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Company registration number: 00829518
Broad Street Place Developments Limited
Filleted financial statements
31 May 2024
Broad Street Place Developments Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Broad Street Place Developments Limited
Directors and other information
Directors Mrs E J B Parkinson
Mrs C J Lewis
Secretary Mr R C Lewis
Company number 00829518
Registered office 23 Bedford Row
London
WC1R 4EB
Auditor Hicks and Company
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Broad Street Place Developments Limited
Directors responsibilities statement
Year ended 31 May 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Broad Street Place Developments Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,310,000 4,330,783
Investments 6 147 147
_________ _________
4,310,147 4,330,930
Current assets
Debtors 7 175,349 302,193
Investments 8 6,134 6,048
Cash at bank and in hand 637,944 757,400
_________ _________
819,427 1,065,641
Creditors: amounts falling due
within one year 9 ( 94,109) ( 259,813)
_________ _________
Net current assets 725,318 805,828
_________ _________
Total assets less current liabilities 5,035,465 5,136,758
_________ _________
Net assets 5,035,465 5,136,758
_________ _________
Capital and reserves
Called up share capital 24,000 24,000
Non-distributable revaluation reserve 2,716,217 2,716,217
Distributable profit and loss account 2,295,248 2,396,541
_________ _________
Shareholders funds 5,035,465 5,136,758
_________ _________
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mrs E J B Parkinson
Director
Company registration number: 00829518
Broad Street Place Developments Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Non-distributable revaluation reserve Distributable profit and loss account Total
£ £ £ £
At 1 June 2022 24,000 2,716,217 2,272,190 5,012,407
Profit for the year 340,351 340,351
_________ _________ _________ _________
Total comprehensive income for the year - - 340,351 340,351
Dividends paid and payable ( 216,000) ( 216,000)
_________ _________ _________ _________
Total investments by and distributions to owners - - ( 216,000) ( 216,000)
_________ _________ _________ _________
At 31 May 2023 and 1 June 2023 24,000 2,716,217 2,396,541 5,136,758
Profit for the year 138,707 138,707
_________ _________ _________ _________
Total comprehensive income for the year - - 138,707 138,707
Dividends paid and payable ( 240,000) ( 240,000)
_________ _________ _________ _________
Total investments by and distributions to owners - - ( 240,000) ( 240,000)
_________ _________ _________ _________
At 31 May 2024 24,000 2,716,217 2,295,248 5,035,465
_________ _________ _________ _________
Broad Street Place Developments Limited
Notes to the financial statements
Year ended 31 May 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 23 Bedford Row, London, WC1R 4EB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover consists of the value of legal completions or properties sold in the year and rents receivable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Investment property
Investment property is measured initially 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.If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to fixed assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Group accounts
The Company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 June 2023 4,330,783 4,330,783
Disposals ( 20,783) ( 20,783)
_________ _________
At 31 May 2024 4,310,000 4,310,000
_________ _________
Depreciation
At 1 June 2023 and 31 May 2024 - -
_________ _________
Carrying amount
At 31 May 2024 4,310,000 4,310,000
_________ _________
At 31 May 2023 4,330,783 4,330,783
_________ _________
Freehold investment properties have been valued by the directors at their fair value at 31 May 2024. The historical cost of the freehold properties included above at a value of £4,310,000 was £1,593,783.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2023 and 31 May 2024 147 147
_________ _________
Impairment
At 1 June 2023 and 31 May 2024 - -
_________ _________
Carrying amount
At 31 May 2024 147 147
_________ _________
At 31 May 2023 147 147
_________ _________
7. Debtors
2024 2023
£ £
Trade debtors 4,275 127,305
Amounts owed by group undertakings and undertakings in which the company has a participating interest 83,281 81,449
Other debtors 87,793 93,439
_________ _________
175,349 302,193
_________ _________
8. Investments
2024 2023
£ £
Tenants' deposits bank accounts 6,134 6,048
_________ _________
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 8,223 1,788
Amounts owed to group undertakings and undertakings in which the company has a participating interest 100 100
Corporation tax 26,942 64,819
Social security and other taxes - 37,590
Other creditors 58,844 155,516
_________ _________
94,109 259,813
_________ _________
10. Summary audit opinion
The auditor's report dated 26 November 2024 was unqualified.
The senior statutory auditor was Philip Dean for and on behalf of Hicks and Company
11. Related party transactions
During the year the amount receivable from Visionseek Limited, a company in which Broad Street Place Developments Limited is a shareholder, increased by £1,832 (2023 - increased by £52,380). At 31 May 2024, the balance due from Visionseek Limited to Broad Street Place Developments Limited was £83,281 (2023 - £81,449). During the year, Visionseek Limited declared dividends totalling £44,000 (2023 - £81,120) on shares owned by the company and interest on the loan balance of £4,320 (2023 - £10,500).