REGISTERED NUMBER: |
G & R BENNETT PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
REGISTERED NUMBER: |
G & R BENNETT PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve |
Retained earnings |
The director acknowledges her 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. |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
G & R Bennett Properties Limited is a private company, limited by shares, registered in Scotland. The registered office is 7 Law Place, Nerston Industrial Estate, East Kilbride, Lanarkshire, G74 4QL. |
The financial statements are presented in Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. There were no material departures from that standard. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements. |
Turnover |
Turnover represents net invoiced rental income in respect of property and equipment excluding value added tax. The company's policy is to recognise rental income when substantively all the risks and rewards in connection with the service have been passed to the buyer and to recognise rental income on a straight line basis over the terms of the leases. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Investment property |
All of the company's properties are held for long term investment. Investment properties are accounted for as follows: |
(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure. |
(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably. |
(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non- distributable reserve in the balance sheet. |
(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and other accounts payable, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments like other accounts receivable and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Equity investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs, where the investment is subsequently measured at fair value through profit and loss account). Gains arising on revaluation are then transferred from profit and loss reserves to a non-distributable fair value reserve in the balance sheet. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Fixed asset investments |
Listed shareholdings are recorded at fair value at the balance sheet date, a value which represents the stock market value at this date. |
Dividends and interest from listed fixed asset investments are included as investment income in the period in which the income is earned, as notified to the company on their investment portfolio report. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 December 2022 |
Revaluations | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30 November 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2018 | 12,004 |
Valuation in 2019 | 10,031 |
Valuation in 2020 | 5,764 |
Valuation in 2021 | 16,382 |
Valuation in 2022 | (20,037 | ) |
Valuation in 2023 | (8,378 | ) |
Cost | 267,070 |
282,836 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The fair value of the investment properties at 30 November 2023 has been arrived at on the basis of a professional valuation carried out by Ryden in September 2022. This valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated. The director has stated that this valuation remains appropriate at the balance sheet date. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
G & R BENNETT PROPERTIES LIMITED (REGISTERED NUMBER: SC071781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
9. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed a former shareholder and director £Nil (2022 : £6,660). This amount was interest free, unsecured and had no fixed terms of repayment. |
Also at the year end, the company owed the director £8,572 (2022: £472). This amount is interest free, unsecured and has no fixed terms of repayment. |
10. | LEASING COMMITMENTS |
At the year end the company had outstanding leasing commitments totalling £20,317 (2022: £28,498). |