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Registration number: 04283027

Borley Property Investments Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Borley Property Investments Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Borley Property Investments Limited

Company Information

Directors

Mr S Borley

Mrs JM Borley Parker

Mr M Borley

Mr M Camilleri

Company secretary

Mrs CM Borley

Registered office

1 Alexandra Gate
Ffordd Pengam
Cardiff
S Glam
CF24 2SA

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Borley Property Investments Limited

(Registration number: 04283027)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,500

-

Investment property

3,661,017

3,579,922

 

3,682,517

3,579,922

Current assets

 

Debtors

211,064

211,786

Cash at bank and in hand

 

-

14,135

 

211,064

225,921

Prepayments and accrued income

 

-

4,290

Creditors: Amounts falling due within one year

5.1

(2,357,635)

(2,222,071)

Net current liabilities

 

(2,146,571)

(1,991,860)

Total assets less current liabilities

 

1,535,946

1,588,062

Creditors: Amounts falling due after more than one year

5.2

(211,019)

(276,929)

Accruals and deferred income

 

-

(482)

Net assets

 

1,324,927

1,310,651

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

1,324,827

1,310,551

Shareholders' funds

 

1,324,927

1,310,651

 

Borley Property Investments Limited

(Registration number: 04283027)
Abridged Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................

Mr S Borley
Director

 

Borley Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
1 Alexandra Gate
Ffordd Pengam
Cardiff
S Glam
CF24 2SA
Wales

These financial statements were authorised for issue by the Board on 4 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Borley Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Borley Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Borley Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

21,500

21,500

At 31 March 2024

21,500

21,500

Depreciation

Carrying amount

At 31 March 2024

21,500

21,500

Investment properties

2024
£

At 1 April

3,579,922

Additions

81,095

At 31 March

3,661,017

The investment properties included in the accounts are measured at fair value which is no different from the historic cost.

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

2,299

-

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

211,019

276,929


Creditors include bank loans which are secured of £211,101 (2023 - £276,929).

 

Borley Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Dividends

2024

2023

£

£

Interim dividend of £32.50 (2023 - £Nil) per ordinary share

3,250

-

 

 

8

Related party transactions

Summary of transactions with other related parties

Relationship: Common directors and shareholders
 
During the year, the company charged rent to the related party companies amounting to £190,105 (2023 - £166,675). At the balance sheet date the amount due to the related party companies was £929,066 (2023 - £189,200).