Registration number:
Bridge Street Cardiff Properties Limited
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Bridge Street Cardiff Properties Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Bridge Street Cardiff Properties Limited
Company Information
Directors |
Mr Derek Ivor Rapport Mrs Lynda Sherryl Rapport Mr Matthew Adam Rapport Mr Oliver Edward Rapport |
Registered office |
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Accountants |
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Bridge Street Cardiff Properties Limited
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
99 |
99 |
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Retained earnings |
1,123,926 |
1,120,763 |
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Shareholders' funds |
1,124,025 |
1,120,862 |
For the financial 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:
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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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Bridge Street Cardiff Properties Limited
Statement of Financial Position as at 31 March 2024
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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Mr Derek Ivor Rapport
Director
Company registration number: 00542596
Bridge Street Cardiff Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment..
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Bridge Street Cardiff Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Going concern
The company made a profit for the year ended 31 March 2024 and had net assets at that date amounting to £1,124,025.
Subsequent to 31 March 2024 the company continues to receive rental income as fully due and is trading profitably.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises rent receivable in accordance with the ordinary course of the company's activities. Turnover is shown net of value added tax.
The company recognises revenue from rent receivable in respect of the period to which it relates.
Tax
The current income 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Furniture, fittings and equipment |
25% straight line |
Investment property
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.
Bridge Street Cardiff Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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 income statement 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.
Staff numbers |
The average number of persons employed by the company during the year, was
Bridge Street Cardiff Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
2024 |
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At Fair value |
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At 1 April 2023 and 31 March 2024 |
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The investment properties are reflected at fair value at 31 March 2024 as estimated by the directors at an amount of £2,400,000.
Debtors |
2024 |
2023 |
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Other debtors |
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Bridge Street Cardiff Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank loans |
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Non-current loans and borrowings
2024 |
2023 |
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Bank loans |
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Bank loans are secured by a fixed charge over the investment properties shown in note 6 and a fixed and floating charge over the other assets and undertakings of the company. |
TRANSACTIONS WITH DIRECTORS |
During the year there were advances to directors of £400,000 and repayments by directors of £524,065. At 31 March 2024 an amount of £452,588 (2023 : £565,435) was due to the company. Interest is payable to the company at 2.25% p.a. amounting to £11,218 (2023 : £11,163). There are no agreed terms.