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Registration number: 12432324

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

(Registration number: 12432324)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,600,078

896,870

Current assets

 

Debtors

5

2,098

382

Cash at bank and in hand

 

54,192

17,949

 

56,290

18,331

Creditors: Amounts falling due within one year

6

(1,662,518)

(831,763)

Net current liabilities

 

(1,606,228)

(813,432)

Total assets less current liabilities

 

(6,150)

83,438

Creditors: Amounts falling due after more than one year

6

-

(114,757)

Provisions for liabilities

1,531

7,012

Net liabilities

 

(4,619)

(24,307)

Capital and reserves

 

Called up share capital

100

100

Other reserves

21,624

(22,936)

Retained earnings

(26,343)

(1,471)

Shareholders' deficit

 

(4,619)

(24,307)

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 his 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.

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.

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

(Registration number: 12432324)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 4 March 2024
 

.........................................
Mr R Bell
Director

   
     
 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ
England

The principal place of business is:
Deermead Cottage
Broad Road
Worstead
NR28 9RU

These financial statements were authorised for issue by the director on 4 March 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 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 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had net current liabilities of £1,606,227 (2022: £813,432) and retained losses of £26,343 (2022: £24,407). The director has pledged to continue to financially support the company for the foreseeable future. On this basis, the director feels that it is appropriate to prepare these financial statements on a going concern basis.

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents received from tenants in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% Straight line

Motor Vehicles

25% Reducing balance

Plant and Machinery

25% Straight line

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by either an external valuer or the director. In determining the value, observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset are used. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from tenants for rents due in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly
through the profit and loss account.

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 at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

3

Staff numbers

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

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

889,413

573

7,200

-

897,186

Revaluations

26,697

-

-

-

26,697

Additions

667,074

-

-

12,153

679,227

At 31 December 2023

1,583,184

573

7,200

12,153

1,603,110

At 1 January 2023

-

16

300

-

316

Charge for the year

-

189

1,725

802

2,716

At 31 December 2023

-

205

2,025

802

3,032

Carrying amount

At 31 December 2023

1,583,184

368

5,175

11,351

1,600,078

At 31 December 2022

889,413

557

6,900

-

896,870

Included within the net book value of land and buildings above is £1,583,184 (2022 - £889,413) in respect of freehold land and buildings.

There has been no valuation of investment properties by an independant valuer. The Directors' have considered the market value of the properties and consider the current value is representative of the market value of the investment properties at the balance sheet date. The investment properties have securities held as detailed in Note 11.


 

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

860

-

Prepayments

 

1,238

382

   

2,098

382

 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

242

-

Accruals and deferred income

2,685

1,800

Other creditors

1,659,591

829,963

1,662,518

831,763

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

114,757

Details of any secured borrowings are included in Note 8 to these financial statements.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

114,757

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Bell Property Rentals Limited

trading as Bell Property Rentals Limited

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

9

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr R Bell

(156,734)

5,294

(1,507,860)

(1,659,301)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr R Bell

(951)

122,529

(278,312)

(156,734)

         
       

 

This loan is provided interest free and is repayable on demand.

Summary of transactions with other related parties

At the balance sheet date, the company was owed £680 (2022: £NIL) from Bell Commercial Properties Limited and £180 (2022: £NIL) from Wow Norfolk Holiday Cottages Limited. Both of these companies are connected by Mr R Bell via common directorship. These loans are provided interest free and are repayable on demand.
 

10

Ultimate controlling party

The ultimate controlling party is Mr R Bell, the sole director and shareholder of the company.