Registered number: 12896135
BEARBRIDGE PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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BEARBRIDGE PROPERTIES LIMITED
REGISTERED NUMBER: 12896135
BALANCE SHEET
AS AT 31 OCTOBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BEARBRIDGE PROPERTIES LIMITED
REGISTERED NUMBER: 12896135
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.
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N Bridger
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The notes on pages 3 to 8 form part of these financial statements.
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BEARBRIDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Bearbridge Properties Limited ("the Company") is a private limited company by shares and it is incorporated in England and Wales. The Company's principal activity is that of property investment and letting. The address of its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Rental income is recognised in the period to which it relates.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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BEARBRIDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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BEARBRIDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying accounting policies
(i) Valuation of investment properties
The valuation of investment properties has been made by the directors based on thier personal expertise and knowledge of the market.
b) Critical accounting estimates and assumptions
The Company does not consider there to be any critical estimates and assumptions in applying accounting policies.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 2).
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BEARBRIDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Freehold investment property
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The 2023 valuations were made by the director, on an open market value for existing use basis.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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BEARBRIDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Creditors: Amounts falling due after more than one year
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Bank loans respresent interest only mortgages that are secured on the properties to which they relate.
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Analysis of the maturity of loans is given below:
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Amounts falling due after more than 5 years
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary A shares of £1.00 each
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100 (2022 - 100) Ordinary B shares of £1.00 each
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100 (2022 - 100) Ordinary C shares of £1.00 each
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100 (2022 - 100) Ordinary D shares of £1.00 each
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the balance sheet date.
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The Company has aggregate rentals receivable in relation to operating leases of £137,309 (2022 - £151,217).
At the year end, the Company held fixed assets used in operating leases at a valaution of £995,000 (2022 - £2,483,949). There is no related depreciation.
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BEARBRIDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Related party transactions
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Included within the Directors Loan Account is an amount of £396,953 (2022 - £1,588,529) due to the directors.
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The company regards its director as its ultimate controlling party.
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