Company registration number 11261892 (England and Wales)
BELGRAVE PROPERTIES (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BELGRAVE PROPERTIES (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
BELGRAVE PROPERTIES (LONDON) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
23,600,000
23,600,000
Current assets
Debtors
4
4,484,550
4,014,451
Cash at bank and in hand
186,123
494,367
4,670,673
4,508,818
Creditors: amounts falling due within one year
5
(174,224)
(187,216)
Net current assets
4,496,449
4,321,602
Total assets less current liabilities
28,096,449
27,921,602
Creditors: amounts falling due after more than one year
6
(6,500,000)
(6,500,000)
Net assets
21,596,449
21,421,602
Capital and reserves
Called up share capital
100
100
Share premium account
18,041,280
18,041,280
Non-distributable profits reserve
7
2,050,350
2,050,350
Distributable profit and loss reserves
1,504,719
1,329,872
Total equity
21,596,449
21,421,602
BELGRAVE PROPERTIES (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr P Jhumat
Director
Company registration number 11261892 (England and Wales)
BELGRAVE PROPERTIES (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
100
18,041,280
-
0
879,927
18,921,307
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
2,050,350
685,945
2,736,295
Dividends
-
-
-
(236,000)
(236,000)
Balance at 31 December 2022
100
18,041,280
2,050,350
1,329,872
21,421,602
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
474,847
474,847
Dividends
-
-
-
(300,000)
(300,000)
Balance at 31 December 2023
100
18,041,280
2,050,350
1,504,719
21,596,449
BELGRAVE PROPERTIES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Belgrave Properties (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 555-557 Cranbrook Road, Gants Hill, Ilford, Essex, England, IG2 6HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BELGRAVE PROPERTIES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
23,600,000
BELGRAVE PROPERTIES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Investment property
(Continued)
- 6 -

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,484,550
4,014,451
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
146,107
160,901
Other taxation and social security
525
(1,357)
Other creditors
27,192
27,672
Accruals and deferred income
400
-
0
174,224
187,216

 

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
6,500,000
6,500,000

The bank loan is secured by a fixed and floating charge over the assets of the company.

7
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
2,050,350
-
Non distributable profits in the year
-
2,050,350
At the end of the year
2,050,350
2,050,350
BELGRAVE PROPERTIES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Key management personnel
142
582
Other related parties
-
40

At the balance sheet date, £142 (2022 - £582) was owed to the directors.

 

At the balance sheet date, Nil (2022 - £40) was owed to related party company. The related party companies are controlled by one of the director.

2023
2022
Amounts due from related parties
£
£
Other related parties
4,337,627
3,720,000

At the balance sheet date, £4,337,627 (2022 - £3,720,000) was owed by related party company. The related party companies are controlled by one of the director.

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