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Registered number: 11306869










BERKSHIRE WESTERN BAYSWATER LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BERKSHIRE WESTERN BAYSWATER LIMITED
REGISTERED NUMBER: 11306869

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Investment property
  
7,700,000
6,080,000

  
7,700,000
6,080,000

Current assets
  

Debtors: Amounts falling due within one year
 6 
110,383
16,857

Cash at bank and in hand
 7 
288,317
278,194

  
398,700
295,051

Creditors: Amounts falling due within one year
 8 
(6,235,997)
(3,301,610)

Net current liabilities
  
 
 
(5,837,297)
 
 
(3,006,559)

Total assets less current liabilities
  
1,862,703
3,073,441

Creditors: Amounts falling due after more than one year
 9 
-
(1,732,500)

Provisions for liabilities
  

Deferred tax
  
(581,075)
(382,534)

  
 
 
(581,075)
 
 
(382,534)

Net assets
  
1,281,628
958,407


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
1,281,627
958,406

  
1,281,628
958,407


Page 1

 
BERKSHIRE WESTERN BAYSWATER LIMITED
REGISTERED NUMBER: 11306869
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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: 

................................................
W K D Laxton
Director

Date: 19 September 2024

Page 2

 
BERKSHIRE WESTERN BAYSWATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Berkshire Western Bayswater Limited is a private company, limited by shares, registered in England and Wales. Its registered number is11306869  and trading address is 2 Babmaes Street, London, SW1Y 6HD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis. The Company recorded a profit before tax for the financial year of £1,347,598 and had net assets of £1,261,628 at the date of the Statement of Financial Position. 
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Revenue

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BERKSHIRE WESTERN BAYSWATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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 reporting 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 reporting 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 not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
BERKSHIRE WESTERN BAYSWATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.
Prior year adjustment


2022 (Original)
Adjustment
2022 (Restated)

£
£
£

Statement of financial position

Stocks
4,549,864
(4,549,864)
-

Investment property
-
6,080,000
6,080,000

Profit and loss account
(189,196)
1,530,136
1,340,940

Deferred tax
(382,534)
(382,534)

Statement of comprehensive income

Fair value movement
-
(1,420,000)
(1,420,000)

Operating  profit/(loss)
(74,100)
(1,420,000)
(1,494,100)

Profit/(loss) before tax
(98,009)
(1,420,000)
(1,518,009)

Tax on profit/(loss)
-
394,563
394,563

Profit/(loss) for the financial year
(98,009)
(1,025,437)
(1,123,446)

A restatement of the prior year’s comparative financial information has been made to reclassify a property from stock to investment property (with a corresponding deferred taxation adjustment thereon). The Directors have identified that the property had been inappropriately classified as stock from the date of acquisition and as such the restatement has effect from 1 January 2022 in these financial statements. Gains in the valuation of the property and the corresponding deferred tax liability arising on the unrealised gain have been recognised in respect of this adjustment for the prior year ended 31 December 2022, and are recognised in the statement of comprehensive income.
Page 5

 
BERKSHIRE WESTERN BAYSWATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023



5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
6,080,000


Surplus on revaluation
1,620,000



At 31 December 2023
7,700,000

The 2023 valuations were made by CBRE, on an open market value for existing use basis in January 2024. The directors do not consider these valuations to be materially different to those as at 31 December 2023.






6.


Debtors

2023
2022
£
£


Other debtors
110,383
16,857



7.


Cash

2023
2022
£
£

Cash at bank and in hand
288,317
278,194



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,252,858
-

Amounts owed to group undertakings
3,856,740
3,242,740

Other creditors
67,000
-

Accruals and deferred income
59,399
58,870

6,235,997
3,301,610


Page 6

 
BERKSHIRE WESTERN BAYSWATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
1,732,500



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,252,858
-


Amounts falling due 2-5 years

Bank loans
-
1,732,500


-
1,732,500


2,252,858
1,732,500


The bank loan is secured on the property owned by the Company. Interest is charged on the loan at a rate of 9.25% per annum. The loan is due to be repaid in December 2024. 


11.


Deferred taxation




2023


£






At beginning of year
(382,534)


Charged to profit or loss
(198,541)



At end of year
(581,075)

Page 7

 
BERKSHIRE WESTERN BAYSWATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(581,075)
(382,534)

(581,075)
(382,534)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



13.


Related party transactions

The Company is wholly owned by Berkshire Western Bayswater Holdings Limited. At the year end the Company owed £3,856,740 (2022: £3,242,740) to Berkshire Western Bayswater Holdings Limited. 


14.


Controlling party

The immediate parent company is Berkshire Western Bayswater Holdings Limited, and the ultimate parent company is Mactaggart Heritable Limited, both of which are registered in England and Wales. Mactaggart Heritable Limited produces consolidated financial statements that are available to the public, from the Registrar of Companies at Companies House.
There is no single ultimate controlling party.

Page 8