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COMPANY REGISTRATION NUMBER: 1523068
Beva Investments Limited
Filleted Financial Statements
31 December 2023
Beva Investments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
87,208
74,182
Investments
6
16,059,326
15,168,955
-------------
-------------
16,146,534
15,243,137
Current assets
Debtors
7
5,796,594
6,846,166
Cash at bank and in hand
2,913,213
2,852,075
------------
------------
8,709,807
9,698,241
Creditors: amounts falling due within one year
8
936,714
837,587
------------
------------
Net current assets
7,773,093
8,860,654
-------------
-------------
Total assets less current liabilities
23,919,627
24,103,791
Creditors: amounts falling due after more than one year
9
4,794,985
4,974,992
Provisions
Taxation including deferred tax
191,511
126,548
-------------
-------------
Net assets
18,933,131
19,002,251
-------------
-------------
Capital and reserves
Called up share capital
250,002
250,008
Profit and loss account
18,683,129
18,752,243
-------------
-------------
Shareholders funds
18,933,131
19,002,251
-------------
-------------
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 comprehensive income 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.
Beva Investments Limited
Statement of Financial Position (continued)
31 December 2023
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:
Mr W. P. Chadwick
Director
Company registration number: 1523068
Beva Investments Limited
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. 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.
Deferred government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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 (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The valuation of investment property, which at 31 December 2023 was £16,058,325 (31 December 2022: £15,167,953).
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the company has entered into a binding agreement to sell the assets and recognised the gains and losses expected to arise on sale or where the assets have been sold and it is expected that the taxable gain will be rolled over into a replacement asset. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently all investments are stated at fair value with changes in fair value and impairment losses being recognised in the statement of income and retained earnings.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
372,920
106,568
479,488
Additions
3,200
42,150
45,350
Disposals
( 24,451)
( 24,451)
---------
---------
---------
At 31 December 2023
376,120
124,267
500,387
---------
---------
---------
Depreciation
At 1 January 2023
349,970
55,336
405,306
Charge for the year
5,230
22,096
27,326
Disposals
( 19,453)
( 19,453)
---------
---------
---------
At 31 December 2023
355,200
57,979
413,179
---------
---------
---------
Carrying amount
At 31 December 2023
20,920
66,288
87,208
---------
---------
---------
At 31 December 2022
22,950
51,232
74,182
---------
---------
---------
6. Investments
Shares in group undertakings
Investment properties
Total
£
£
£
Cost
At 1 January 2023
1,002
16,711,925
16,712,927
Additions
890,371
890,371
-------
-------------
-------------
At 31 December 2023
1,002
17,602,296
17,603,298
-------
-------------
-------------
Impairment
At 1 January 2023 and 31 December 2023
1,543,972
1,543,972
-------
-------------
-------------
Carrying amount
At 31 December 2023
1,002
16,058,324
16,059,326
-------
-------------
-------------
At 31 December 2022
1,002
15,167,953
15,168,955
-------
-------------
-------------
The company owns 100% of the issued share capital of Merlin Trafford Park Limited, a company incorporated in England and Wales and registered at Chichester Business Centre, Chichester Street, Rochdale OL16 2AU. At 31 December 2023 it had aggregate capital and reserves of £44,721 (2022: £47,597). Its loss for the year was £2,407 (2022: profit for the year £1,685).
The company also owns 100% of the issued share capital of Beva Estates Limited, a company incorporated in England and Wales and registered at Chichester Business Centre, Chichester Street, Rochdale OL16 2AU. At 31 December 2023 it had aggregate capital and reserves of £1,886,229 (2022: £1,166,811). Its profit for the year was £719,418 (2022: £749,532).
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7. Debtors
2023
2022
£
£
Trade debtors
134,233
124,653
Other debtors
5,662,361
6,721,513
------------
------------
5,796,594
6,846,166
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
180,007
180,007
Trade creditors
236,815
154,846
Corporation tax
41,971
18,738
Social security and other taxes
15,923
13,079
Other creditors
461,998
470,917
---------
---------
936,714
837,587
---------
---------
Bank loans and overdrafts are secured on the investment properties of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,794,985
4,974,992
------------
------------
Bank loans and overdrafts are secured on the investment properties of the company.
10. Summary audit opinion
The auditor's report dated 25 September 2024 was unqualified .
The senior statutory auditor was Andrew Wadsworth FCCA , for and on behalf of Edwards Veeder (UK) Limited .
11. Directors' advances, credits and guarantees
At the year-end the directors were owed £400,008 (2022: £400,002), the balances were repayable on demand and interest of £18,000 (2022: £18,000) was paid.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Merlin Trafford Park Limited
32,089
5,326
79,355
73,168
Rochdale Estates Limited
1,000
1,239
1,239
Hamervale Estates Limited
1,712
9,554
7,448
Beva Estates Limited
(192,379)
5,649,771
6,653,371
Beva Build Limited
(882,208)
( 332,949)
( 180,595)
---------
---------
------------
------------
The company was under the control of Mr F Chadwick who is a director and major shareholder of Beva Investments (Holdings) Limited.
13. Controlling party
The whole of the share capital of the company is owned by Beva Investments (Holdings) Limited, a company registered in England and Wales.