Company registration number 14388597 (England and Wales)
BENYON SPV PROPCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BENYON SPV PROPCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BENYON SPV PROPCO LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
4
7,519,918
Current assets
Debtors
5
68,361
Cash at bank and in hand
279,041
347,402
Creditors: amounts falling due within one year
6
(3,753,194)
Net current liabilities
(3,405,792)
Total assets less current liabilities
4,114,126
Creditors: amounts falling due after more than one year
7
(4,200,000)
Net liabilities
(85,874)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(85,974)
Total equity
(85,874)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
B O S Cassey
Director
Company registration number 14388597 (England and Wales)
BENYON SPV PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Benyon SPV Propco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Milton Gate, 60 Chiswell Street, London, EC1Y 4AG.

1.1
Reporting period

The company incorporated 30th September 2022, the information presented in the set of accounts covers the period from incorporation to the period end date 30th September 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.3
Going concern

At the balance sheet date, the company had negative reserves of £85,974. The ultimate parent, Property Share Online Platform Pvt. Limited, has confirmed they will continue to support the business, therefore the accounts have been prepared on the going concern basis.

1.4
Turnover

Turnover represents amounts receivable by the company in respect of rents receivable and services provided during the year.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

BENYON SPV PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

BENYON SPV PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
1
4
Investment property
2023
£
Fair value
At 30 September 2022
-
0
Additions
7,519,918
At 30 September 2023
7,519,918

Investment property comprises the original purchase price of the property and associated costs. The directors believe this to be the fair value of the property at the year end date.

5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
68,361
BENYON SPV PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
900
Amounts owed to group undertakings
3,409,417
Taxation and social security
31,996
Other creditors
310,881
3,753,194
7
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
4,200,000

Creditors due after one year are secured by way of fixed and floating charges over the property and undertakings of the company.

8
Parent company

The immediate parent of the company is PS UK Holdco Limited, a company incorporated in the United Kingdom. The registered office of PS UK Holdco Limited is Milton Gate, 60 Chiswell Street, London, United Kingdom, United Kingdom, EC1Y 4AG.

 

The ultimate parent of the company is Propertyshare Online Platform Private Limited, a company incorporated in India. The registered office of Propertyshare Online Platform Private Limited is 10th Floor, Skav Seethalakshmi, 21/22, Kasturba Road, Bengaluru, Karnataka, India, 560001.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Gary Kramrisch
Statutory Auditor:
Alexander & Co LLP
Date of audit report:
29 July 2024
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