Brightvision Property Ltd 11997867 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is buying and selling of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true 11997867 2023-06-01 2024-05-31 11997867 2024-05-31 11997867 bus:Director1 1 2024-05-31 11997867 core:CurrentFinancialInstruments 2024-05-31 11997867 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11997867 core:Non-currentFinancialInstruments 2024-05-31 11997867 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 11997867 core:FurnitureFittings 2024-05-31 11997867 bus:SmallEntities 2023-06-01 2024-05-31 11997867 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11997867 bus:FilletedAccounts 2023-06-01 2024-05-31 11997867 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11997867 bus:RegisteredOffice 2023-06-01 2024-05-31 11997867 bus:Director1 2023-06-01 2024-05-31 11997867 bus:Director1 1 2023-06-01 2024-05-31 11997867 bus:Director2 2023-06-01 2024-05-31 11997867 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11997867 core:FurnitureFittings 2023-06-01 2024-05-31 11997867 countries:EnglandWales 2023-06-01 2024-05-31 11997867 2023-05-31 11997867 bus:Director1 1 2023-05-31 11997867 core:FurnitureFittings 2023-05-31 11997867 2022-06-01 2023-05-31 11997867 2023-05-31 11997867 bus:Director1 1 2023-05-31 11997867 core:CurrentFinancialInstruments 2023-05-31 11997867 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11997867 core:Non-currentFinancialInstruments 2023-05-31 11997867 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11997867 core:FurnitureFittings 2023-05-31 11997867 bus:Director1 1 2022-06-01 2023-05-31 11997867 bus:Director1 1 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11997867

Brightvision Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Brightvision Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Brightvision Property Ltd

Company Information

Directors

Ms SY Chen

K Yan

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Brightvision Property Ltd

(Registration number: 11997867)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

19,461

20,085

Investment property

5

2,641,269

1,314,173

 

2,660,730

1,334,258

Current assets

 

Stocks

6

-

111,282

Debtors

139,064

297,056

Cash at bank and in hand

 

6,795

2,576

 

145,859

410,914

Creditors: Amounts falling due within one year

7

(1,587,086)

(1,177,888)

Net current liabilities

 

(1,441,227)

(766,974)

Total assets less current liabilities

 

1,219,503

567,284

Creditors: Amounts falling due after more than one year

7

(1,397,014)

(697,339)

Net liabilities

 

(177,511)

(130,055)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(177,513)

(130,057)

Shareholders' deficit

 

(177,511)

(130,055)

 

Brightvision Property Ltd

(Registration number: 11997867)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 5 February 2025 and signed on its behalf by:
 

.........................................
Ms SY Chen
Director

 

Brightvision Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 5 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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

Fixtures & Fittings

25% reducing balance method

 

Brightvision Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Brightvision Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Brightvision Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 June 2023

22,639

22,639

Additions

4,751

4,751

At 31 May 2024

27,390

27,390

Depreciation

At 1 June 2023

2,554

2,554

Charge for the year

5,375

5,375

At 31 May 2024

7,929

7,929

Carrying amount

At 31 May 2024

19,461

19,461

At 31 May 2023

20,085

20,085

5

Investment properties

2024
£

At 1 June

1,314,173

Additions

1,327,096

At 31 May

2,641,269

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Work in progress

-

111,282

 

Brightvision Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,800

1,920

Other creditors

1,585,286

1,175,968

1,587,086

1,177,888

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,397,014

697,339

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

2

2

2

2

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,397,014

697,339

 

Brightvision Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Ms SY Chen

(1,175,968)

111,282

(520,599)

(1,585,286)

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Ms SY Chen

(943,203)

267,632

(500,397)

(1,175,968)