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COMPANY REGISTRATION NUMBER: 10017249
Beneva Properties Limited
Filleted Unaudited Financial Statements
29 February 2024
Beneva Properties Limited
Balance Sheet
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,633,390
3,633,122
Current assets
Debtors
6
16,503
21,620
Cash at bank and in hand
44,174
22,091
--------
--------
60,677
43,711
Creditors: amounts falling due within one year
7
( 1,659,800)
( 1,343,971)
------------
------------
Net current liabilities
( 1,599,123)
( 1,300,260)
------------
------------
Total assets less current liabilities
2,034,267
2,332,862
Creditors: amounts falling due after more than one year
8
( 1,776,833)
( 2,169,022)
------------
------------
Net assets
257,434
163,840
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
257,334
163,740
---------
---------
Shareholders funds
257,434
163,840
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Beneva Properties Limited
Balance Sheet (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr N Somji
Director
Company registration number: 10017249
Beneva Properties Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 63 Lake View, Edgware, Middlesex, HA8 7SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the directors consider that there are no material uncertainties that may cast significant doubt about the company’s ability to continue as a going concern. The directors will continue to support the Company in the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
Turnover represents rents receivable during the period exclusive of Value Added Tax and is recognised when the rent is due.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25 % straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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
Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Investment properties
Equipment
Total
£
£
£
Cost
At 1 March 2023
3,632,930
2,451
3,635,381
Additions
734
734
Disposals
( 90)
( 90)
------------
-------
------------
At 29 February 2024
3,632,840
3,185
3,636,025
------------
-------
------------
Depreciation
At 1 March 2023
2,259
2,259
Charge for the year
376
376
------------
-------
------------
At 29 February 2024
2,635
2,635
------------
-------
------------
Carrying amount
At 29 February 2024
3,632,840
550
3,633,390
------------
-------
------------
At 28 February 2023
3,632,930
192
3,633,122
------------
-------
------------
The directors have reviewed the fair value of the investment properties at the balance sheet and consider the value to be same as the cost.
6. Debtors
2024
2023
£
£
Other debtors
16,503
21,620
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
28,155
16,262
Directors loan accounts
1,624,701
1,319,495
Other creditors
6,944
8,214
------------
------------
1,659,800
1,343,971
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,776,833
2,169,022
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £1,776,833 (2023: £2,169,022) in respect of bank loans which is not repayable by instalments and is wholly repayable after more than five years from the reporting date. The bank loans of £1,776,833 (2023: £2,169,022) is secured by a fixed charge over the company's investment properties.
9. Related party transactions
Included in creditors: amounts falling due within one year is an amount of £1,624,701 (2023: £1,319,495) owing to the directors of the company. This loan is interest-free and has no fixed repayment terms.