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Bonhay & Eagle Property Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2024

Registration number: 00228967

 

Bonhay & Eagle Property Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Bonhay & Eagle Property Company Limited

Balance Sheet

31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

220,302

226,700

Investment property

5

17,749,770

18,930,630

Investments

6

1

1

Other financial assets

7

1

1

 

17,970,074

19,157,332

Current assets

 

Debtors

8

87,848

582,267

Cash at bank and in hand

 

891,802

201,368

 

979,650

783,635

Creditors: Amounts falling due within one year

9

(1,567,016)

(1,954,501)

Net current liabilities

 

(587,366)

(1,170,866)

Total assets less current liabilities

 

17,382,708

17,986,466

Creditors: Amounts falling due after more than one year

9

(5,678,226)

(6,588,546)

Provisions for liabilities

(718,000)

(630,000)

Net assets

 

10,986,482

10,767,920

Capital and reserves

 

Called up share capital

13

234,499

234,499

Share premium reserve

223,618

223,618

Capital redemption reserve

492,038

492,038

Profit and loss account

10,036,327

9,817,765

Shareholders' funds

 

10,986,482

10,767,920

 

Bonhay & Eagle Property Company Limited

Balance Sheet

31 July 2024

For the financial year ending 31 July 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr James Dominic Gaisford
Director

Company Registration Number: 00228967

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 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:
2 Berkeley Cottages
Collingwood Road
Stoke
Plymouth
PL1 5QT

These financial statements were authorised for issue by the Board on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Bonhay and Eagle Property Company Limited is considered to be pounds sterling as it is the primary economic environment in which the entity operates.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the future funding requirements of the business, and based on management forecasts have concluded that the Company will have sufficient funds to ensure that it can meet its financial liabilities as and when they fall due, for a period of at least 12 months from the date of approval of these financial statements.

Revenue recognition

Turnover comprises the invoiced value of property rentals receivable, exclusive of VAT. Turnover is recognised on a straight line basis over the term of the lease.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold land & buildings

2% straight line

Plant & machinery

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The directors use observable market prices and yields, 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.

Investments

Investments are stated at historical cost less provision for any diminuation in value.

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 August 2023

262,212

265,641

527,853

At 31 July 2024

262,212

265,641

527,853

Depreciation

At 1 August 2023

47,050

254,103

301,153

Charge for the year

5,244

1,154

6,398

At 31 July 2024

52,294

255,257

307,551

Carrying amount

At 31 July 2024

209,918

10,384

220,302

At 31 July 2023

215,162

11,538

226,700

5

Investment properties

2024
£

At 1 August

18,930,630

Additions

58,800

Disposals

(1,239,660)

At 31 July

17,749,770

The directors have determined the fair value of investment properties using current market data for comparable real estate based on observable market prices and yields, adjusted where necessary for any differences in nature, location or condition.

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

6

Investments

2024
£

2023
£

Investments in joint ventures

1

1

Joint ventures

£

Cost

At 1 August 2023

1

At 31 July 2024

1

Carrying amount

At 31 July 2024

1

At 31 July 2023

1

Details of undertakings

 

The principal activity of Unitbuild (SW) LLP is property development.

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

7

Other fixed asset investments

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

1

1

Financial assets at fair value through profit and loss
£

Cost

At 1 August 2023

1

At 31 July 2024

1

Impairment

At 31 July 2024

-

Carrying amount

At 31 July 2024

1

At 31 July 2023

1

The company holds 2,883 Ordinary shares in Silver Bullet Data Services Group PLC (previously: Silver Bullet Data Services Group Limited) a company registered in the UK. This company re-registered from a private company as a public company on 10/06/2021. The shares have an original cost of £24,996.

8

Debtors

2024
£

2023
£

Trade debtors

80,148

24,944

Prepayments

6,900

20,466

Other debtors

800

536,857

87,848

582,267

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

200,000

283,195

Trade creditors

 

3,430

403,578

Taxation and social security

 

93,293

14,133

Accruals and deferred income

 

124,655

174,468

Other creditors

 

1,145,638

1,079,127

 

1,567,016

1,954,501

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

4,825,000

5,881,805

Other creditors

 

853,226

706,741

 

5,678,226

6,588,546

10

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

2,450,000

3,506,805

Other borrowings

2,375,000

2,375,000

4,825,000

5,881,805

Current loans and borrowings

2024
£

2023
£

Bank borrowings

200,000

283,195

Bank borrowings are secured by way of a legal charge over certain investment properties and a debenture over all the assets of the company.

 

Bonhay & Eagle Property Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2024

11

Related party transactions

Key management personnel

An entity under the control of a member of key management provides the company with property management services. During the year the amount charged was £110,000 (2023: £94,054). The amount owed to the entity at the year end was £nil (2023: £nil).

12

Obligations under leases and hire purchase contracts

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

873,647

840,606

Later than one year and not later than five years

1,654,033

1,576,223

Later than five years

372,070

-

2,899,750

2,416,829


Total rents recognised as income in the period are £962,839 (2023: £957,978).

13

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

152,889

152,889

152,889

152,889

'A' ordinary shares of £2.50 each

32,644

81,610

32,644

81,610

185,533

234,499

185,533

234,499