Company Registration No. 09102477 (England and Wales)
Bon Land Investments Ltd
Unaudited Financial Statements
for the year ended 30 June 2024
Bon Land Investments Ltd
Unaudited Financial Statements
Contents
Bon Land Investments Ltd
Company Information
for the year ended 30 June 2024
Company Number
09102477 (England and Wales)
Registered Office
International House
36- 38 Cornhill
London
EC3V 3NG
Accountants
Harmony Accountancy Limited
Chartered Certified Accountant
124 City Road
London
EC1V 2NX
Bon Land Investments Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
1,602,634
1,697,109
Investment property
567,726
562,525
Cash at bank and in hand
376,415
573,962
Creditors: amounts falling due within one year
(553,023)
(500,925)
Net current assets
427,323
759,995
Total assets less current liabilities
2,597,683
3,019,629
Creditors: amounts falling due after more than one year
(558,218)
(1,242,018)
Net assets
2,039,465
1,777,611
Called up share capital
1
1
Profit and loss account
2,039,464
1,777,610
Shareholders' funds
2,039,465
1,777,611
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 September 2024 and were signed on its behalf by
Aiden Kang
Director
Company Registration No. 09102477
Bon Land Investments Ltd
Notes to the Accounts
for the year ended 30 June 2024
Bon Land Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 09102477. The registered office is International House, 36- 38 Cornhill, London, EC3V 3NG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Lease improvement over lease period
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Bon Land Investments Ltd
Notes to the Accounts
for the year ended 30 June 2024
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Bon Land Investments Ltd
Notes to the Accounts
for the year ended 30 June 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Land & buildings
Charge for the year
94,475
Fair value at 1 July 2023
562,525
Amounts falling due within one year
Trade debtors
319,931
602,958
Amounts due from group undertakings etc.
200,000
-
Other debtors
84,000
84,000
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
109,893
102,809
Other creditors
302,118
299,737
Deferred income
120,125
91,375
Bon Land Investments Ltd
Notes to the Accounts
for the year ended 30 June 2024
8
Creditors: amounts falling due after more than one year
2024
2023
9
Operating lease commitments
2024
2023
At 30 June 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
420,000
382,500
Later than one year and not later than five years
1,680,000
1,680,000
Later than five years
5,030,418
5,450,418
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).