Company Registration No. 02735015 (England and Wales)
Bective Leslie Marsh Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Bective Leslie Marsh Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Bective Leslie Marsh Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
759
10,025
Creditors: amounts falling due within one year
5
(870,599)
(879,865)
Net current liabilities
(869,840)
(869,840)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(869,940)
(869,940)
Total equity
(869,840)
(869,840)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
N Verman
Director
Company Registration No. 02735015
Bective Leslie Marsh Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
Bective Leslie Marsh Limited is a private company limited by shares incorporated in England and Wales. The registered office is Montpelier House, 106 Brompton Road, Knightsbridge, SW3 1JJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company in the prior year hived up all trade and assets to its parent company Druce & Co (International) Limited. In the current year the company has not traded, with only balances remaining being due to the parent company. The company has the continued support of its parent company. The directors have prepared the financial statements on a going concern basis as they have the financial support of the parent company.true
Bective Leslie Marsh Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.3
Turnover
The nature, timing and satisfaction of performance obligations and significant payment terms of the
company's major sources of revenue are as follows:
The company recognises revenue from the following major sources:
· Commisions for sales of residential property
· Commisions for securing a letting for the landlord
· Commisions for collecting rent on behalf of the landlord
· Commisions for managing the letting on behalf of the landlord
Commisions for sales of residential property
Commission earned on sales of residential property is recognized on exchange of contract.
Commisions for securing a letting for the landlord
The Company satisfies its performance obligation at the point the letting is secured and recognizes initial lettings commission at this point. The initial lettings commission is determined by applying the contractual commission percentages to the value of the rental over the non-cancellable period. Once the non-cancellable period has passed, and the contract can be terminated in accordance with the break clause, the contract is accounted for as a rolling contract with optional renewals.
This commission is recognized over time in line with the contract between the Company and the landlord which has been determined to be a cancellable contract, due to the landlord having the ability to cancel the contract at any time once the non-cancellable period has passed. If the contract is cancelled, the Company refunds any initial commissions paid by the landlord on a pro-rata basis.
Commisions for collecting rent on behalf of the landlord
Commission for rent collection services is recognised over the life of the contract on a straight-line basis which is in line with the satisfaction of the performance obligation, measured using a mark-up on the estimated costs allocated to the provision of the service.
Commisions for managing the letting on behalf of the landlord
Property management services are recognised over the life of the contract on a straight-line basis which is in line with the satisfaction of the performance obligation.
1.4
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Bective Leslie Marsh Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Bective Leslie Marsh Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,660
Corporation tax recoverable
365
Other debtors
759
759
10,025
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
381
21,469
Trade creditors
(10,389)
Amounts owed to group undertakings
870,218
737,674
Taxation and social security
131,111
870,599
879,865
6
Related party transactions
The following amounts were outstanding at the reporting end date:
At the year end, Bective Leslie Marsh Limited owe £870,218 (2022: £737,674) to Druce & Co (International) Limited. These amounts are included in note 5.
Bective Leslie Marsh Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
7
Parent company
The parent company of Bective Leslie Marsh Limited is Druce & Co Holdings Pte. Ltd. a company registered in Singapore.
The ultimate control of the business is held by P Treruangrachada.