Company Registration No. 12107933 (England and Wales)
Byford Property Group Ltd
Unaudited accounts
for the year ended 16 July 2023
Byford Property Group Ltd
Unaudited accounts
Contents
Byford Property Group Ltd
Company Information
for the year ended 16 July 2023
Company Number
12107933 (England and Wales)
Registered Office
31 Marsden Close
Solihull
B92 7JR
ENGLAND
Byford Property Group Ltd
Statement of financial position
as at 16 July 2023
Investment property
85,000
85,000
Cash at bank and in hand
794
3,404
Creditors: amounts falling due within one year
(49,650)
(46,850)
Net current liabilities
(48,818)
(43,446)
Total assets less current liabilities
36,437
41,911
Creditors: amounts falling due after more than one year
(42,750)
(42,750)
Provisions for liabilities
Deferred tax
(2,887)
(2,906)
Net liabilities
(9,200)
(3,745)
Called up share capital
1
1
Profit and loss account
(9,201)
(3,746)
Shareholders' funds
(9,200)
(3,745)
For the year ending 16 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 April 2024 and were signed on its behalf by
Mr Steven Byford
Director
Company Registration No. 12107933
Byford Property Group Ltd
Notes to the Accounts
for the year ended 16 July 2023
Byford Property Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 12107933. The registered office is 31 Marsden Close, Solihull, B92 7JR, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
at varying rates on cost
Investment property represents the property held for renting to unrelated parties. Investment property was measured at fair value at balance sheet date with any gains recognised within the profit or loss account.
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.
Deferred tax assets and liabilities are not discounted.
Byford Property Group Ltd
Notes to the Accounts
for the year ended 16 July 2023
4
Tangible fixed assets
Plant & machinery
Fair value at 17 July 2022
85,000
Investment property was measured at fair value at the balance sheet date with any changes recognised within the profit or loss account.
Amounts falling due within one year
Accrued income and prepayments
38
-
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
10,000
10,000
Loans from directors
38,294
36,794
Other creditors include a loan of £10,000 from an unrelated party with the annual interest rate of 5.1%, the loan is repayable on demand.
Director loan of £38,294 - see note 'Transactions with related parties'.
Byford Property Group Ltd
Notes to the Accounts
for the year ended 16 July 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Aggregate of amounts that fall due for payment after five years
42,750
42,750
Bank loan of £42,750 represents interest only BTL mortgage. The mortgage term is 20 years and the fixed annual interest rate for the first 2 years is 3.59% changing to variable rate from August 2022. The lending is secured against the rental property included in the accounts.
9
Deferred taxation
2023
2022
Accelerated capital allowances
49
68
Revaluation of investment property
2,838
2,838
Provision at start of year
2,906
87
(Credited)/charged to the profit and loss account
(19)
2,819
Provision at end of year
2,887
2,906
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
11
Transactions with related parties
£38,294 is owed to the company director, the loan is interest free and is repayable on demand.
12
Average number of employees
During the year the average number of employees was 1 (2022: 1).