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Company No: 01850846 (England and Wales)

BID PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

BID PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

BID PROPERTY LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
BID PROPERTY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Mr M Calderbank
Mr P J Thompson
SECRETARY Mr P J Thompson
REGISTERED OFFICE Unit C Elland Close
Wingates Industrial Park
Westhoughton
BL5 3XE
United Kingdom
COMPANY NUMBER 01850846 (England and Wales)
ACCOUNTANT Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
BID PROPERTY LIMITED

BALANCE SHEET

As at 30 April 2024
BID PROPERTY LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,213,905 2,333,905
2,213,905 2,333,905
Current assets
Debtors 5 5,362 6,200
Cash at bank and in hand 37,851 30,930
43,213 37,130
Creditors: amounts falling due within one year 6 ( 241,863) ( 298,337)
Net current liabilities (198,650) (261,207)
Total assets less current liabilities 2,015,255 2,072,698
Creditors: amounts falling due after more than one year 7 ( 684,775) ( 785,427)
Net assets 1,330,480 1,287,271
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,330,478 1,287,269
Total shareholders' funds 1,330,480 1,287,271

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of BID Property Limited (registered number: 01850846) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

Mr P J Thompson
Director
BID PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
BID PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BID Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit C Elland Close, Wingates Industrial Park, Westhoughton, BL5 3XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Income is adjusted for deferred and accrued amounts for rentals received in advance or arrears.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Changes in fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Investment property Total
£ £
Cost
At 01 May 2023 2,333,905 2,333,905
Disposals ( 120,000) ( 120,000)
At 30 April 2024 2,213,905 2,213,905
Accumulated depreciation
At 01 May 2023 0 0
At 30 April 2024 0 0
Net book value
At 30 April 2024 2,213,905 2,213,905
At 30 April 2023 2,333,905 2,333,905

5. Debtors

2024 2023
£ £
Trade debtors 1,893 2,518
Other debtors 3,469 3,682
5,362 6,200

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,541 52,100
Trade creditors 4,149 2,180
Amounts owed to connected companies (note 9) 170,000 230,000
Taxation and social security 10,476 12,657
Other creditors 6,697 1,400
241,863 298,337

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 684,775 785,427

The bank loans are secured by a cross guarantee with BID Group Limited (a company connected through common ownership), and by way of a debenture over all the assets of the company, including all investment properties held.

8. Financial commitments

At the reporting end date, the Lloyds Bank PLC loans were secured by fixed charges on the properties of the company comprising of 1 Alden Court, Albany Fold, Westhoughton and 2 Alden Court, Albany Fold, Westhoughton, with 13 other properties dated 26 April 2017. 4 Romney Road, Bolton dated on 18 September 2019 and 6 Romney Road, Bolton dated 24 January 2020. Alongside is a debenture containing a fixed and floating charge that covers all the property or undertaking of the company.

9. Related party transactions

Transactions with related parties or connected persons

Amounts owed to connected companies

2024 2023
£ £
BID Group Ltd 170,000 230,000