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Registration number: 11178393

Bells Property Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Bells Property Company Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bells Property Company Ltd

(Registration number: 11178393)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

225

 

337

Investment property

5

 

1,030,000

 

950,000

   

1,030,225

 

950,337

Current assets

   

 

Debtors

6

339

 

387

 

Cash at bank and in hand

 

4,154

 

6,283

 

 

4,493

 

6,670

 

Creditors: Amounts falling due within one year

7

(674,331)

 

(670,220)

 

Net current liabilities

   

(669,838)

 

(663,550)

Total assets less current liabilities

   

360,387

 

286,787

Creditors: Amounts falling due after more than one year

7

 

(159,651)

 

(163,736)

Provisions for liabilities

 

(50,559)

 

(23,665)

Net assets

   

150,177

 

99,386

Capital and reserves

   

 

Called up share capital

9

2

 

2

 

Other reserves

163,793

 

114,725

 

Retained earnings

(13,618)

 

(15,341)

 

Shareholders' funds

   

150,177

 

99,386

 

Bells Property Company Ltd

(Registration number: 11178393)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
A M Bell
Director

 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These 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.

The company's functional and presentation currency is pound sterling.

Going concern

The company has the ongoing support of the directors who have confirmed they will not call for repayment of their loans on terms that would be prejudicial to the companies continuing activities. Having considered the validity of the going concern concept in relation to these accounts, the directors have concluded that the company will continue in operation for the forseeable future and have therefore prepared the financial statements on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of rents.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office equipment

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, 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 for a similar asset. 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 and any subsequent reversal is recognised in profit or loss.

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 payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument.

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

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 February 2023

449

449

At 31 January 2024

449

449

Depreciation

At 1 February 2023

112

112

Charge for the year

112

112

At 31 January 2024

224

224

Carrying amount

At 31 January 2024

225

225

At 31 January 2023

337

337

5

Investment properties

2024
£

At 1 February

950,000

Fair value adjustments

80,000

At 31 January

1,030,000

6

Debtors

2024
£

2023
£

Prepayments

339

387

339

387

 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

668,767

665,282

Accruals and deferred income

 

1,764

1,638

Other creditors

 

3,800

3,300

 

674,331

670,220

Creditors include bank loans which are secured by a fixed charge over the property of £4,054 (2023 - £3,882).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

159,651

163,736

2024
£

2023
£

Due after more than five years

After more than five years by instalments

142,166

146,735

-

-

Creditors include bank loans which are secured by a fixed charge over the property of £159,651 (2023 - £163,737).

 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,054

3,881

Other borrowings

664,713

661,401

668,767

665,282

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

159,651

163,736

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Bells Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

664,713

2023

Key management
£

Amounts payable to related party

661,401