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Company No: 08994786 (England and Wales)

BRISTOL TRIANGLE PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

BRISTOL TRIANGLE PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

BRISTOL TRIANGLE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
BRISTOL TRIANGLE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 4,940,000 4,940,000
4,940,000 4,940,000
Current assets
Debtors 4 22,267 65,205
Cash at bank and in hand 101,834 55,802
124,101 121,007
Creditors: amounts falling due within one year 5 ( 365,922) ( 334,735)
Net current liabilities (241,821) (213,728)
Total assets less current liabilities 4,698,179 4,726,272
Creditors: amounts falling due after more than one year 6 ( 910,825) ( 1,064,439)
Provision for liabilities ( 489,095) ( 488,555)
Net assets 3,298,259 3,173,278
Capital and reserves
Called-up share capital 7 2,000 2,000
Share premium account 624,576 624,576
Profit and loss account 10 2,671,683 2,546,702
Total shareholders' funds 3,298,259 3,173,278

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bristol Triangle Properties Limited (registered number: 08994786) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Mr S B Harris
Director
BRISTOL TRIANGLE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
BRISTOL TRIANGLE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bristol Triangle Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 132 Whiteladies Road, Clifton, Bristol, BS8 2RS.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 4,940,000
As at 30 April 2024 4,940,000

Valuation

The investment properties were valued by the directors on an open market basis as at the year end.

4. Debtors

2024 2023
£ £
Trade debtors 0 9,029
Amounts owed by directors 0 39,097
Prepayments 3,817 2,724
Other debtors 18,450 14,355
22,267 65,205

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 159,043 164,471
Amounts owed to associates 100,000 100,000
Accruals and deferred income 51,905 45,265
Corporation tax 54,974 24,999
365,922 334,735

Bank loans are secured by a fixed and floating charge on the investment properties and an unlimited debeture from the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 910,825 1,064,439

Bank loans are secured by a fixed and floating charge on the investment properties and an unlimited debeture from the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 274,654 735,496

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
250 A1 Ordinary shares of £ 1.00 each 250 250
250 A2 Ordinary shares of £ 1.00 each 250 250
500 B Ordinary shares of £ 1.00 each 500 500
500 C Ordinary shares of £ 1.00 each 500 500
500 D ordinary shares of £ 1.00 each 500 500
2,000 2,000

8. Financial commitments

Other financial commitments

2024 2023
£ £
Commitments in respect to participating interests 1,069,868 1,228,910

Together with a company under common ownership, the company is subject to an Omnibus Guarantee and set off agreement in favour of the company's bankers. Under this agreement each company has provided a guarantee to settle the total net amounts due to the bank from each company.

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
A company under common control 100,000 100,000

Transactions with the entity's directors

2024 2023
£ £
Loans to directors 0 39,097

Advances

No advances were made to the directors during the period. Interest was charged on the loan at 2.25% for the period in which a loan balance was in existence. £39,097 has been repaid during the period to bring the balance at the year end down to £Nil.

10. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £1,605,493 (2023: £1,606,033).