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Registration number: 00542596

Bridge Street Cardiff Properties Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Bridge Street Cardiff Properties Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

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

The Marcol Suite
East Wing, Ivor House
Bridge Street
Cardiff
South Glamorgan
CF10 2TH

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Bridge Street Cardiff Properties Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

2,400,000

2,400,000

Current assets

 

Debtors

6

2,276,177

2,683,830

Cash at bank and in hand

 

3,071

41,090

 

2,279,248

2,724,920

Creditors: Amounts falling due within one year

7

(851,322)

(1,193,538)

Net current assets

 

1,427,926

1,531,382

Total assets less current liabilities

 

3,827,926

3,931,382

Creditors: Amounts falling due after more than one year

7

(2,703,901)

(2,810,520)

Net assets

 

1,124,025

1,120,862

Capital and reserves

 

Called up share capital

99

99

Retained earnings

1,123,926

1,120,763

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:

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 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 Board on 27 December 2024 and signed on its behalf by:
 

.........................................

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

1

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 Marcol Suite
East Wing, Ivor House
Bridge Street
Cardiff
South Glamorgan
CF10 2TH

The principal activity of the company is that of property investment..

2

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

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2023 - 3).

 

Bridge Street Cardiff Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,253

3,253

At 31 March 2024

3,253

3,253

Depreciation

At 1 April 2023

3,253

3,253

At 31 March 2024

3,253

3,253

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

5

Investment properties

2024
£

At Fair value

At 1 April 2023 and 31 March 2024

2,400,000

The investment properties are reflected at fair value at 31 March 2024 as estimated by the directors at an amount of £2,400,000.

6

Debtors

2024
£

2023
£

Other debtors

2,276,177

2,683,830

2,276,177

2,683,830

 

Bridge Street Cardiff Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

109,452

104,187

Trade creditors

 

100,060

427,200

Taxation and social security

 

215,486

399,950

Accruals and deferred income

 

341,393

180,685

Other creditors

 

84,931

81,516

 

851,322

1,193,538

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

2,703,901

2,810,520

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loans

109,452

104,187

Non-current loans and borrowings

2024
£

2023
£

Bank loans

2,703,901

2,810,520

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.

9

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.