REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Billinginvest Inc Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Billinginvest Inc Limited |
Billinginvest Inc Limited (Registered number: 05654662) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Billinginvest Inc Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Billinginvest Inc Limited (Registered number: 05654662) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Non distributable reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Billinginvest Inc Limited (Registered number: 05654662) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Billinginvest Inc Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
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. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Although the company had net current liabilities at 31 December 2023 of £45,385 (2022: £49,319) the financial statements have been prepared on a going concern basis. This basis assumes the continuing support of the parent company. The directors have received confirmation of such support. |
Turnover |
Turnover represents the net value of goods and services sold and rentals receivable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
Billinginvest Inc Limited (Registered number: 05654662) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2012 | 292,040 |
Valuation in 2015 | (66,877 | ) |
Cost | 174,837 |
400,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 174,837 | 174,837 |
The investment property was valued by the directors on 15 March 2019 based on current and local market knowledge and is still deemed to be valued the same at 31 December 2023. |
Costs of £66,877 were incurred during 2015 on land remediation. This cost has not affected the value of the land in the opinion of the directors. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation |
Other creditors |
Accrued expenses |
Billinginvest Inc Limited (Registered number: 05654662) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Revaluation of investment |
property | 57,000 | 57,000 |
57,000 | 57,000 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Balance at 31 December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | RESERVES |
Non |
Retained | distributable |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 293,680 |
Profit for the year |
At 31 December 2023 | 297,614 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Billinginvest Inc Limited (Registered number: 05654662) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
During the year the company undertook transactions with various related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as detailed below: |
Group companies |
2023 | 2022 |
£ | £ |
Loan provided to Billinginvest Inc Limited | 269,470 | 269,470 |
Expenses paid on behalf of Billinginvest Inc Limited | 1,445 | 2,300 |
Total amount owed by Billinginvest Inc Limited at the year end | 270,915 | 271,770 |
The loan is free of interest and repayable on demand. |
Other related parties - common control |
2023 | 2022 |
£ | £ |
Rental income received by Billinginvest Inc Limited | (39,240 | ) | (24,570 | ) |
Management fee invoiced to Billinginvest Inc Limited | 30,000 | 30,000 |
Corporation tax paid/received for Billinginvest Inc Limited | (3,378 | ) | 3,378 |
Repayment of related party balance | 3,810 | - |
Total amount owed (to)/from Billinginvest Inc Limited at the year end | (633 | ) | 8,175 |
No interest is charged on any outstanding balance. |
12. | ULTIMATE HOLDING COMPANY |
The ultimate holding company is International Process Plants & Equipment Corporation, 410 Princeton Hightstown Road, Princeton Junction, New Jersey, a company incorporated in United States of America. |