Best Adapted Properties Limited
Registered number: 10470186
Statement of Financial Position
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,180,554 1,180,190
Current assets
Debtors 5 508 -
Cash at bank and in hand 59,247 58,108
59,755 58,108
Creditors: amounts falling due within one year 6 (238,404) (261,854)
Net current liabilities (178,649) (203,746)
Total assets less current liabilities 1,001,905 976,444
Creditors: amounts falling due after more than one year 7 (791,516) (783,488)
Provisions for liabilities (27,902) (27,833)
Net assets 182,487 165,123
Capital and reserves
Called up share capital 1 1
Fair value reserve 9 118,467 118,467
Profit and loss account 64,019 46,655
Shareholders' funds 182,487 165,123
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
OT Puplampu
Director
Approved by the board on 23 August 2024
Best Adapted Properties Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue from the rendering of services an from property rental. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover from the rental is recognised by reference to the stage of completion of the tenancy.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Exceptional items 2023 2022
£ £
Value adjustments on fixed assets and current asset investments - (110,000)
- (110,000)
3 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 1,180,000 253 1,180,253
Additions - 549 549
At 30 November 2023 1,180,000 802 1,180,802
Depreciation
At 1 December 2022 - 63 63
Charge for the year - 185 185
At 30 November 2023 - 248 248
Net book value
At 30 November 2023 1,180,000 554 1,180,554
At 30 November 2022 1,180,000 190 1,180,190
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,033,700 1,033,700
Cumulative fair value movements 146,300 146,300
887,400 887,400
5 Debtors 2023 2022
£ £
Prepayments 508 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 1,056 1,009
Corporation tax 4,238 3,581
Other creditors 233,110 257,264
238,404 261,854
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 151,545 151,545
Obligations under finance lease and hire purchase contracts 310,795 310,795
Trade creditors 329,176 321,148
791,516 783,488
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 791,516 783,488
These include include fixed charges, secured against the investment properties.
9 Fair value reserve 2023 2022
£ £
At 1 December 2022 118,467 29,403
Gain on revaluation of land and buildings - 110,000
Deferred taxation arising on the revaluation of land and buildings - (20,936)
At 30 November 2023 118,467 118,467
10 Other information
Best Adapted Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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