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Registration number: 04566370

Bishop House Properties Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

Bishop House Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Bishop House Properties Limited

Company Information

Directors

Mr N J Morrell

Mr W A Williams

Company secretary

Mr W A Williams

Registered office

Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bankers

Santander UK plc
PO Box 382
Prescot Street
London

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bishop House Properties Limited

(Registration number: 04566370)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

787,397

786,798

Current assets

 

Debtors

5

986

35,388

Cash at bank and in hand

 

21,925

19,412

 

22,911

54,800

Creditors: Amounts falling due within one year

6

(238,494)

(298,684)

Net current liabilities

 

(215,583)

(243,884)

Net assets

 

571,814

542,914

Capital and reserves

 

Called up share capital

1,000

1,000

Fair value reserve

76,509

76,509

Profit and loss account

494,305

465,405

Total equity

 

571,814

542,914

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Bishop House Properties Limited

(Registration number: 04566370)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

.........................................

Mr N J Morrell

Director

.........................................

Mr W A Williams

Company secretary and director

 

Bishop House Properties Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

These financial statements were authorised for issue by the Board on 16 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the rent receivable from the company's investment properties.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bishop House Properties Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Investment property

Investment properties are carried at fair value. Gains or losses are recognised in the income statement, and deferred taxation is provided on any such gains at the rate expected to be applied when the properties are sold.

Investments

Investments in subsidiaries are stated at cost less provision for any permanent diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Bishop House Properties Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Tangible assets

Investment properties
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

786,798

749

787,547

Additions

-

899

899

Disposals

-

(749)

(749)

At 31 March 2024

786,798

899

787,697

Depreciation

At 1 April 2023

-

749

749

Charge for the year

-

300

300

Eliminated on disposal

-

(749)

(749)

At 31 March 2024

-

300

300

Carrying amount

At 31 March 2024

786,798

599

787,397

At 31 March 2023

786,798

-

786,798

Included within the net book value of land and buildings above is £786,798 (2023 - £786,798) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's investment properties was revalued on 31 March 2024. An independent valuer was not involved.

The investment properties were valued by the directors using an open market valuation.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £710,289 (2023 - £710,289).

5

Debtors

2024
£

2023
£

Loan

-

34,619

Prepayments

986

769

986

35,388

Details of non-current trade and other debtors

£Nil (2023 -£Nil) of the loan is classified as non current. This loan is repayable over five years.

 

Bishop House Properties Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

238,494

298,684