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Registration number: 10693806

Belaside Investments Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Belaside Investments Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Belaside Investments Ltd

(Registration number: 10693806)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,954

785

Investment property

348,000

394,000

Other financial assets

6

1,536,666

1,549,437

 

1,886,620

1,944,222

Current assets

 

Debtors

4,555

4,135

Cash at bank and in hand

 

22,970

21,789

 

27,525

25,924

Creditors: Amounts falling due within one year

(1,583,343)

(1,629,010)

Net current liabilities

 

(1,555,818)

(1,603,086)

Net assets

 

330,802

341,136

Capital and reserves

 

Called up share capital

100

100

Other reserves

116,607

144,349

Profit and loss account

214,095

196,687

Total equity

 

330,802

341,136

 

Belaside Investments Ltd

(Registration number: 10693806)
Abridged Balance Sheet as at 30 June 2023

For the financial 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.

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.

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.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 2 January 2024 and signed on its behalf by:
 

Mr J G Winnard

Director

Mrs D Winnard

Director

 

Belaside Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Townend Farm House
Newbiggin
Carnforth
Lancashire
LA6 2PL

These financial statements were authorised for issue by the Board on 2 January 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities an amount is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover comprises income generated from investments by way of interest and dividends, and rental income from investment property.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Belaside Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

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

Fixtures and fittings

33% straight line

Office Equipment

33% straight line

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment. The fair value used for listed equity shares and bonds is the closing market price at the balance sheet date.

Unrealised fair value gains and losses are transferred to the Fair value reserve net of deferred tax. Realised gains and losses are removed from the Fair value reserve and are then subject to Corporation Tax.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

8,578

319

8,897

Additions

2,384

-

2,384

At 30 June 2023

10,962

319

11,281

Depreciation

At 1 July 2022

8,007

105

8,112

Charge for the year

1,110

105

1,215

At 30 June 2023

9,117

210

9,327

Carrying amount

At 30 June 2023

1,845

109

1,954

At 30 June 2022

571

214

785

 

Belaside Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

5

Investment properties

£

At 1 July 2022

394,000

Fair value adjustments

(46,000)

At 30 June 2023

348,000

The fair value has been reached by looking at the current market price of similar property in the area.

There has been no valuation of investment property by an independent valuer.

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2022

1,549,435

2

1,549,437

Fair value adjustments

18,258

-

18,258

Additions

96,107

-

96,107

Disposals

(127,136)

-

(127,136)

At 30 June 2023

1,536,664

2

1,536,666

Carrying amount

At 30 June 2023

1,536,664

2

1,536,666

At 30 June 2022

1,549,435

2

1,549,437