REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Blenheim Estates Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Blenheim Estates Limited |
Blenheim Estates Limited (Registered number: 03443117) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Blenheim Estates Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
Blenheim Estates Limited (Registered number: 03443117) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Blenheim Estates Limited (Registered number: 03443117) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Blenheim Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Blenheim Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Investment property |
Initial measurement |
Investment properties are initially measured at cost. |
Subsequent measurement |
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Blenheim Estates Limited (Registered number: 03443117) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash at bank |
Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Funds are released by the lender for the company's use only when required to settle liabilities including corporation tax. |
Going concern |
The financial statements have been prepared on a going concern basis which the director considers appropriate. This basis is dependent upon the continued support of the company's bankers and other creditors. The financial statements do not include any adjustments that would result from a withdrawal of financial support from the creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 3,357,825 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
At 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 2023 | 15,669,576 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 9,613,336 | 9,572,530 |
The investment properties were valued on an open market basis on 31 December 2023 by the director . |
Blenheim Estates Limited (Registered number: 03443117) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments & accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accruals & deferred income |
The bank loans and overdrafts are made up as follows: |
2023 | 2022 |
£ | £ |
Bank loans | 6,000,000 | - |
Loan arrangement fees | (21,163 | ) | - |
5,978,837 | - |
The directors are currently in negotiations with the lender to refinance the loan and are confident that this will be successfully completed in due course. As part of the refinancing, the lender has extended the current facilities to January 2025. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans repayable in 2-5 |
years |
Loan arrangement fees | - | (49,380 | ) |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans | 6,000,000 | 7,291,512 |
These loans are secured by legal charges on the investment properties. |
10. | CONTINGENT LIABILITIES |
The assets of the company are held as security formally charged to the company's bank under an intercompany guarantee between the company and it's subsidiary undertaking, Blenheim Nursing Homes Limited. At the year end, the bank liability in Blenheim Nursing Homes Limited was £Nil. |
Blenheim Estates Limited (Registered number: 03443117) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RETAINED EARNINGS |
The retained earnings of £8,487,341 (2022: £8,185,374) comprise distributable reserves of £2,431,101 (2022: £2,129,134) and non-distributable reserves of £6,056,240 (2022: £6,056,240) which relate to property revaluations less related deferred tax provision. |
12. | CASH AT BANK |
Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Funds are released by the lender for use only when required to settle liabilities including corporation tax. At the year end, the amount included in the cash at bank total under the control of the lender amounted to £268,310 (2022: £303,009). |