Company Registration No. 02139581 (England and Wales)
Bushmead Properties Limited
Unaudited financial statements
For the year ended 31 October 2023
Pages for filing with registrar
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,448
4,598
Investment properties
4
2,950,000
2,950,000
Investments
5
2,028
2,028
2,955,476
2,956,626
Current assets
Debtors
6
26,789
6,257
Cash at bank and in hand
342,277
26,461
369,066
32,718
Creditors: amounts falling due within one year
7
(11,456)
(39,639)
Net current assets/(liabilities)
357,610
(6,921)
Total assets less current liabilities
3,313,086
2,949,705
Creditors: amounts falling due after more than one year
8
(534,315)
(46,600)
Provisions for liabilities
9
(494,200)
(375,592)
Net assets
2,284,571
2,527,513
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,284,471
2,527,413
Total equity
2,284,571
2,527,513
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
I M Adams
Director
Company Registration No. 02139581
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Bushmead Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Shelley Grove, Loughton, Essex, IG10 1BY.
1.1
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income. Rental income is recognised on an accruals basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Reducing balance basis at the rate of 25%
1.4
Investment properties
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand represent cash held at bank.
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.
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 1).
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
34,856
Depreciation and impairment
At 1 November 2022
30,258
Depreciation charged in the year
1,150
At 31 October 2023
31,408
Carrying amount
At 31 October 2023
3,448
At 31 October 2022
4,598
4
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
2,950,000
The investment properties consist of freehold and leasehold land and buildings which were valued on an open market basis as at 31 October 2023 by the directors.
5
Fixed asset investments
2023
2022
£
£
Investments
2,028
2,028
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2022 & 31 October 2023
2,028
Carrying amount
At 31 October 2023
2,028
At 31 October 2022
2,028
Fixed asset investments consist of an investment in a company that owns the underlying freehold of a leasehold investment property owned by the company.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
26,789
6,257
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,949
5,416
Trade creditors
143
4,858
Corporation tax
1,046
17,347
Other taxation and social security
2,492
401
Other creditors
2,826
11,617
11,456
39,639
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
534,315
46,600
The bank loans are secured on the company's investment properties.
BUSHMEAD PROPERTIES LIMITED
Bushmead Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
494,200
375,592
2023
Movements in the year:
£
Liability at 1 November 2022
375,592
Effect of change in tax rate - profit or loss
118,608
Liability at 31 October 2023
494,200
10
Advances to directors
An amount of £16,624 was due from (2022: £8,319 was due to) the directors at the year end. Interest totaling £226 (2022: £nil) was charged at the official rate in respect of periods over which this balance was overdrawn.