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Registration number: 13449856

Bushey Residential Limited

Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Bushey Residential Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Bushey Residential Limited

Company Information

Director

Stephen John Murphy

Registered office

Lodge Farm
Lodge Lane
Chalfont St Giles
Buckinghamshire
HP8 4AH

Accountants

Carbon Accountancy Limited
80-83 Long Lane
London
EC1A 9ET

 

Bushey Residential Limited

(Registration number: 13449856)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

3,068,718

1,961,310

Debtors

8,738

7,795

Cash at bank and in hand

 

1,418

10,127

 

3,078,874

1,979,232

Creditors: Amounts falling due within one year

(1,616,373)

(436,056)

Total assets less current liabilities

 

1,462,501

1,543,176

Creditors: Amounts falling due after more than one year

(1,693,122)

(1,612,497)

Net liabilities

 

(230,621)

(69,321)

Capital and reserves

 

Called up share capital

4

2

2

Retained earnings

(230,623)

(69,323)

Shareholders' deficit

 

(230,621)

(69,321)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 September 2024
 

.........................................
Stephen John Murphy
Director

 

Bushey Residential Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Lodge Farm
Lodge Lane
Chalfont St Giles
Buckinghamshire
HP8 4AH

These financial statements were authorised for issue by the director on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Bushey Residential Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Bushey Residential Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

4

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

5

Related party transactions


Under FRS 102, details are not given in respect of transactions entered into between two or more members of the group to which the company belongs as all subsidiaries are wholly owned by the parent undertaking Clearview Property Group Limited.

 

Property development costs included £1,143,078 (2022 - £360,648) rendered from a company in which the director had an interest.

Current liabilities includes an interest bearing property development loan of £1,578,574 (2022 - £428,975) including £88,041 accrued interest (2022 - £13,250) from the same company .

Other long term borrowings includes an interest bearing loan of £1,693,122 (2022 - £1,612,497) including accrued interest of £118,077 (2022 - £37,452) from this same company.

 

6

Parent and ultimate parent undertaking

The company's immediate parent is Clearview Property Group Limited, incorporated in England.