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Registered number: 05902468










BILDURN ESTATES LIMITED










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
BILDURN ESTATES LIMITED
Registered number: 05902468

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
32,206
45,212

Investment property
 4 
5,303,352
5,300,000

  
5,335,558
5,345,212

Current assets
  

Debtors: amounts falling due within one year
 5 
56,015
24,643

Cash at bank and in hand
  
108,448
195,395

  
164,463
220,038

Creditors: amounts falling due within one year
 6 
(4,463,712)
(4,739,443)

Net current liabilities
  
 
 
(4,299,249)
 
 
(4,519,405)

Total assets less current liabilities
  
1,036,309
825,807

Provisions for liabilities
  

Deferred tax
  
(5,635)
(5,635)

  
 
 
(5,635)
 
 
(5,635)

Net assets
  
1,030,674
820,172


Capital and reserves
  

Called up share capital 
 8 
100
100

Revaluation reserve
 7 
50,000
50,000

Profit and loss account
 7 
980,574
770,072

  
1,030,674
820,172


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 on 24 September 2024.



................................................
SPD Akins
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 1

 
BILDURN ESTATES LIMITED
Registered number: 05902468

Balance Sheet (continued)
As at 31 December 2023


Page 2

 
BILDURN ESTATES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Bildurn Estates Limited is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements.  The company's registration number is 05902468.  The company's place of business is located at St Mary's School, Plumptre Place, Nottingham, NG1 1LW. 
The financial statements have been prepared on a going concern basis under the historical cost convention modified to include items at fair value. The financial statements have been prepared in accordance with FRS 102 Section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the company and have been rounded to the nearest £1. 
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.

 
1.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding net current liabilities of £4,299,249. The directors of the ultimate parent company, SJC 15 Limited, and its subsidiaries have indicated their agreement to continue to provide financial support to the company such that the company is able to continue to trade and meet its debts and liabilities as they fall due and that they will not seek repayment of intercompany debts within twelve months of signing these financial statements.

 
1.3

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment property is carried at fair value 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 the Statement of comprehensive income.

 
1.4

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. Revenue comprises rents and service charges receivable, exclusive of value added tax. Revenue is therefore recognised in line with the lease agreement, as rents and charges fall due.

Page 3

 
BILDURN ESTATES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.5

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 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 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 balance sheet date.

 
1.6

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.

 
1.7

Short term debtors and creditors

Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

 
1.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
BILDURN ESTATES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


2.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


3.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
65,027



At 31 December 2023

65,027



Depreciation


At 1 January 2023
19,815


Charge for the year on owned assets
13,006



At 31 December 2023

32,821



Net book value



At 31 December 2023
32,206



At 31 December 2022
45,212

Page 5

 
BILDURN ESTATES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
5,300,000


Additions at cost
3,352



At 31 December 2023
5,303,352

At 31 December 2023 the investment property was valued by the directors on an open market basis for existing use.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
5,253,352
5,250,000


5.


Debtors

2023
2022
£
£


Trade debtors
20,700
9,500

Amounts owed by group undertakings
18,927
-

Other debtors
-
454

Prepayments and accrued income
16,388
14,689

56,015
24,643



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,444
6,423

Amounts owed to group undertakings
4,377,169
4,683,644

Corporation tax
69,099
35,376

Other creditors
14,000
14,000

4,463,712
4,739,443


Page 6

 
BILDURN ESTATES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Reserves

Revaluation reserve

This reserve is used to record changes in the fair value of land and buildings. The directors have reviewed the fair value of the investment properties during the year and have identified no uplift (2022: £nil). No deferred tax liability has been recognised in respect of this uplift due to the quantum of capital losses brought forward.

Profit and loss account

This reserve records retained earnings and accumulated losses.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33.1a from disclosing transactions with other wholly owned members of the group.


10.


Controlling party

The company's ultimate parent undertaking is SJC 15 Limited.
The largest group in which the results of the company are consolidated is SJC 15 Limited. Consolidated financial statements are available from the registered office 2 Lace Market Square, Nottingham, NG1 1PB.
The company is ultimately controlled by GH Akins (Jnr) and SPD Akins by virtue of their joint shareholding in SJC 15 Limited.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Sarah Flear (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 7