IRIS Accounts Production v23.3.1.45 10400810 Board of Directors 1.10.22 30.9.23 30.9.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure104008102022-09-30104008102023-09-30104008102022-10-012023-09-30104008102021-09-30104008102021-10-012022-09-30104008102022-09-3010400810ns16:EnglandWales2022-10-012023-09-3010400810ns15:PoundSterling2022-10-012023-09-3010400810ns11:Director12022-10-012023-09-3010400810ns11:PrivateLimitedCompanyLtd2022-10-012023-09-3010400810ns11:SmallEntities2022-10-012023-09-3010400810ns11:AuditExemptWithAccountantsReport2022-10-012023-09-3010400810ns11:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3010400810ns11:SmallCompaniesRegimeForAccounts2022-10-012023-09-3010400810ns11:FullAccounts2022-10-012023-09-3010400810ns11:Director22022-10-012023-09-3010400810ns11:RegisteredOffice2022-10-012023-09-3010400810ns6:CurrentFinancialInstruments2023-09-3010400810ns6:CurrentFinancialInstruments2022-09-3010400810ns6:Non-currentFinancialInstruments2023-09-3010400810ns6:Non-currentFinancialInstruments2022-09-3010400810ns6:ShareCapital2023-09-3010400810ns6:ShareCapital2022-09-3010400810ns6:FurtherSpecificReserve3ComponentTotalEquity2023-09-3010400810ns6:FurtherSpecificReserve3ComponentTotalEquity2022-09-3010400810ns6:RetainedEarningsAccumulatedLosses2023-09-3010400810ns6:RetainedEarningsAccumulatedLosses2022-09-3010400810ns6:PlantMachinery2022-10-012023-09-3010400810ns6:PlantMachinery2022-09-3010400810ns6:PlantMachinery2023-09-3010400810ns6:PlantMachinery2022-09-3010400810ns6:WithinOneYearns6:CurrentFinancialInstruments2023-09-3010400810ns6:WithinOneYearns6:CurrentFinancialInstruments2022-09-3010400810ns6:Non-currentFinancialInstruments2022-10-012023-09-3010400810ns6:Secured2023-09-3010400810ns6:Secured2022-09-3010400810ns6:FurtherSpecificReserve3ComponentTotalEquity2022-09-30
REGISTERED NUMBER: 10400810 (England and Wales)










NEW BELLGATE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 9

NEW BELLGATE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Ms Y Baumers
Dr M Baumers





REGISTERED OFFICE: C/O Bevan Buckland LLP
Ground Floor, Cardigan House
Swansea
SA7 9LA





REGISTERED NUMBER: 10400810 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,797 3,010
Investment property 5 650,034 485,034
652,831 488,044

CURRENT ASSETS
Debtors 6 2,014 -
Cash at bank 4,113 2,203
6,127 2,203
CREDITORS
Amounts falling due within one year 7 6,784 9,429
NET CURRENT LIABILITIES (657 ) (7,226 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

652,174

480,818

CREDITORS
Amounts falling due after more than one year 8 (642,490 ) (481,530 )

PROVISIONS FOR LIABILITIES (11,694 ) (11,694 )
NET LIABILITIES (2,010 ) (12,406 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 37,220 37,220
Retained earnings (39,330 ) (49,726 )
(2,010 ) (12,406 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:




Dr M Baumers - Director


NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

New Bellgate Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is made up of the rent received on investment property during the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and Straight line over 4 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

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.

NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Cash in bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling.

Going Concern
The accounts have been prepared on the going concern basis, on the understanding that the director and shareholder will continue to financially support the company for a period of 12 months from the date of these financial statements. This support will be reviewed at that time.

NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 4,042
Additions 1,146
At 30 September 2023 5,188
DEPRECIATION
At 1 October 2022 1,032
Charge for year 1,359
At 30 September 2023 2,391
NET BOOK VALUE
At 30 September 2023 2,797
At 30 September 2022 3,010

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 485,034
Additions 165,000
At 30 September 2023 650,034
NET BOOK VALUE
At 30 September 2023 650,034
At 30 September 2022 485,034

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2021 35,654
Valuation in 2022 11,121
Cost 603,259
650,034

NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. INVESTMENT PROPERTY - continued

If Investment Property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 473,913 473,913

Investment Property was valued on an open market basis on 30 September 2023 by the directors. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,014 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 7,121
Other creditors 6,784 2,308
6,784 9,429

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 306,358 299,237
Other creditors 336,132 182,293
642,490 481,530

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 306,358 271,848

Included in Other creditors is an amount of £336,132 which is owed to the directors on an interest free basis and is repayable on demand.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 306,358 306,358

The loans are secured over a charge with a negative pledge over residential properties at:

2A Sandringham Avenue, West Bridgford, Nottingham, NG2 7QS

Flat 6 Fothergill Court, Mapperley Park, Nottingham, NG3 5BJ

140 Yale House, Rivermead, Wilford Lane, Bridgford NG2 7RH.

NEW BELLGATE PROPERTIES LIMITED (REGISTERED NUMBER: 10400810)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. RESERVES
Fair
value
reserve
£   
At 1 October 2022
and 30 September 2023 37,220

The amount in fair value reserves is a net revaluation gain on Investment Property of £37,220, this
amount is non-distributable.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NEW BELLGATE PROPERTIES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Bellgate Properties Limited for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of New Bellgate Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New Bellgate Properties Limited and state those matters that we have agreed to state to the Board of Directors of New Bellgate Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Bellgate Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that New Bellgate Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New Bellgate Properties Limited. You consider that New Bellgate Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of New Bellgate Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


6 February 2024