2023-10-012024-03-312024-03-31false11787113BANNING GROUP PROPERTIES 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BANNING GROUP PROPERTIES LTD

Registered Number
11787113
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

BANNING GROUP PROPERTIES LTD
Company Information
for the period from 1 October 2023 to 31 March 2024

Directors

EYRUMLU, Azad, Dr
SHAKIR, Honar

Company Secretary

EYRUMLU, Azad

Registered Address

12 Meridian Point Creek Road
London
SE8 3DB

Registered Number

11787113 (England and Wales)
BANNING GROUP PROPERTIES LTD
Balance Sheet as at
31 March 2024

Notes

31 Mar 2024

30 Sep 2023

£

£

£

£

Fixed assets
Intangible assets339,68143,084
Tangible assets412,090,5967,591,976
12,130,2777,635,060
Current assets
Debtors5481,978593,731
Cash at bank and on hand21,15712,087
503,135605,818
Creditors amounts falling due within one year6(122,039)(926,862)
Net current assets (liabilities)381,096(321,044)
Total assets less current liabilities12,511,3737,314,016
Creditors amounts falling due after one year7(10,000,170)(8,808,773)
Net assets2,511,203(1,494,757)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account2,510,203(1,495,757)
Shareholders' funds2,511,203(1,494,757)
The financial statements were approved and authorised for issue by the Board of Directors on 28 August 2024, and are signed on its behalf by:
EYRUMLU, Azad, Dr
Director
SHAKIR, Honar
Director

Registered Company No. 11787113
BANNING GROUP PROPERTIES LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery7
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year22
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 October 2368,04668,046
At 31 March 2468,04668,046
Amortisation and impairment
At 01 October 2324,96224,962
Charge for year3,4033,403
At 31 March 2428,36528,365
Net book value
At 31 March 2439,68139,681
At 30 September 2343,08443,084
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 October 235,838,083318,9822,364,08721,5738,542,725
Additions398,620---398,620
Revaluations4,470,000---4,470,000
At 31 March 2410,706,703318,9822,364,08721,57313,411,345
Depreciation and impairment
At 01 October 23246,496210,651480,84912,753950,749
Charge for year31,91939,873295,5112,697370,000
At 31 March 24278,415250,524776,36015,4501,320,749
Net book value
At 31 March 2410,428,28868,4581,587,7276,12312,090,596
At 30 September 235,591,587108,3311,883,2388,8207,591,976
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings-294,950
Other debtors245,295216,893
Prepayments and accrued income-1
Deferred tax asset, debtors81,88781,887
Total327,182593,731
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables77,075851,929
Bank borrowings and overdrafts27,03527,035
Finance lease and HP contracts17,92917,929
Accrued liabilities and deferred income-29,969
Total122,039926,862
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts2,598,0422,598,042
Amounts owed to related parties7,132,0195,931,659
Other creditors270,109279,072
Total10,000,1708,808,773
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts160,163169,127
9.Related party transactions
The intercompany balances consist entirely of related party transactions, which form part of the ultimate controlling party. The accumulated balance as at year end, owed by the company is £7,132,019 (2023 - £5,636,708)
10.Controlling party
The ultimate controlling party is Banning Holdings Ltd.
11.Change in reporting period and impact on comparability
Companies reporting period has been changed from 30th September last year to 31st March moving forward.