Company registration number 12224231 (England and Wales)
BMQ PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BMQ PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BMQ PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,163,684
2,167,324
Current assets
Debtors
4
3
524
Cash at bank and in hand
58,496
109,187
58,499
109,711
Creditors: amounts falling due within one year
5
(251,756)
(336,581)
Net current liabilities
(193,257)
(226,870)
Total assets less current liabilities
1,970,427
1,940,454
Creditors: amounts falling due after more than one year
6
(1,778,599)
(1,793,377)
Net assets
191,828
147,077
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
191,728
146,977
Total equity
191,828
147,077
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 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.
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mrs C J Phillips
Director
Company registration number 12224231 (England and Wales)
BMQ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
BMQ Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Howton Court, Pontrilas, Herefordshire, United Kingdom, HR2 0BG.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or rent receivable in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BMQ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 and 30 April 2024
2,179,761
Depreciation and impairment
At 1 May 2023
12,437
Depreciation charged in the year
3,640
At 30 April 2024
16,077
Carrying amount
At 30 April 2024
2,163,684
At 30 April 2023
2,167,324
Included in the cost of land and building is freehold land of £1,815,761 which is not depreciated.
There is a debenture charge over the freehold property.
BMQ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3
524
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
14,656
14,657
Amounts owed to group undertakings
219,660
297,820
Corporation tax
16,130
22,844
Other creditors
1,310
1,260
251,756
336,581
Included in creditors are bank loans of £14,656 (2023: £14,657) which are secured over the company's assets.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
457,721
472,499
Amounts owed to group undertakings
1,320,878
1,320,878
1,778,599
1,793,377
Included in creditors are bank loans of £457,721 (2023: £472,499), secured over the company's assets.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
399,095
413,874
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
BMQ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
9
Parent company
The ultimate parent company is BMQ Holdings Limited.
In the opinion of the directors, the ultimate controlling party is BMQ Holdings Limited by virtue of its 100% shareholding, who in turn are ultimately controlled by Mr A Phillips and Mrs A Phillips by virtue of their 100% shareholding.
The registered office of BMQ Holdings Limited is: Howton Court, Pontrilas, Herefordshire, United Kingdom. HR2 0BG.
10
Related party transactions
At the year end a balance of £219,660 (2023: £297,820) remained outstanding to Black Mountain Quarries Limited, included in creditors: amounts falling due within one year.
A balance of £1,320,878 (2023: £1,320,878) remained outstanding to BMQ Holdings Limited, included in creditors; amounts falling due after one year.
The above transactions are related as the directors of BMQ Properties Limited are also the directors of Black Mountain Quarries Limited and BMQ Holdings Limited.