Bordcrest Properties Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 00945263 (England and Wales)
Bordcrest Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Bordcrest Properties Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14
19
Investment properties
5
1,368,777
1,368,777
1,368,791
1,368,796
Current assets
Debtors
6
1,182,928
1,202,059
Cash at bank and in hand
16,190
9,197
1,199,118
1,211,256
Creditors: amounts falling due within one year
7
(413,539)
(434,334)
Net current assets
785,579
776,922
Total assets less current liabilities
2,154,370
2,145,718
Provisions for liabilities
(39,492)
(39,492)
Net assets
2,114,878
2,106,226
Capital and reserves
Called up share capital
8
200
200
Revaluation reserve
9
495,694
495,694
Profit and loss reserves
1,618,984
1,610,332
Total equity
2,114,878
2,106,226

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

Bordcrest Properties Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
R Albrow
Director
Company Registration No. 00945263
Bordcrest Properties Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

Bordcrest Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.

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 £.

1.2
Going concern

The directors have assessed whether the use of going concern is appropriate and have considered financial information for the current year to date, projections or conditions that might cast significant doubt on the ability of the company to continue as a going concern and concluded that going concern is an appropriate basis on which to draw up the accounts.true

1.3
Turnover

Turnover represents investment property rental income stated net of VAT and discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

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. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Bordcrest Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
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.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.9
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.

1.10
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Bordcrest Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below.

 

Investment property valuation

The valuation is based on the market value assessment performed by the directors.

 

3
Employees
The company did not employ any staff during the year
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
18,902
Depreciation
At 1 April 2023
18,883
Depreciation charged in the year
5
At 31 March 2024
18,888
Carrying amount
At 31 March 2024
14
At 31 March 2023
19
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,368,777
Bordcrest Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
5
Investment property
(Continued)
Page 6

Investment properties are valued annually by the directors on an open market basis.

 

The historic cost equivalent net book value of the properties is £833,591 (2023: £833,591).

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
36,889
39,450
Other debtors
1,146,039
1,162,609
1,182,928
1,202,059
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
16,039
19,040
Other taxation and social security
3,500
6,119
Other creditors
388,000
388,000
Accruals and deferred income
6,000
21,175
413,539
434,334
8
Called up share capital
2024
2023
£
£
Alloted, called up and fully paid
200 Ordinary Shares of £1 each
200
200
Bordcrest Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
9
Revaluation reserve
2024
2023
£
£
At beginning of year
495,694
624,189
Deferred tax on revaluation of tangible assets
-
(9,478)
Deferred tax - previous years
-
(53,065)
Disposals
-
(65,952)
At end of year
495,694
495,694
10
Related party transactions

During the year the company paid dividends of £50,000 (2023: £66,000), of which £25,000 (2023: £33,000) was paid to R Albrow, a director of the company, £25,000 (2023: £33,000) was paid to K S Dutton, a director of the company.

 

Included within other debtors is an amount of £nil (2023: £6,570) due from The estate of E D Albrow, a trust in which R Albrow and K S Dutton hold a beneficial interest. £6,570 has been written off during the year in respect of the balance owed by the Trust, £463,600 (2023: £463,600) due from Chestram Property Co. Limited, a company in which R Albrow is a common director and K S Dutton is a common shareholder, and £601,958 (2023: £611,958) due from G Holmes White (Properties) Limited, a company in which R Albrow is a common director and K S Dutton is a common shareholder.

 

Included within other creditors is an amount of £388,000 (2023: £388,000), due to E.E. & A. Tee Limited, a company in which R Albrow is a common director and K S Dutton is a common shareholder.

 

11
Control
In the opinion of the directors the Company has no one controlling party.
2024-03-312023-04-01false28 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityR AlbrowK S DuttonS J Clarkfalsefalse009452632023-04-012024-03-31009452632024-03-31009452632023-03-3100945263core:OtherPropertyPlantEquipment2024-03-3100945263core:OtherPropertyPlantEquipment2023-03-3100945263core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100945263core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100945263core:ShareCapital2024-03-3100945263core:ShareCapital2023-03-3100945263core:RevaluationReserve2024-03-3100945263core:RevaluationReserve2023-03-3100945263core:RetainedEarningsAccumulatedLosses2024-03-3100945263core:RetainedEarningsAccumulatedLosses2023-03-3100945263bus:Director12023-04-012024-03-3100945263core:PlantMachinery2023-04-012024-03-3100945263core:OtherPropertyPlantEquipment2023-03-3100945263core:OtherPropertyPlantEquipment2023-04-012024-03-31009452632023-03-3100945263core:CurrentFinancialInstruments2024-03-3100945263core:CurrentFinancialInstruments2023-03-3100945263bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100945263bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100945263bus:FRS1022023-04-012024-03-3100945263bus:AuditExemptWithAccountantsReport2023-04-012024-03-3100945263bus:Director22023-04-012024-03-3100945263bus:CompanySecretary12023-04-012024-03-3100945263bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP