
------------
At 30 June 2022
1,959,421
228,821
2,188,242
------------
---------
------------
The valuations, provided by the directors, are based on yields on each rental stream taking into account the length of lease and tenant covenant by way of an all risk initial yield. The fair value has not changed significantly since the previous year.
5. Debtors
2023
2022
£
£
Trade debtors
43,120
47,975
Other debtors
6,170
6,170
--------
--------
49,290
54,145
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,600
29,200
Trade creditors
4,146
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,259,352
1,259,350
Corporation tax
35,529
25,864
Social security and other taxes
10,923
6,344
Other creditors
157,767
157,767
------------
------------
1,493,171
1,482,671
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
202,297
232,066
---------
---------
8. Controlling party
The company is a wholly owned subsidiary of Adelboden Holdings Limited , registration number 06637061, registered in England and Wales.