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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
1,000
1,000
1,000
xbrli:pure
xbrli:shares
iso4217:GBP
08520488
2023-04-01
2024-03-31
08520488
2024-03-31
08520488
2023-03-31
08520488
2022-04-01
2023-03-31
08520488
2023-03-31
08520488
2022-03-31
08520488
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
08520488
bus:Director3
2023-04-01
2024-03-31
08520488
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
08520488
core:LandBuildings
core:ShortLeaseholdAssets
2024-03-31
08520488
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
08520488
core:WithinOneYear
2024-03-31
08520488
core:WithinOneYear
2023-03-31
08520488
core:ShareCapital
2024-03-31
08520488
core:ShareCapital
2023-03-31
08520488
core:OtherReservesSubtotal
2024-03-31
08520488
core:OtherReservesSubtotal
2023-03-31
08520488
core:RetainedEarningsAccumulatedLosses
2024-03-31
08520488
core:RetainedEarningsAccumulatedLosses
2023-03-31
08520488
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
08520488
core:Non-currentFinancialInstruments
2024-03-31
08520488
core:Non-currentFinancialInstruments
2023-03-31
08520488
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
08520488
core:LandBuildings
core:ShortLeaseholdAssets
2023-03-31
08520488
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
08520488
core:LandBuildings
core:ShortLeaseholdAssets
2023-03-31
08520488
bus:Director1
2023-04-01
2024-03-31
08520488
bus:SmallEntities
2023-04-01
2024-03-31
08520488
bus:AuditExempt-NoAccountantsReport
2023-04-01
2024-03-31
08520488
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
08520488
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
08520488
bus:FullAccounts
2023-04-01
2024-03-31
08520488
bus:OrdinaryShareClass1
2024-03-31
08520488
bus:OrdinaryShareClass1
2023-03-31
08520488
core:AllSubsidiaries
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
08520488
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
Balance sheet
1
Notes to the financial statements
2
31 March 2024
Fixed assets
Tangible assets |
4 |
6,715,000 |
6,715,000 |
Investments |
5 |
1,000 |
1,000 |
|
------------ |
------------ |
|
6,716,000 |
6,716,000 |
|
|
|
|
Current assets
Debtors |
6 |
126,345 |
177,291 |
Cash at bank and in hand |
241,009 |
104,004 |
|
------------ |
------------ |
|
367,354 |
281,295 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
6,306,292) |
(
6,265,894) |
|
------------ |
------------ |
Net current liabilities |
(
5,938,938) |
(
5,984,599) |
|
------------ |
------------ |
Total assets less current liabilities |
777,062 |
731,401 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
1,000 |
1,000 |
Other reserves |
1,282,494 |
1,282,494 |
Profit and loss account |
(
506,432) |
(
552,093) |
|
------------ |
------------ |
Shareholders funds |
777,062 |
731,401 |
|
------------ |
------------ |
|
|
|
|
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 31 March 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 November 2024
, and are signed on behalf of the board by:
R P Leigh-Bramwell |
Director |
|
Company registration number:
08520488
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales, registration number
08520488
. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
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 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, and rounded to the nearest £
.
Employee benefits
When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The financial statements have been prepared on the going concern basis which is reliant on the continued support of the company's parent. The company's parent company has provided loans to finance the purchase of investment properties, start-up costs and on-going working capital and the balance owed of £6,181,937 is included in note 10 to the financial statements. The directors believe that this financial support will be maintained and therefore the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support. The company meets day to day working capital requirements from cash generated from its profits. Turnover would have to reduce significantly before this cash flow was insufficient to cover overheads assuming these remain at their current level and that the company's main overhead, interest on the loan to its parent, would not be demanded to be paid. The Company has also received the commitment that its parent will only demand loan repayments that do not negatively impact on the company's cashflow. As such these financial statements have been prepared on a going concern basis.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Loans and borrowings
Loans and borrowings are initally recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable. Revenue is recognised at the date of invoicing rent due, and due regard is given to deferring rent received in advance.
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. 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences with certain exemptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 tax rates and laws that have been enacted or substantially enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Freehold property |
Leasehold property |
Total |
|
£ |
£ |
£ |
Cost or valuation |
|
|
|
At 1 April 2023 |
1,900,000 |
4,815,000 |
6,715,000 |
Additions |
19,914 |
– |
19,914 |
Revaluations |
(
19,914) |
– |
(
19,914) |
|
------------ |
------------ |
------------ |
At 31 March 2024 |
1,900,000 |
4,815,000 |
6,715,000 |
|
------------ |
------------ |
------------ |
Depreciation |
|
|
|
At 1 April 2023 and 31 March 2024 |
– |
– |
– |
|
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 March 2024 |
1,900,000 |
4,815,000 |
6,715,000 |
|
------------ |
------------ |
------------ |
At 31 March 2023 |
1,900,000 |
4,815,000 |
6,715,000 |
|
------------ |
------------ |
------------ |
|
|
|
|
The investment properties were subject to valuation at the balance sheet date by Avison Young a firm who are members of The Royal Institute of Chartered Surveyors. Fair value applied is based on a valuation which includes experience of the location and class of the investment properties being revalued.The methods and assumptions used to ascertain the fair value of £6,715,000 include the following: Commercial properties- use of capital values based on income yields or sales value less selling costs if there is a probable sale at the date of the accounts being signed; Commercial land- based on development costs of land; The bases applied in the professional valuations include an inevitable degree of judgement in that each property/land plot is unique and value can only be reliably tested in the market itself. In accordance with the accounting policy adopted by the company the net surplus or deficit arising therefrom has been accounted for through the profit and loss account. The historic cost equivalent of investment properties included at valuation was £7,058,540 (2023: £7,038,626).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
1,000 |
|
------------ |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 March 2024 |
1,000 |
|
------------ |
At 31 March 2023 |
1,000 |
|
------------ |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
109,548 |
99,142 |
Amounts owed by group undertakings |
952 |
952 |
Prepayments and accrued income |
9,524 |
9,477 |
Other debtors |
6,321 |
67,720 |
|
------------ |
------------ |
|
126,345 |
177,291 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
471 |
876 |
Amounts owed to group undertakings |
6,181,937 |
6,124,556 |
Corporation tax |
22,354 |
19,033 |
Social security and other taxes |
16,158 |
18,827 |
Other creditors |
85,372 |
102,602 |
|
------------ |
------------ |
|
6,306,292 |
6,265,894 |
|
------------ |
------------ |
|
|
|
Amounts owed to group undertakings are repayable on demand and are secured on certain properties owned by the company. Interest is payable at 4% on the principal amount.
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
9.
Related party transactions
Included in debtors is a loan to Bramrose Limited, a subsidiary, amounting to £952 (2023: £952). This loan is repayable on demand and is currently interest free.