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Registration number: 12050200

Bushby Residential Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Bushby Residential Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Bushby Residential Limited

Company Information

Director

J V Lopez

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Bushby Residential Limited

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,300,000

3,300,000

Current assets

 

Debtors

5

456,456

455,853

Cash at bank and in hand

 

758,591

646,652

 

1,215,047

1,102,505

Creditors: Amounts falling due within one year

6

(41,270)

(35,092)

Net current assets

 

1,173,777

1,067,413

Total assets less current liabilities

 

4,473,777

4,367,413

Provisions for liabilities

(586,269)

(586,269)

Net assets

 

3,887,508

3,781,144

Capital and reserves

 

Called up share capital

101

101

Retained earnings

3,887,407

3,781,043

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:

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 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 director on 15 January 2025
 

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

J V Lopez

Director

Company registration number: 12050200

 

Bushby Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

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.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuation uses 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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2023 - 1).

 

Bushby Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Investment properties

2024
£

Fair value

At 1 July 2023

3,300,000

At 30 June 2024

3,300,000

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.

5

Debtors

2024
£

2023
£

Trade debtors

-

1,202

Other debtors

456,456

454,651

456,456

455,853

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

36,545

27,492

Accruals and deferred income

4,725

7,600

41,270

35,092

7

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.