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Registration number: 07525719

Backstone Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Backstone Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Backstone Limited

(Registration number: 07525719)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

439,204

 

361,961

Investment property

5

 

6,458,500

 

5,458,500

   

6,897,704

 

5,820,461

Current assets

   

 

Debtors

6

160,930

 

86,466

 

Cash at bank and in hand

 

14,070

 

38,263

 

 

175,000

 

124,729

 

Creditors: Amounts falling due within one year

7

(1,071,205)

 

(960,924)

 

Net current liabilities

   

(896,205)

 

(836,195)

Total assets less current liabilities

   

6,001,499

 

4,984,266

Creditors: Amounts falling due after more than one year

7

 

(2,677,812)

 

(2,239,661)

Provisions for liabilities

 

(728,000)

 

(580,000)

Net assets

   

2,595,687

 

2,164,605

Capital and reserves

   

 

Called up share capital

8

99

 

99

 

Other reserves

2,205,564

 

1,860,186

 

Retained earnings

390,024

 

304,320

 

Shareholders' funds

   

2,595,687

 

2,164,605

 

Backstone Limited

(Registration number: 07525719)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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.

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 17 September 2024 and signed on its behalf by:
 

.........................................
C J Ross
Director

 

Backstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
20 Low Street
Keighley
West Yorkshire
BD21 3PN

These financial statements were authorised for issue by the Board on 17 September 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These 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.

The company's functional and presentation currency is pound sterling.

Going concern

The balance sheet shows net current liabilities at the year end. However, the directors have confirmed their ongoing financial support to enable to company to continue its activities. Having considered the validity of the going concen concept in relation to these accounts, the directors have concluded that the company will continue in operation for the foreseeable future and has therefore prepared the financial statements on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents receivable.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

 

Backstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15 % Reducing balance basis

Furniture and fittings

15 % Reducing balance basis

Motor vehicles

15 % Reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Backstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

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.

3

Staff numbers

The average number of persons employed during the year (including directors) was 3 (2023 - 3).

 

Backstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

155,674

109,940

225,748

491,362

Additions

2,327

120,810

31,617

154,754

At 29 February 2024

158,001

230,750

257,365

646,116

Depreciation

At 1 March 2023

49,079

16,491

63,831

129,401

Charge for the year

16,336

32,139

29,036

77,511

At 29 February 2024

65,415

48,630

92,867

206,912

Carrying amount

At 29 February 2024

92,586

182,120

164,498

439,204

At 28 February 2023

106,595

93,449

161,917

361,961

5

Investment properties

2024
£

At 1 March

5,458,500

Additions

535,622

Fair value adjustments

464,378

At 29 February

6,458,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

136,090

53,383

Prepayments

135

15,961

Other debtors

24,705

17,122

 

160,930

86,466

 

Backstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

603,140

576,750

Trade creditors

59,882

41,418

Taxation and social security

47,463

10,771

Accruals and deferred income

61,803

53,468

Other creditors

298,917

278,517

1,071,205

960,924

Creditors include bank loans and hire purchase contracts which are secured on the assets to which they relate of £164,473 (2023: £138,079)

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

2,677,812

2,239,661

Creditors include bank loans and hire purchase contracts which are secured on the assets to which they relate of £2,677,813 (2023: £2,239,661).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £89,304 (2023 - £94,265).

 

Backstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

438,669

2023

Key management
£

Amounts payable to related party

438,669