Registered number: 02116957
Beverly House (Westminster) Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2024
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Beverly House (Westminster) Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Beverly House (Westminster) Limited for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beverly House (Westminster) Limited for the year ended 31 March 2024 which comprise 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Beverly House (Westminster) Limited, as a body, in accordance with the terms of our engagement letter dated 13 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Beverly House (Westminster) Limited and state those matters that we have agreed to state to the Board of Directors of Beverly House (Westminster) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beverly House (Westminster) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Beverly House (Westminster) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Beverly House (Westminster) Limited. You consider that Beverly House (Westminster) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Beverly House (Westminster) 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 financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
9 September 2024
Page 1
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Beverly House (Westminster) Limited
Registered number: 02116957
Balance Sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Dr S L Price
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Mr O A H Saeed
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The notes on pages 4 to 8 form part of these financial statements.
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Beverly House (Westminster) Limited
Statement of Changes in Equity
For the Year Ended 31 March 2024
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Comprehensive income for the year
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Transfer of deferred tax charge
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Transfer of deficit on revaluation
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Statement of Changes in Equity
For the Year Ended 31 March 2023
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Comprehensive income for the year
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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Beverly House (Westminster) Limited
Notes to the Financial Statements
For the Year Ended 31 March 2024
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
The principal place of business is:
The Office Beverly House
133/135 Park Road
London
NW8 7JB
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
These accounts are prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable in relation to ground rents.
Page 4
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Beverly House (Westminster) Limited
Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date. Deferred tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value determined annually by the directors with reference to current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Periodically the Investment property is valued by external valuers to ensure the accuracy of the carrying amount in the accounts. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 5 (2023 - 6).
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Page 5
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Beverly House (Westminster) Limited
Notes to the Financial Statements
For the Year Ended 31 March 2024
The 2024 valuation of the company flat and associated freehold ot the property was made by Symington Elvery, on an open market value for existing use basis.
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Amounts owed by associated service charge account
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Page 6
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Beverly House (Westminster) Limited
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Future tax payable on disposal of investment property
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Page 7
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Beverly House (Westminster) Limited
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Allotted, called up and fully paid
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65 (2023 - 65) Ordinary A shares of £0.10 each
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99,935 (2023 - 99,935) Ordinary B shares of £0.10 each
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Page 8
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