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Registration number: 11604038

Bessex Property Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Bessex Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Bessex Property Ltd

Company Information

Director

Mr T J Bessex

Registered office

21 Blackberry Drive
Frampton Cotterell
Bristol
BS36 2SL

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Bessex Property Ltd

(Registration number: 11604038)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

26,775

33,732

Investment property

5

 

1,089,726

1,089,726

   

1,116,501

1,123,458

Current assets

   

Debtors

6

95,327

 

12,769

Cash at bank and in hand

 

3,828

 

6,318

 

99,155

 

19,087

Creditors: Amounts falling due within one year

7

(232,873)

 

(145,142)

Net current liabilities

   

(133,718)

(126,055)

Total assets less current liabilities

   

982,783

997,403

Creditors: Amounts falling due after more than one year

7

 

(577,235)

(626,722)

Provisions for liabilities

 

(97,008)

(74,125)

Net assets

   

308,540

296,556

Capital and reserves

   

Called up share capital

250

 

250

Revaluation reserve

292,619

 

292,619

Retained earnings

15,671

 

3,687

Shareholders' funds

   

308,540

296,556

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Bessex Property Ltd

(Registration number: 11604038)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 30 July 2024
 

.........................................

Mr T J Bessex
Director

 

Bessex Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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:
21 Blackberry Drive
Frampton Cotterell
Bristol
BS36 2SL

These financial statements were authorised for issue by the director on 30 July 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bessex Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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

Fixtures and fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bessex Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (excluding the director) during the year, was 0 (2022 - 0).

 

Bessex Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,407

33,588

34,995

At 31 October 2023

1,407

33,588

34,995

Depreciation

At 1 November 2022

703

560

1,263

Charge for the year

352

6,605

6,957

At 31 October 2023

1,055

7,165

8,220

Carrying amount

At 31 October 2023

352

26,423

26,775

At 31 October 2022

704

33,028

33,732

5

Investment properties

2023
£

At 1 November

1,089,726

At 31 October

1,089,726

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

90,711

5,079

Prepayments

 

-

2,170

Other debtors

 

4,616

5,520

   

95,327

12,769

 

Bessex Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,682

10,633

Trade creditors

 

3,204

3,261

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

94,618

6,130

Taxation and social security

 

8,300

-

Accruals and deferred income

 

2,400

2,400

Other creditors

 

119,669

122,718

 

232,873

145,142

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

577,235

626,722

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

292,619

292,619

9

Related party transactions

 

Bessex Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Other transactions with the director

At the balance sheet date the company owed the director £119,671 (2022 £152,718). The balance was interest free and repayable on demand

At the balance sheet date the company owed members of the director's family £55,000 (2022: £55,000). This balance is interest free, it is included within long term liabilities.

Summary of transactions with associates

Group Companies and Associated Companies
 At the balance sheet date the company owed £94,617 (2022: nil) to companies within the same group.

The company was owed £23,938 (2022: £5,079) by companies within the same group.

The company was owed £71,093 (2022: £4,321) by other associated companies.

The balances were interest free and repayable on demand

10

Parent and ultimate parent undertaking

The company's immediate parent is Bridge Connected Ltd, incorporated in England and Wales.

 The ultimate parent is Stae Homes Ltd, incorporated in England and Wales.