Registered number
01644283
BESTLINES LTD
Unaudited Filleted Accounts
31 March 2023
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON - E17 9BG
BESTLINES LTD
Registered number: 01644283
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,325,265 1,175,331
Current assets
Debtors 4 669,607 616,693
Cash at bank and in hand 4,529 52,609
674,136 669,302
Creditors: amounts falling due within one year 5 (115,991) (107,172)
Net current assets 558,145 562,130
Total assets less current liabilities 1,883,410 1,737,461
Creditors: amounts falling due after more than one year 6 (513,007) (537,624)
Provisions for liabilities (161,880) (133,380)
Net assets 1,208,523 1,066,457
Capital and reserves
Called up share capital 102 102
Revaluation reserve 7 690,118 568,618
Profit and loss account 518,303 497,737
Shareholder's funds 1,208,523 1,066,457
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S N Popat
Director
Approved by the board on 4 March 2024
BESTLINES LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts. Turnover includes revenue earned from the rental of owned Investment properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Any revaluation increase or decrease on land and buildings is credited to the property
revaluation reserve account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
(Valuation)
Cost/ Valuation
At 1 April 2022 1,175,000 4,505 1,179,505
Defificit on revaluation 150,000 - 150,000
At 31 March 2023 1,325,000 4,505 1,329,505
Depreciation
At 1 April 2022 - 4,174 4,174
Charge for the year - 66 66
At 31 March 2023 - 4,240 4,240
Net book value
At 31 March 2023 1,325,000 265 1,325,265
At 31 March 2022 1,175,000 331 1,175,331
Freehold land and buildings: 2023 2022
£ £
Historical cost 473,002 473,002
Cumulative depreciation based on historical cost - -
473,002 473,002
4 Debtors 2023 2022
£ £
Trade debtors 7,955 6,855
Other debtors 661,652 609,838
669,607 616,693
Other debtors include an amount of £589,008 (2023: £661,652 ) for loan given to K & R Estates Limited on a commercial basis, with interest charged between 4.5% to 5.5 %% annually.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans ( see note 6 below ) 25,469 25,469
Amounts owed to group undertakings and undertakings in which the company has a participating interest 44,880 44,880
Taxation and social security costs 24,725 18,503
Other creditors 20,917 18,320
115,991 107,172
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 513,007 537,624
The bank loans are secured by mortgages over the company Investment properties.
7 Revaluation reserve 2023 2022
£ £
At 1 April 2022 568,618 568,618
Gain on revaluation of land and buildings 150,000 -
Deferred taxation arising on the revaluation of land and buildings (28,500) -
At 31 March 2023 690,118 568,618
This related to the gain arising on revaluation of the company's Investment Properties, as at
31 March 2023, done by the director, based on an open market basis. The director is not
aware of any material change in value since the date of valuation.
8 Related party transaction
At the year end the inter company balance between K J Discount Motor Spares Limited, an associated company and Bestlines Ltd was as follows:
2023 2022
£ £
Amount due to K J Discount Motor Spares Limited ( disclosed under other creditors in note 5 above) 44,880 44,880
9 Controlling party
The company was controlled by Ms Seema Popat, a director in both Bestlines Ltd and Krrisn Enterprises Limited, a company incorporated in the UK, and which owns 100% shares in Bestlines Ltd.
10 Other information
BESTLINES LTD is a private company limited by shares and incorporated in England. Its registered office is:
247 Watford Road
Harrow
Middlesex
HA1 3TU
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