Company registration number 14543135 (England and Wales)
BONDED ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BONDED ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BONDED ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
621
Investment property
4
335,144
335,765
Current assets
Debtors
5
29,993
Creditors: amounts falling due within one year
6
(212,612)
Net current liabilities
(182,619)
Total assets less current liabilities
153,146
Creditors: amounts falling due after more than one year
7
(210,425)
Net liabilities
(57,279)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(57,379)
Total equity
(57,279)
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 period ended 31 December 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 period 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 7 November 2024 and are signed on its behalf by:
Mr M H Bowes
Director
Company registration number 14543135 (England and Wales)
BONDED ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 December 2022
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
(57,379)
(57,379)
Issue of share capital
8
100
-
100
Balance at 31 December 2023
100
(57,379)
(57,279)
BONDED ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Bonded Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bridge Street, Newport, Gwent, NP20 4AL.
1.1
Reporting period
These are the first statements since incorporation and cover a period of approximately 54 weeks.
1.2
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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Plant and equipment
20% reducing balance
1.5
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. Changes in fair value are recognised in profit or loss.
1.6
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 balance sheet 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.
Debtors and creditors with no stated interest rate and receivable or 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.
BONDED ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
5
BONDED ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 15 December 2022
Additions
731
At 31 December 2023
731
Depreciation and impairment
At 15 December 2022
Depreciation charged in the period
110
At 31 December 2023
110
Carrying amount
At 31 December 2023
621
4
Investment property
2023
£
Fair value
At 15 December 2022
Additions
335,144
At 31 December 2023
335,144
The fair value of the investment property has been arrived at on the basis of valuation carried out at 31 December 2023 by the director. The valuation was made on the open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
16,570
2023
Amounts falling due after more than one year:
£
Deferred tax asset
13,423
Total debtors
29,993
BONDED ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
£
Other creditors
212,612
7
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
210,425
8
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
During the period 100 Ordinary shares of £1 were issued and fully paid.
9
Related party transactions
Bonded Estates Limited is a joint venture with 31 Ordinary shares owned by Ballanwood Estates Limited, 25 Ordinary shares owned by Danola Property Limited, 25 Ordinary shares owned by Housing People 1 Limited and 19 Ordinary shares owned by Property Orange Investments Limited.
Included in other creditors is an amount of £13,440 for a loan from Ballanwood Estates Limited. This amount included in creditors; amounts falling due within one year.
Included in other creditors is an amount of £44,182 for a loan from Danola Property Limited. This amount included in creditors; amounts falling due within one year.
Included in other creditors is an amount of £49,432 for a loan from Housing People 1 Limited . This amount included in creditors; amounts falling due within one year.
Included in other creditors is an amount of £68,531 for a loan from Property Orange Investments Limited. This amount included in creditors; amounts falling due within one year.