Registered number
03075795
Belfast Linen Property Limited
Filleted Accounts
31 December 2023
Belfast Linen Property Limited
Registered number: 03075795
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,596,958 3,036,988
Current assets
Debtors 4 133,629 253,921
Cash at bank and in hand 353,381 404,204
487,010 658,125
Creditors: amounts falling due within one year 5 (417,692) (463,085)
Net current assets 69,318 195,040
Total assets less current liabilities 3,666,276 3,232,028
Creditors: amounts falling due after more than one year 6 (135,192) (149,636)
Net assets 3,531,084 3,082,392
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 1,975,000 1,400,000
Profit and loss account 1,556,082 1,682,390
Shareholders' funds 3,531,084 3,082,392
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. H. A. L. Nichols
Director
Approved by the board on 19 September 2024
Belfast Linen Property Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 50% reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 January 2023 3,000,000 40,350 3,040,350
Additions 3,464 - 3,464
Surplus on revaluation 575,000 - 575,000
At 31 December 2023 3,578,464 40,350 3,618,814
Depreciation
At 1 January 2023 - 3,362 3,362
Charge for the year - 18,494 18,494
At 31 December 2023 - 21,856 21,856
Net book value
At 31 December 2023 3,578,464 18,494 3,596,958
At 31 December 2022 3,000,000 36,988 3,036,988
St. Andrews Street was revalued in July 2024 by UK estate agents Avison Young on a market value basis.
4 Debtors 2023 2022
£ £
Trade debtors 9,388 9,388
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 20,133
Other debtors 124,241 224,400
133,629 253,921
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,755 13,755
Trade creditors 75,150 11,718
Amounts owed to group undertakings and undertakings in which the company has a participating interest 289,862 340,515
Taxation and social security costs 5,753 44,289
Other creditors 33,172 52,808
417,692 463,085
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 135,192 149,636
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 113,278 122,187
The bank loans are secured against the comapny's property.
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 1,400,000 1,400,000
Gain on revaluation of land and buildings 575,000 -
At 31 December 2023 1,975,000 1,400,000
9 Controlling party
Belfast Linen Holdings Limited, Restwell House, Coldhams Road, Cambridge, CB1 3EW
10 Other information
Belfast Linen Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
Restwell House
Coldhams Road
Cambridge
CB1 3EW
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