COMPANY REGISTRATION NUMBER:
02818828
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Investments |
4 |
|
11,077,511 |
11,077,511 |
|
|
|
|
|
Current assets
Debtors |
5 |
142,235 |
|
166,231 |
Cash at bank and in hand |
625,557 |
|
1,037,077 |
|
--------- |
|
------------ |
|
767,792 |
|
1,203,308 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
6,185,546 |
|
7,129,441 |
|
------------ |
|
------------ |
Net current liabilities |
|
5,417,754 |
5,926,133 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
5,659,757 |
5,151,378 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
3,759,655 |
3,970,694 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
8 |
|
13,873 |
13,873 |
|
|
------------ |
------------ |
Net assets |
|
1,886,229 |
1,166,811 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
1,886,227 |
1,166,809 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,886,229 |
1,166,811 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
Company registration number:
02818828
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chichester Business Centre, Chichester Street, Rochdale, OL16 2AU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements that management have made in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements,
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Investments
|
Freehold investment property |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
11,077,511 |
|
------------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------------- |
|
|
Carrying amount |
|
At 31 December 2023 |
11,077,511 |
|
------------- |
At 31 December 2022 |
11,077,511 |
|
------------- |
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
142,023 |
166,019 |
Other debtors |
212 |
212 |
|
--------- |
--------- |
|
142,235 |
166,231 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
210,000 |
210,000 |
Trade creditors |
60,257 |
50,408 |
Corporation tax |
158,250 |
125,816 |
Social security and other taxes |
67,538 |
57,946 |
Beva Investments Limited |
|
|
Other creditors |
39,730 |
31,900 |
|
------------ |
------------ |
|
6,185,546 |
7,129,441 |
|
------------ |
------------ |
|
|
|
The bank loans and overdrafts are secured by a fixed and floating charge over the freehold property of the company together with a further fixed and floating charge over all the property or undertaking of the company.
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
3,759,655 |
3,970,694 |
|
------------ |
------------ |
|
|
|
The bank loans and overdrafts are secured by a fixed and floating charge over the freehold property of the company together with a further fixed and floating charge over all the property or undertaking of the company.
8.
Provisions
|
Deferred tax |
|
£ |
At 1 January 2023 and 31 December 2023 |
13,873 |
|
-------- |
|
|
9.
Summary audit opinion
The auditor's report dated
25 September 2024
was
unqualified
.
The senior statutory auditor was
Mr A. J. Wadsworth
, for and on behalf of
Edwards Veeder (UK) Limited
.
10.
Related party transactions
During the year, the company paid £Nil (2022: £11,219) management fees to Beva Investments Limited. At 31st December 2023 the company owed £5,649,771 (2022: £6,653,371) to Beva Investments Limited. Beva Investments Limited is the immediate parent company of
Beva Estates Limited
.
11.
Controlling party
The whole of the share capital of the company is owned by Beva Investments Limited, a company registered in England and Wales. The ultimate parent company is Beva Investments (Holdings) Limited.