Registration number:
Benamara Properties Limited
for the Year Ended 31 October 2023
Benamara Properties Limited
(Registration number: NI029121)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors : due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors : due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
7,040,021 |
6,669,170 |
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Shareholders' funds |
7,040,121 |
6,669,270 |
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:
• |
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• |
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.
Benamara Properties Limited
(Registration number: NI029121)
Balance Sheet as at 31 October 2023
Approved and authorised by the
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Benamara Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
The Company's primary source of income is generated from the sale of residential property. Revenue from property sales is recognised at the contract date, at which point a binding legal agreement between the company and the purchaser has been agreed. Revenue is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.
Benamara Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Financial assets
Stocks
Stock and work in progress is valued at the lower of cost and net realisable value. Cost comprises acquisition price including any direct costs of acquisition, together with the cost of development including materials, labour and any directly attributable overheads. Net realisable value is calculated as the expected selling price less costs to complete and sell. At each reporting date the directors review the carrying value of stocks and work-in-progress for evidence of any impairment. If circumstances indicate that an impairment is required, provision is made to reduce the carrying value to the lower of cost or net realisable value. Where arising, the impairment is recognised through the profit and loss account.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
Taxation
Current tax is recognised as the amount of income tax payable in respect of the profit for the current and past periods. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is measured on an undiscounted basis. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date and which are expected to apply to the reversal of the timing difference.
Defined contribution pension obligation
The Company operates a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the Company in an independently administered fund, and contributions are charged to profit and loss account as incurred.
Termination benefits
The Company recognises termination benefits as an expense when it is demonstrably committed to; terminate the employment of employees prior to the normal retirement date; or provide termination benefits as a result of an offer to encourage voluntary redundancy.
Benamara Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Foreign currency
Transactions denominated in foreign currencies are translated into sterling using the exchange rate as at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date with any exchange differences taken to the profit and loss account. Non-monetary assets and liabilities, transacted in foreign currencies, are stated at historical cost.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Stocks |
2023 |
2022 |
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Stocks and work in progress |
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Debtors |
2023 |
2022 |
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Amounts due from associated companies |
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Other debtors |
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Prepayments and accrued income |
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|
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Creditors: due within one year |
2023 |
2022 |
|
Trade creditors |
|
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Corporation tax |
14,865 |
180,558 |
Other creditors |
4,044 |
2,436 |
Accruals and deferred income |
258,485 |
188,335 |
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Benamara Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors: due after more than one year |
2023 |
2022 |
|
Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |