Bestyear Limited 03209925 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is Investment property portfolio Digita Accounts Production Advanced 6.30.9574.0 true 03209925 2023-07-01 2024-06-30 03209925 2024-06-30 03209925 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-06-30 03209925 core:CurrentFinancialInstruments 2024-06-30 03209925 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 03209925 core:Non-currentFinancialInstruments 2024-06-30 03209925 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 03209925 core:Goodwill 2024-06-30 03209925 bus:SmallEntities 2023-07-01 2024-06-30 03209925 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03209925 bus:FilletedAccounts 2023-07-01 2024-06-30 03209925 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03209925 bus:RegisteredOffice 2023-07-01 2024-06-30 03209925 bus:Director1 2023-07-01 2024-06-30 03209925 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03209925 core:Goodwill 2023-07-01 2024-06-30 03209925 countries:EnglandWales 2023-07-01 2024-06-30 03209925 2023-06-30 03209925 core:Goodwill 2023-06-30 03209925 2022-07-01 2023-06-30 03209925 2023-06-30 03209925 core:CurrentFinancialInstruments 2023-06-30 03209925 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03209925 core:Non-currentFinancialInstruments 2023-06-30 03209925 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03209925 core:Goodwill 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 03209925

Bestyear Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 June 2024

 

Bestyear Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Bestyear Limited

(Registration number: 03209925)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Investment property

5

7,501,500

6,521,500

Other financial assets

6

50

50

 

7,501,551

6,521,551

Current assets

 

Debtors

7

1,154,211

1,953,042

Cash at bank and in hand

 

149,738

132,316

 

1,303,949

2,085,358

Creditors: Amounts falling due within one year

8

(291,464)

(1,619,083)

Net current assets

 

1,012,485

466,275

Total assets less current liabilities

 

8,514,036

6,987,826

Creditors: Amounts falling due after more than one year

8

(1,400,000)

-

Provisions for liabilities

(1,010,400)

(969,400)

Net assets

 

6,103,636

6,018,426

Capital and reserves

 

Called up share capital

200

200

Fair value reserve

4,384,102

4,227,970

Profit and loss account

1,719,334

1,790,256

Shareholders' funds

 

6,103,636

6,018,426

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.

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.

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.

 

Bestyear Limited

(Registration number: 03209925)
Statement of Financial Position as at 30 June 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:

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

Mr R A Brown
Director

 

Bestyear 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the rent received or receivable for the lease of rental properties in the ordinary course of the company's activities. Turnover represents gross invoiced sales.

Rental income is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current and deferred 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 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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 determined annually. The valuers use 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.

 

Bestyear Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Nil

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Bestyear Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

1

1

At 30 June 2024

1

1

Carrying amount

At 30 June 2024

1

1

At 30 June 2023

1

1

5

Investment properties

2024
£

At 1 July 2023

6,521,500

Additions

782,868

Disposals

(20,000)

Fair value adjustments

217,132

At 30 June 2024

7,501,500

The investment properties were valued on an open market basis on 30 June 2024 by the directors, who are also chartered surveyors.

 

Bestyear Limited

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

6

Other financial assets (current and non-current)

Shares in participating interest
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

50

50

At 30 June 2024

50

50

Carrying amount

At 30 June 2024

50

50

7

Debtors

2024
£

2023
£

Trade debtors

62,169

100,736

Prepayments

10,619

12,914

Other debtors

1,081,423

1,839,392

1,154,211

1,953,042

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

10

-

1,400,000

Trade creditors

 

732

1,240

Taxation and social security

 

52,438

50,602

Accruals and deferred income

 

155,697

116,024

Other creditors

 

82,597

51,217

 

291,464

1,619,083

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

10

1,400,000

-

 

Bestyear Limited

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

9

Reserves

The movement in the fair value reserve of £156,132 (2023 - £(109,350)) in the year relates to the fair value adjustment of the investment properties and the deferred tax related to those investment properties.

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,400,000

-

The bank borrowings are secured on the investment properties.

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

1,400,000