Company registration number 00896099 (England and Wales)
BANBURY ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BANBURY ESTATES LIMITED
COMPANY INFORMATION
Directors
L J Osband
R A S Osband
S Hillman
M P Smith
G Davies
P M E Osband
D J Hillman
E Osband
L Valpy
Secretary
M P Smith
Company number
00896099
Registered office
The Courtenay Group
1 Kensington Gore
London
SW7 2AT
Auditors
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
BANBURY ESTATES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Notes to the financial statements
12 - 21
BANBURY ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities
The principal activities of the group during the year continued to be those of property investment and development.
Results and dividends

The result for the year set out on page 7.

Dividends totaling £320,000 (2023 - £320,000) were paid in respect of the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L J Osband
R A S Osband
S Hillman
M P Smith
G Davies
P M E Osband
D J Hillman
E Osband
L Valpy
Auditor

In accordance with the company's articles, a resolution proposing that Gerald Edelman LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware.  The directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Going concern

Having reviewed the group's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 January 2024.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M P Smith
Secretary
8 August 2024
BANBURY ESTATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BANBURY ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BANBURY ESTATES LIMITED
- 3 -
Opinion

We have audited the financial statements of Banbury Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BANBURY ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BANBURY ESTATES LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 31 January 2024.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

BANBURY ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BANBURY ESTATES LIMITED
- 5 -
Audit response to risks identified
Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

 

 

 

 

 

 

 

 

 

BANBURY ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BANBURY ESTATES LIMITED
- 6 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Hiten Patel FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP
8 August 2024
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
BANBURY ESTATES LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2,310,664
2,265,078
Cost of sales
(396,038)
(234,360)
Gross profit
1,914,626
2,030,718
Administrative expenses
(715,226)
(782,535)
Operating profit
1,199,400
1,248,183
Interest payable and similar expenses
4
(522,327)
(518,016)
Fair value (loss)/gain on investment property
8
(267,512)
(905,464)
(Loss)/gain on disposal of investment property
-
0
(13,817)
Profit/(loss) before taxation
409,561
(189,114)
Taxation
5
(347,798)
129,893
Profit/(loss) for the financial year
18
61,763
(59,221)
BANBURY ESTATES LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
556,083
626,411
Investment properties
8
25,796,038
25,691,039
26,352,121
26,317,450
Current assets
Debtors
11
593,809
440,626
Cash at bank and in hand
441,920
1,728,680
1,035,729
2,169,306
Creditors: amounts falling due within one year
12
(912,640)
(946,254)
Net current assets
123,089
1,223,052
Total assets less current liabilities
26,475,210
27,540,502
Creditors: amounts falling due after more than one year
13
(10,938,217)
(11,929,204)
Provisions for liabilities
15
(1,099,450)
(915,518)
Net assets
14,437,543
14,695,780
Capital and reserves
Called up share capital
17
600
600
Other reserves
18
9,000,753
9,000,753
Profit and loss reserves
18
5,436,190
5,694,427
Total equity
14,437,543
14,695,780

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
R A S Osband
Director
BANBURY ESTATES LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
8
19,630,000
19,785,001
Investments
9
68,601
68,601
19,698,601
19,853,602
Current assets
Debtors
11
5,154,634
6,334,689
Cash at bank and in hand
41,784
43,835
5,196,418
6,378,524
Creditors: amounts falling due within one year
12
(908,595)
(371,758)
Net current assets
4,287,823
6,006,766
Total assets less current liabilities
23,986,424
25,860,368
Creditors: amounts falling due after more than one year
13
(10,967,843)
(11,952,832)
Provisions for liabilities
15
(859,749)
(675,817)
Net assets
12,158,832
13,231,719
Capital and reserves
Called up share capital
17
600
600
Other reserves
18
8,908,643
8,908,643
Profit and loss reserves
18
3,249,589
4,322,476
Total equity
12,158,832
13,231,719

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £752,887 (2023: £285,590 Loss)

These financial statements have been prepared 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 8 August 2024 and are signed on its behalf by:
08 August 2024
R A S Osband
Director
Company registration number 00896099 (England and Wales)
BANBURY ESTATES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
600
8,095,786
6,978,615
15,075,001
Year ended 31 January 2023:
Loss and total comprehensive income
-
-
(59,221)
(59,221)
Dividends
6
-
-
(320,000)
(320,000)
Transfers
-
904,967
(904,967)
-
Balance at 31 January 2023
600
9,000,753
5,694,427
14,695,780
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
61,763
61,763
Dividends
6
-
-
(320,000)
(320,000)
Balance at 31 January 2024
600
9,000,753
5,436,190
14,437,543
BANBURY ESTATES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
600
8,003,676
5,833,033
13,837,309
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
(285,590)
(285,590)
Dividends
6
-
-
(320,000)
(320,000)
Transfers
-
904,967
(904,967)
-
Balance at 31 January 2023
600
8,908,643
4,322,476
13,231,719
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
(752,887)
(752,887)
Dividends
6
-
-
(320,000)
(320,000)
Balance at 31 January 2024
600
8,908,643
3,249,589
12,158,832
BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
1
Accounting policies
Company information

Banbury Estates Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Courtenay Group, 1 Kensington Gore, London, SW7 2AT.

 

The group consists of Banbury Estates Limited and all of its subsidiaries.

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 small companies regime. The disclosure requirements of section 1A of FRS102 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 on 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
Basis of consolidation

The consolidated financial statements incorporate those of Banbury Estates Limited (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 January 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

1.3
Turnover

Rent receivable represents amounts receivable from third parties, arising from the principal activity carried out in the United Kingdom.

1.4
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:

Leasehold improvements
10% straight line
Fittings and furnishings
25% 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 recognised in the profit and loss account.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 and cash and bank balances, 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.

BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Equity instruments

Equity instruments issued by the group 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 group.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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
Judgements and key sources of estimation uncertainty

In the application of the group’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.

BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property valuation

A valuation is carried out for investment properties at the year-end date. Judgements and estimation techniques have been employed as part of this valuation process in order to determine the current market value of the property.

Depreciation on tangible fixed assets

Depreciation on tangible fixed assets which have been calculated in accordance with accounting policies set out in note 1.4 and which is disclosed in note 7.

3
Employees

There were no employees other than directors of the company.

 

4
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
166,565
189,047
Interest payable to related undertakings
355,762
327,494
Other interest
-
0
1,475
522,327
518,016
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
163,843
214,512
Adjustments in respect of prior periods
23
62,622
Total current tax
163,866
277,134
Deferred tax
Origination and reversal of timing differences
183,932
(407,027)
Total tax charge
347,798
(129,893)
6
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
320,000
320,000
BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
7
Tangible fixed assets
Group
Leasehold improvements
Fittings and furnishings
Total
£
£
£
Cost
At 1 February 2023
850,222
-
0
850,222
Additions
-
0
20,158
20,158
At 31 January 2024
850,222
20,158
870,380
Depreciation and impairment
At 1 February 2023
223,811
-
0
223,811
Depreciation charged in the year
85,022
5,464
90,486
At 31 January 2024
308,833
5,464
314,297
Carrying amount
At 31 January 2024
541,389
14,694
556,083
At 31 January 2023
626,411
-
0
626,411
The company had no tangible fixed assets assets at 31 January 2024 or 31 January 2023.
8
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 February 2023
25,691,039
19,785,001
Additions
372,512
372,512
Revaluations
(267,512)
(527,512)
At 31 January 2024
25,796,038
19,630,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2024 by a firm of Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Investment property
(Continued)
- 18 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
24,247,806
23,875,294
18,336,348
17,963,836
Accumulated depreciation
-
-
-
-
Carrying amount
24,247,806
23,875,294
18,336,348
17,963,836
9
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
68,601
68,601
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
68,601
Carrying amount
At 31 January 2024
68,601
At 31 January 2023
68,601
10
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Bingley Meadow limited
England & Wales
Property investment
Ordinary
100.00
Brickworkspace Limited
England & Wales
Property investment
Ordinary
100.00
West Beach Homes Limited
England & Wales
Property  investment
Ordinary
100.00
Huguenot Place Limited
England & Wales
Property  investment
Ordinary
100.00
BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
11
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
360,680
98,941
48,419
33,164
Amounts owed by group
-
0
-
-
567,543
Other debtors
233,129
341,685
113,731
153,928
593,809
440,626
162,150
754,635
Amounts falling due after more than one year:
Amounts owed by group
-
0
-
4,992,484
5,580,054
Total debtors
593,809
440,626
5,154,634
6,334,689
12
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
258,178
245,843
258,178
245,843
Trade creditors
5,956
3,959
2,363
1,432
Amounts owed to group undertakings
-
0
-
0
499,477
-
0
Corporation tax payable
163,302
278,609
-
0
53,293
Other taxation and social security
69,379
5,421
69,379
3,322
Other creditors
415,825
412,422
79,198
67,868
912,640
946,254
908,595
371,758
13
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans and overdrafts
14
1,542,154
3,896,032
1,542,154
3,896,032
Amount due to related undertaking
9,396,063
8,033,172
9,425,689
8,056,800
10,938,217
11,929,204
10,967,843
11,952,832
Amounts included above which fall due after five years are as follows:
Payable by instalments
444,517
741,025
444,517
741,025
BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
14
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,800,332
4,141,875
1,800,332
4,141,875
Payable within one year
258,178
245,843
258,178
245,843
Payable after one year
1,542,154
3,896,032
1,542,154
3,896,032

The bank loans are secured over certain of the company's investment properties by way of a fixed charge and interest is charged at 2.75% and 2.90% over base rate.

15
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred tax liabilities
16
1,099,450
915,518
859,749
675,817
16
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Investment property
1,099,450
915,518
Liabilities
Liabilities
2024
2023
Company
£
£
Investment property
859,749
675,817
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
915,518
675,817
Charge to profit or loss
183,932
183,932
Liability at 31 January 2024
1,099,450
859,749
BANBURY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
17
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
60,000 Ordinary shares of 1p each
600
600
18
Reserves
Other Reserves

Other reserves represent accumulated surpluses realised on sales of properties which, in accordance with the Articles of Association, are credited to a non-distributable reserve.

Profit and loss reserves

Included within the consolidated profit and loss reserves are distributable reserves in respect of the company is £3,050,736 (2023: £3,596,111).

 

The aggregate distributable reserves for the subsidiaries is £1,548,490 (2023: £1,259,322).

 

19
Related party transactions

The disclosure requirement of section 1A of FRS 102 allows the company not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.

 

Included within creditors due after more than one year is an amount due to a related company, Courtenay Trust Limited, of £9,396,062 (2023 - £8,033,172 ). Interest of £355,762 (2023 - £327,494) has been charged by Courtenay Trust Limited to the company during the year and is included in these financial statements.

 

Included within other creditors within one year is an amount due to a related company, Why Workspace Limited of £63,839 (2023: £64,717). During the year, the group incurred a management charge of £574,807 (2023: £630,440) from this company.

 

L.J. Osband, R.A.S. Osband, S. Hillman, P.M.E. Osband and G Davies, all directors of the company, are members of the Osband family which collectively received dividends totaling £320,000 (2023: £320,000) during the year.

20
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Property refurbishment
73,284
650,000
73,284
650,000
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