Beck Property Holdings Limited |
|
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Beck Property Holdings Limited for the year ended 31 May 2024 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Beck Property Holdings Limited for the year ended 31 May 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/ en/members/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Beck Property Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2023. Our work has been undertaken solely to prepare for your approval the accounts of Beck Property Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Beck Property Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beck Property Holdings Limited and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Beck Property Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Beck Property Holdings Limited. You consider that Beck Property Holdings Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the accounts of Beck Property Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. |
|
Keith Graham |
Chartered Accountants |
Suite 2 Wesley Chambers |
Queens Road |
Aldershot |
Hampshire |
GU11 3JD |
|
2 September 2024 |
|
Beck Property Holdings Limited |
Registered number: |
10168904 |
Balance Sheet |
as at 31 May 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
406,000 |
|
|
260,000 |
|
Current assets |
Debtors |
4 |
|
236 |
|
|
237 |
Cash at bank and in hand |
|
|
31,625 |
|
|
219,042 |
|
|
|
31,861 |
|
|
219,279 |
|
Creditors: amounts falling due within one year |
5 |
|
(352,667) |
|
|
(358,076) |
|
Net current liabilities |
|
|
|
(320,806) |
|
|
(138,797) |
|
Total assets less current liabilities |
|
|
|
85,194 |
|
|
121,203 |
|
|
Provisions for liabilities |
|
|
|
(14,150) |
|
|
(19,572) |
|
|
Net assets |
|
|
|
71,044 |
|
|
101,631 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Fair value reserve |
|
|
|
42,449 |
|
|
58,715 |
Profit and loss account |
|
|
|
28,593 |
|
|
42,914 |
|
Shareholders' funds |
|
|
|
71,044 |
|
|
101,631 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr P J Beck |
Director |
Approved by the board on 2 September 2024 |
|
Beck Property Holdings Limited |
Notes to the Accounts |
for the year ended 31 May 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, of residential and non-residential letting and rental services provided to customers. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Investment properties |
Revalued to fair value annually |
|
|
Investment properties |
|
Paragraph 16.7 of FRS 102 requires investment properties to be measured at fair value at each reporting date. All increases and decreases in value are taken to the profit and loss in the year. Information regarding the valuation method can be seen in note 3. |
|
|
Judgement of valuers |
|
The accounts contains estimated figures that are based on assumptions made by the directors that are otherwise uncertain in relation to the investment property values. Estimates are made taking into account historical experience, current trends and other relevant factors. However, because balances cannot be determined with certainty, actual results could be different from the estimates. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
Investment property |
Land and buildings |
£ |
|
Valuation |
|
At 1 June 2023 |
260,000 |
|
Additions |
167,688 |
|
Deficit on revaluation |
(21,688) |
|
At 31 May 2024 |
406,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 May 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2024 |
406,000 |
|
At 31 May 2023 |
260,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
£ |
£ |
|
Historical cost |
349,401 |
|
181,713 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
349,401 |
|
181,713 |
|
The valuation was carried out by Mrs L Beck, a director in the company, as at the 31 May 2024. This valuation was calculated through the use of freely available online property valuation websites, adjusted for timing based on any movements for the year end and Mrs L Beck's knowledge and understanding of the property market in the local area. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
236 |
|
237 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
168 |
|
5,891 |
|
Other creditors |
352,499 |
|
352,185 |
|
|
|
|
|
|
352,667 |
|
358,076 |
|
|
|
|
|
|
|
|
|
|
6 |
Other information |
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Beck Property Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suite 2 Wesley Chambers |
|
Queens Road |
|
Aldershot |
|
Hampshire |
|
GU11 3JD |
|
|
The financial statements are presented in Sterling, which is the functional currency of the company. |