Company registration number 03746225 (England and Wales)
BETSY ROSE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BETSY ROSE PROPERTIES LIMITED
COMPANY INFORMATION
Director
R Faulkner
Secretary
P Faulkner
Company number
03746225
Registered office
Canterbury House
58 Botley Road
Park Gate
Southampton
Hampshire
United Kingdom
SO31 1BB
Accountants
Azets
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
Business address
Canterbury House
58 Botley Road
Park Gate
Southampton
Hampshire
United Kingdom
SO31 1BB
BETSY ROSE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BETSY ROSE PROPERTIES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
250,000
245,000
Current assets
Debtors
4
82,300
80,343
Cash at bank and in hand
2,068
1,360
84,368
81,703
Creditors: amounts falling due within one year
5
(144,043)
(144,662)
Net current liabilities
(59,675)
(62,959)
Total assets less current liabilities
190,325
182,041
Creditors: amounts falling due after more than one year
6
(183,136)
(183,650)
Provisions for liabilities
(1,250)
-
0
Net assets/(liabilities)
5,939
(1,609)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
5,000
-
0
Distributable profit and loss reserves
839
(1,709)
Total equity
5,939
(1,609)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BETSY ROSE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
R Faulkner
Director
Company Registration No. 03746225
BETSY ROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Betsy Rose Properties Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 03746225). The registered office address is Canterbury House, 58 Botley Road, Park Gate, Southampton, Hampshire, United Kingdom, SO31 1BB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements relate to Betsy Rose Properties Limited as an individual entity.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Going concern

The parent entity has confirmed that they are willing and able to support the company for the foreseeable future and therefore the going concern basis is considered to be appropriate. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

 

Turnover is made up of rental income which is recognised in line with the annual rent due per lease agreements with tenants, and service charge income which is recognised quarterly in line with the costs incurred and able to be recharged to tenants in the quarter.

 

1.4
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 the reporting end date. Changes in fair value are recognised in profit or loss.

BETSY ROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BETSY ROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 May 2023
245,000
Revaluations
5,000
At 30 April 2024
250,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties

The investment property held was transferred from the parent company as nil gain, nil loss with an initial base cost of £139,658 and a market value of £245,000. As such there will be an additional tax charge on disposal amounting to £8,267 in respect of unrealised, indexed gain at the time of transfer. A deferred tax liability has not been recognised on the grounds that there is no timing different between taxable profit and comprehensive income.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
995
Other debtors
82,300
79,348
82,300
80,343
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,560
2,160
Amounts owed to group undertakings
138,610
139,610
Taxation and social security
1,228
337
Other creditors
2,645
2,555
144,043
144,662
BETSY ROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
183,136
183,650

The bank loan noted above is secured against the investment property held.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
183,136
183,650
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the period
5,000
-
At the end of the year
5,000
-
8
Related party transactions

Included within other debtors is £78,434 (2023 - £75,312) due from a company in which the director is a shareholder. The loan is interest free.

 

 

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