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Company No: 00589369 (England and Wales)

BELLEVUE DEVELOPMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

BELLEVUE DEVELOPMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

BELLEVUE DEVELOPMENT COMPANY LIMITED

BALANCE SHEET

As at 31 July 2024
BELLEVUE DEVELOPMENT COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,407 22,225
Investment property 4 7,994,714 7,994,714
8,008,121 8,016,939
Current assets
Debtors 5 73,047 113,822
Cash at bank and in hand 913,559 761,331
986,606 875,153
Creditors: amounts falling due within one year 6 ( 615,927) ( 286,765)
Net current assets 370,679 588,388
Total assets less current liabilities 8,378,800 8,605,327
Provision for liabilities 7 ( 1,697,632) ( 1,697,632)
Net assets 6,681,168 6,907,695
Capital and reserves
Called-up share capital 8 3 3
Profit and loss account 6,681,165 6,907,692
Total shareholders' funds 6,681,168 6,907,695

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bellevue Development Company Limited (registered number: 00589369) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

M Vallis
Director
BELLEVUE DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
BELLEVUE DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bellevue Development Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Valiant House, 12 Knoll Rise, Orpingtom, BR6 0PG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

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 the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover comprises the fair value of rents and fees received or receivable 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.

Taxation

Current tax
Current 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.

The current corporation 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 taxable income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 86,624 86,624
Additions 1,038 1,038
At 31 July 2024 87,662 87,662
Accumulated depreciation
At 01 August 2023 64,399 64,399
Charge for the financial year 9,856 9,856
At 31 July 2024 74,255 74,255
Net book value
At 31 July 2024 13,407 13,407
At 31 July 2023 22,225 22,225

4. Investment property

Investment property
£
Valuation
As at 01 August 2023 7,994,714
As at 31 July 2024 7,994,714

The value of investment properties is considered annually by the director on the basis of estimated market value,
which is deemed to be not materially difference to fair value. The director considers there have been no material
changes to valuations since the end of the last financial year.

5. Debtors

2024 2023
£ £
Trade debtors 35,804 71,620
Other debtors 37,243 42,202
73,047 113,822

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 96,651 37,754
Other creditors 519,276 249,011
615,927 286,765

7. Provision for liabilities

2024 2023
£ £
Deferred tax 1,697,632 1,697,632

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 A ordinary share of £ 1.00 1 1
1 B ordinary share of £ 1.00 1 1
1 C ordinary share of £ 1.00 1 1
3 3

The profit and loss account includes £5,953,138 (2023: £5,953,138) of non distributable profits in relation to unrealised revaluation gains.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 449,937 202,206

The above loans are provided interest free and are repayable on demand.