Belus Property Ltd SC557567 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Investment Property Digita Accounts Production Advanced 6.30.9574.0 true true SC557567 2023-03-01 2024-02-29 SC557567 2024-02-29 SC557567 bus:OrdinaryShareClass1 2024-02-29 SC557567 core:CurrentFinancialInstruments 2024-02-29 SC557567 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC557567 core:Non-currentFinancialInstruments 2024-02-29 SC557567 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC557567 bus:SmallEntities 2023-03-01 2024-02-29 SC557567 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC557567 bus:FilletedAccounts 2023-03-01 2024-02-29 SC557567 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC557567 bus:RegisteredOffice 2023-03-01 2024-02-29 SC557567 bus:Director1 2023-03-01 2024-02-29 SC557567 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC557567 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC557567 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-01 2024-02-29 SC557567 countries:Scotland 2023-03-01 2024-02-29 SC557567 2023-02-28 SC557567 2022-03-01 2023-02-28 SC557567 2023-02-28 SC557567 bus:OrdinaryShareClass1 2023-02-28 SC557567 core:CurrentFinancialInstruments 2023-02-28 SC557567 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC557567 core:Non-currentFinancialInstruments 2023-02-28 SC557567 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC557567

Belus Property Ltd

trading as Belus Propery Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Belus Property Ltd

trading as Belus Propery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Belus Property Ltd

trading as Belus Propery Ltd

Company Information

Director

Mr SA Bakhsh

Registered office

247 West George Street
Glasgow
G2 4QE

 

Belus Property Ltd

trading as Belus Propery Ltd

(Registration number: SC557567)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

575,000

575,000

Current assets

 

Debtors

5

98,896

150,459

Creditors: Amounts falling due within one year

6

(614,936)

(613,507)

Net current liabilities

 

(516,040)

(463,048)

Total assets less current liabilities

 

58,960

111,952

Creditors: Amounts falling due after more than one year

6

(37,503)

(39,686)

Provisions for liabilities

(40,121)

(40,121)

Net (liabilities)/assets

 

(18,664)

32,145

Capital and reserves

 

Called up share capital

7

1

1

Revaluation reserve

173,150

211,159

Retained earnings

(191,815)

(179,015)

Shareholders' (deficit)/funds

 

(18,664)

32,145

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 November 2024
 

 

Belus Property Ltd

trading as Belus Propery Ltd

(Registration number: SC557567)
Balance Sheet as at 29 February 2024

.........................................
Mr SA Bakhsh
Director

 

Belus Property Ltd

trading as Belus Propery Ltd

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 Scotland.

The address of its registered office is:
247 West George Street
Glasgow
G2 4QE
UK

These financial statements were authorised for issue by the director on 25 November 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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.

The director who has experience in the property sector has reviewed the value of the Investment Property in the accounts and considers them to be stated at fair value.

 

Belus Property Ltd

trading as Belus Propery Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 by the company (including the director) during the year, was 1 (2023 - 1).

 

Belus Property Ltd

trading as Belus Propery Ltd

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

4

Investment properties

2024
£

At 1 March

575,000

At 29 February

575,000

The director, who has experience in the property sector has reviewed the value of the Investment property in the accounts and considers them to be stated at fair value.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Other debtors

98,896

150,459

 

98,896

150,459

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

23,388

10,967

Trade creditors

 

2,583

17,895

Accruals and deferred income

 

2,400

2,400

Other creditors

 

586,565

582,245

 

614,936

613,507

Creditors includes a loan from Rikvin Caital Pte Ltd which is secured by way of a charge over the property at 80 Denmark Street, Glasgow, G22 5SR. The value of the loan at the year end was £270,000 (2023 - £270,000).

 

Belus Property Ltd

trading as Belus Propery Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

37,503

39,686

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,503

39,686

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

13,388

967

23,388

10,967

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company is related to other entities by virtue of common control.

At the year end date the company was owed £98,896 by Bakhsh Group Ltd.

Belus Property Ltd was owed £99,615 by Artemis Bridging Ltd and £100 by Poseidon Holdings Ltd

 All transactions are by way of loans.