Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Prof R M Greenhalgh MA MD MChir FRCS 06/10/2023 17/12/2019 Lord S J Greenhalgh 17/12/2019 29 February 2024 The principal activity of the Company during the financial year was that of property investment. 12366535 2023-06-30 12366535 bus:Director1 2023-06-30 12366535 bus:Director2 2023-06-30 12366535 2022-06-30 12366535 core:CurrentFinancialInstruments 2023-06-30 12366535 core:CurrentFinancialInstruments 2022-06-30 12366535 core:ShareCapital 2023-06-30 12366535 core:ShareCapital 2022-06-30 12366535 core:RevaluationReserve 2023-06-30 12366535 core:RevaluationReserve 2022-06-30 12366535 core:RetainedEarningsAccumulatedLosses 2023-06-30 12366535 core:RetainedEarningsAccumulatedLosses 2022-06-30 12366535 2021-06-30 12366535 bus:OrdinaryShareClass1 2023-06-30 12366535 2022-07-01 2023-06-30 12366535 bus:FilletedAccounts 2022-07-01 2023-06-30 12366535 bus:SmallEntities 2022-07-01 2023-06-30 12366535 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 12366535 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12366535 bus:Director1 2022-07-01 2023-06-30 12366535 bus:Director2 2022-07-01 2023-06-30 12366535 2021-07-01 2022-06-30 12366535 1 2022-07-01 2023-06-30 12366535 1 2021-07-01 2022-06-30 12366535 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 12366535 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12366535 (England and Wales)

BIBA ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

BIBA ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

BIBA ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
BIBA ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Investment property 4 5,544,940 5,515,434
5,544,940 5,515,434
Current assets
Debtors 5 32,979 115,383
Cash at bank and in hand 128,955 0
161,934 115,383
Creditors: amounts falling due within one year 6 ( 44,133) ( 42,847)
Net current assets 117,801 72,536
Total assets less current liabilities 5,662,741 5,587,970
Provision for liabilities 7, 8 ( 287,962) ( 215,676)
Net assets 5,374,779 5,372,294
Capital and reserves
Called-up share capital 9 5,322,000 5,322,000
Revaluation reserve 18,951 0
Profit and loss account 33,828 50,294
Total shareholders' funds 5,374,779 5,372,294

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.

Director's responsibilities:

The financial statements of BIBA Estates Limited (registered number: 12366535) were approved and authorised for issue by the Director. They were signed on its behalf by:

Lord S J Greenhalgh
Director

29 February 2024

BIBA ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
BIBA ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BIBA Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 526 Fulham Road, London, SW6 5NR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

Profit for the year to 30 June 2022 had previously been overstated by £12,350, with creditors being understated by the same value as at 30 June 2022. An adjustment has been made in these Financial Statements to rectify the error. The result of the adjustment is decrease in net assets and an increase in creditors by £12,350 as at 30 June 2022.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents receivable provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred when the rents fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

Profit for the year to 30 June 2022 had previously been overstated by £12,350, with creditors being understated by the same value as at 30 June 2022. An adjustment has been made in these Financial Statements to rectify the error. The result of the adjustment is decrease in net assets and an increase in creditors by £12,350 as at 30 June 2022.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 5,515,434
Fair value movement 29,506
As at 30 June 2023 5,544,940

The 2023 valuations were made by directors, on an open market value for existing use basis.

5. Debtors

2023 2022
£ £
Trade debtors 900 2,086
Prepayments 389 345
Other debtors 31,690 112,952
32,979 115,383

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 694 7,622
Accruals and deferred income 20,978 18,939
Taxation and social security 11,309 3,600
Other creditors 11,152 12,686
44,133 42,847

7. Provision for liabilities

2023 2022
£ £
Deferred tax 287,962 215,676

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 215,676) ( 214,777)
Charged to the Profit and Loss Account ( 72,286) ( 899)
0 0
At the end of financial year ( 287,962) ( 215,676)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,322,000 Ordinary A shares of £ 1.00 each 5,322,000 5,322,000

10. Ultimate controlling party

There is no ultimate controlling party.