REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
BEARMANTIS CO LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
BEARMANTIS CO LTD |
BEARMANTIS CO LTD (REGISTERED NUMBER: 12181977) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BEARMANTIS CO LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
BEARMANTIS CO LTD (REGISTERED NUMBER: 12181977) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BEARMANTIS CO LTD (REGISTERED NUMBER: 12181977) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BEARMANTIS CO LTD (REGISTERED NUMBER: 12181977) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Bearmantis Co Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents gross invoiced rent receivable. |
Rent receivable is recognised on a straight line basis over the term of the relevant rental period. |
Reimbursed expenses recharged are recognised in the period in which they relate to on a straight line basis to offset the expense incurred |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities. |
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 profit and loss account in other administrative expenses. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method. less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for similar debt instrument. The present value of financial asset or financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
BEARMANTIS CO LTD (REGISTERED NUMBER: 12181977) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investment properties |
Investment properties are initially measured at cost including transaction costs. Subsequently they are measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss and at each reporting date is transferred, net of deferred taxation, from retained earnings to a non-distributable fair value reserve. |
Investment properties are subject to valuation by the directors or by external valuers, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount an impairment loss is recognized in the profit and loss unless the asset is carried at a revalued amount where the impairment loss is decrease in revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2021 | 282,213 |
Valuation in 2022 | 540,251 |
Cost | 3,577,536 |
4,400,000 |
BEARMANTIS CO LTD (REGISTERED NUMBER: 12181977) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
4. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.8.23 | 31.8.22 |
£ | £ |
Cost | 3,577,536 | 3,577,536 |
The investment properties were valued on a fair value basis on 31 August 2023 by Mr C Ierodiaconou and Mr Y Logan . |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Directors' current accounts | 1,010,876 | 1,015,252 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans more 5 yrs non-inst | 2,654,951 | 2,651,594 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans | 2,651,594 | 2,651,594 |
Bank loans are secured by first legal mortgage charges over the properties on which the mortgages are held. |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 September 2022 |
and 31 August 2023 |