BERONCREST LIMITED
Registered number: 03174643
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 680,000 680,000
Current assets
Debtors 4 4,826 1,651
Cash at bank and in hand 586 6,328
5,412 7,979
Creditors: amounts falling due within one year 5 (4,137) (4,530)
Net current assets 1,275 3,449
Total assets less current liabilities 681,275 683,449
Provisions for liabilities (28,862) (28,862)
Net assets 652,413 654,587
Capital and reserves
Called up share capital 80 80
Share premium 39,952 39,952
Capital redemption resrve 16 16
Non-distributable reserve 6 262,894 262,894
Profit and loss account 349,471 351,645
Shareholders' funds 652,413 654,587
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J.L. Royle
Director
Approved by the board on 5 March 2024
BERONCREST LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover represents the rent receivable from tenants.
Investment properties
Investment properties are revalued annually and any surplus or deficit is dealt with through the non-distributable reserve. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings
£
Valuation
At 1 June 2022 680,000
At 31 May 2023 680,000
Depreciation
At 31 May 2023 -
Net book value
At 31 May 2023 680,000
At 31 May 2022 680,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 388,244 388,244
Cumulative depreciation based on historical cost - -
388,244 388,244
4 Debtors 2023 2022
£ £
Trade debtors 3,685 1,420
Other debtors 1,141 231
4,826 1,651
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax - 1,693
Other taxes and social security costs 1,315 902
Other creditors 2,822 1,935
4,137 4,530
6 Non-distributable reserve 2023 2022
£ £
At 1 June 2022 262,894 262,894
At 31 May 2023 262,894 262,894
7 Related party transactions
Ms J.L. Royle was owed £245 (2022 £246) and Mr C.W. Aspden £2,034 (2022 £1,196). Management fees of £3,376 (2022 £3,706) were paid to Royle Estates (Lancaster) Limited.
8 Controlling party
The company is controlled by the directors.
9 Other information
BERONCREST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Dale House
Tewitfield
Carnforth
Lancashire
LA6 1JH
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