Company Registration No. 10292314 (England and Wales)
BM and W Property Limited
Unaudited financial statements
for the year ended 31 October 2023
Pages for filing with the registrar
BM and W Property Limited
Company information
Directors
William Salthouse
Barry Whelan
Marlon Fleischmann
Company number
10292314
Registered office
71 Queen Victoria Street
London
EC4V 4BE
BM and W Property Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
BM and W Property Limited
Statement of financial position
As at 31 October 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
960,000
960,000
Current assets
Debtors
5
2,100
2,100
Cash at bank and in hand
4,558
4,944
6,658
7,044
Creditors: amounts falling due within one year
6
(614,473)
(566,141)
Net current liabilities
(607,815)
(559,097)
Total assets less current liabilities
352,185
400,903
Creditors: amounts falling due after more than one year
7
(373,767)
(408,362)
Provisions for liabilities
(3,699)
(3,699)
Net liabilities
(25,281)
(11,158)
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
19,466
19,466
Profit and loss reserves
(44,847)
(30,724)
Total equity
(25,281)
(11,158)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BM and W Property Limited
Statement of financial position (continued)
As at 31 October 2023
2
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
William Salthouse
Director
Company Registration No. 10292314
BM and W Property Limited
Notes to the financial statements
For the year ended 31 October 2023
3
1
Accounting policies
Company information
BM and W Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment property at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors and related parties of the company have confirmed their financial support for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover represents rental income from investment property in the United Kingdom.
Turnover is recognised at the fair value of the consideration received or receivable and is shown net of VAT and other sales related taxes.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement and fair value reserve.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
BM and W Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies (continued)
4
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, which include creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
BM and W Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
5
4
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
960,000
The fair value of the investment property has been arrived at on the basis of the directors' assessment at the reporting end date. The directors have not deemed it necessary to have an independent valuation completed at the reporting end date. There is a charge secured against the investment property, which is recognised as a liability and disclosed within notes 6 and 7 in the accounts. The historic cost of the property for the purpose of these accounts is £940,534.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,100
2,100
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,352
38,390
Trade creditors
7,170
7,020
Other creditors
570,951
520,731
614,473
566,141
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
373,767
408,362
The company entered into a loan agreement on 8 September 2016 with Lloyds Bank for an amount totalling £700,000 with a term of 15 years. The interest rate on the loan is 2.8% over BOE base rate.
The loan is secured against assets of the company and assets of a related party. In addition, a director of the company has acted as guarantor to the loan.
BM and W Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
6
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
BM and W Property Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
7
9
Related party transactions
Transactions with related parties
At 31 October 2023, an amount of £555,974 (2022: £505,974) was due to a company under mutual control of the directors. During the year the company charged rental income of £24,000 (2022: £24,000).