Registration number:
Bushby Residential Limited
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Bushby Residential Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Bushby Residential Limited
Company Information
Director |
J V Lopez |
Registered office |
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Accountants |
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Bushby Residential Limited
Statement of Financial Position as at 30 June 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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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
101 |
101 |
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Retained earnings |
3,887,407 |
3,781,043 |
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Shareholders' funds |
3,887,508 |
3,781,144 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Bushby Residential Limited
Statement of Financial Position as at 30 June 2024
Approved and authorised by the
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J V Lopez
Director
Company registration number: 12050200
Bushby Residential Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.
Going Concern
The company made a profit for the year ended 30 June 2024 and had net assets at that date amounting to £3,887,508 including cash at bank of £758,591.
The company continues to meet its liabilities as they fall due. The director has considered the current economic climate and believes that there will be no significant impact on the company.
After making enquiries, the director believes that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the director considers it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in the normal course of the company's activities in respect of rental income, recognised net of VAT and discounts.
The company recognises turnover from rental income evenly over the period of the leases or licenses.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Bushby Residential Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year, was
Bushby Residential Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Investment properties |
2024 |
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Fair value |
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At 1 July 2023 |
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At 30 June 2024 |
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The company's investment properties are included at fair value as estimated by the director at 30 June 2024 at an amount of £3,300,000.
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Taxation and social security |
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Accruals and deferred income |
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Transactions with Directors |
At 30 June 2024 an amount of £10,081 (2023: £3,167) was due from a director. During the year advances of £10,000 and repayments of £3,200 were made. Interest of £114 (2023: £180) was charged at 2.25% per annum and there are no agreed terms.