REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Bben Development Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Bben Development Company Limited |
Bben Development Company Limited (Registered number: 00492222) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Bben Development Company Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
147a High Street |
Waltham Cross |
EN8 7AP |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Bben Development Company Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bben Development Company Limited for the year ended 30 September 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Bben Development Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bben Development Company Limited and state those matters that we have agreed to state to the Board of Directors of Bben Development Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bben Development Company Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Bben Development Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bben Development Company Limited. You consider that Bben Development Company Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Bben Development Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
147a High Street |
Waltham Cross |
EN8 7AP |
Date: ............................................. |
Bben Development Company Limited (Registered number: 00492222) |
Statement of Financial Position |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bben Development Company Limited (Registered number: 00492222) |
Statement of Financial Position - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bben Development Company Limited (Registered number: 00492222) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Bben Development Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Bben Development Company Limited (Registered number: 00492222) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Revaluations | 70,000 |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2013 | 2,890,000 |
Valuation in 2014 | 50,000 |
Valuation in 2015 | 70,000 |
Valuation in 2018 | 5,000 |
Valuation in 2019 | 180,000 |
Valuation in 2020 | 195,000 |
Valuation in 2021 | (30,000 | ) |
Valuation in 2022 | 125,000 |
Valuation in 2023 | 115,000 |
Valuation in 2024 | 70,000 |
3,670,000 |
Bben Development Company Limited (Registered number: 00492222) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 2,155,630 | 2,155,630 |
Investment property was valued on an open market basis on 30 September 2022 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
Bben Development Company Limited (Registered number: 00492222) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by fixed and floating charges over the assets of the company. |
The bank loans are repayable by instalments |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 740 | 740 |
Deferred | £1 | 7,400 | 7,400 |
8,140 | 8,140 |
11. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 October 2023 |
and 30 September 2024 |
12. | RELATED PARTY DISCLOSURES |
Gallus Properties Limited has common directors with Bben Development Company Limited. |
Gallus Properties Limited invoiced Bben Development Company Limited the amount of £80,790 in 2024 (2023: £85,081) in respect of Professional services. |
At the balance sheet date Bben Development Company Limited owed Gallus Properties Limited £300,000 (2023: £780,175). Interest has been charged on this at 5%, totalling £42,830 for 2024 (2023: £37,259). |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is C J Gridley. |
The company is controlled by Mr CJ Gridley due to his shareholdings in the ultimate and immediate parent companies. |