Company registration number 00256173 (England and Wales)
BON MARCHE (WALLSEND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
BON MARCHE (WALLSEND) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
BON MARCHE (WALLSEND) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
808,960
1,124,190
Current assets
Debtors
4
12,642
9,421
Cash at bank and in hand
63,015
55,596
75,657
65,017
Creditors: amounts falling due within one year
5
(168,618)
(168,504)
Net current liabilities
(92,961)
(103,487)
Total assets less current liabilities
715,999
1,020,703
Provisions for liabilities
(49,519)
(128,327)
Net assets
666,480
892,376
Capital and reserves
Called up share capital
16,800
16,800
Profit and loss reserves
649,680
875,576
Total equity
666,480
892,376
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 28 February 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 20 June 2024 and are signed on its behalf by:
Mr SJ E Smith
Director
Company registration number 00256173 (England and Wales)
BON MARCHE (WALLSEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Bon Marche (Wallsend) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chandlers, Stable Green, Mitford, Northumberland, NE61 3QA.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents gross rents receivable from the company's investment property.
1.3
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.4
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is
probable that they will be recovered against the reversal of deferred tax liabilities or other future
taxable profits.
BON MARCHE (WALLSEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 March 2023
1,124,190
Revaluations
(315,230)
At 28 February 2024
808,960
The fair value of the investment property has been arrived at on the basis of a valuation carried out by Youngs RPS Chartered Surveyors & Property Consultants on 3 April 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties had not been revalued they would have been included at the historical cost of £503,590 (2023 £503,590).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,513
8,485
Prepayments and accrued income
1,129
936
12,642
9,421
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
16,603
15,358
Deferred income
106
42
Other creditors
150,594
151,824
Accruals and deferred income
1,315
1,280
168,618
168,504