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Registered number: 12499042









BIEL HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 29 FEBRUARY 2024

 
BIEL HOLDINGS LIMITED
 

CONTENTS



Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7


 
BIEL HOLDINGS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BIEL HOLDINGS LIMITED
FOR THE PERIOD ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Biel Holdings Limited for the period ended 29 February 2024 which comprise  the statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the board of directors of Biel Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Biel Holdings Limited and state those matters that we have agreed to state to the board of directors of Biel Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Biel Holdings Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Biel Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Biel Holdings Limited. You consider that Biel Holdings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Biel Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Nyman Libson Paul
 
124 Finchley Road
London
United Kingdom
NW3 5JS
23 October 2024
Page 1

 
BIEL HOLDINGS LIMITED
REGISTERED NUMBER: 12499042

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
4,100,000
900,000

Investments
 4 
4,403,054
5,002,954

  
8,503,054
5,902,954

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
2,850

  
-
2,850

Current liabilities
  

Creditors: Amounts Falling Due Within One Year
 6 
(6,136,328)
(5,907,704)

Net current liabilities
  
 
 
(6,136,328)
 
 
(5,904,854)

Total assets less current liabilities
  
2,366,726
(1,900)

  

Net assets/(liabilities)
  
2,366,726
(1,900)


Capital and reserves
  

Called up share capital 
  
200
100

Revaluation reserve
  
3,200,000
-

Profit and loss account
  
(833,474)
(2,000)

  
2,366,726
(1,900)


Page 2

 
BIEL HOLDINGS LIMITED
REGISTERED NUMBER: 12499042
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 October 2024.




Jack Grzegorz Biel
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
BIEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

1.


General information

Biel Holdings Limited is a private company limited by shares and registered in England & Wales. The address of its principal place of business is Jacks Hill, Graveley, Hitchin, SG4 7EQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.



The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
BIEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 

Page 5

 
BIEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

3.


Employees




The average monthly number of employees, including directors, during the period was 4 (2023 - 2).


4.


Investments in Subsidiary Companies








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
5,002,954


Additions
100


Impairment of Goodwill
(600,000)



At 29 February 2024
4,403,054





5.


Debtors

29 February
28 February
2024
2023
£
£

Due after more than one year

Other debtors
-
2,850

-
2,850


Page 6

 
BIEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loans
2,632,831
3,500,000

Amounts owed to group undertakings
1,941,477
866,978

Other creditors
1,540,726
1,538,726

Accruals and deferred income
21,294
2,000

6,136,328
5,907,704


Other loans has an interest rate of the higher of 10% (less a 4% discount) or 2% over base.  The loan is guaranteed by J Biel and is repayable by the 31 December 2024. 


7.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 100) ordinary shares of £1.00 each
200
100


On the 1 August 2023 the company acquired 100% of the Share Capital of Biel Bros Limited by issuing 100 Ordinary £1 shares. 


8.


Reserves

Revaluation reserve

During the year the freehold property was valued by Knight Frank at £4.1m.  The revaluation reserve reflects the increase in the properties value. 

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the Company started trading.  It is a distributable reserve.


9.


Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that the related parties are wholly owned subsidiaries of Biel Holdings Limited. 
At the reporting date the company owes £1,540,726 to the director, J Biel.   This amount is repayable on demand. 

Page 7