Registration number:
Bristol Road Properties Limited
for the Year Ended 31 March 2024
Bristol Road Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bristol Road Properties Limited
Company Information
Directors |
CT Hatt Mrs S J McConville R J Kane W E K Kane |
Company secretary |
Mrs S J McConville |
Registered office |
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Accountants |
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Bristol Road Properties Limited
(Registration number: 6007794)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
160,996 |
160,996 |
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Capital redemption reserve |
840,000 |
840,000 |
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Revaluation reserve |
900,708 |
900,708 |
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Retained earnings |
(373,667) |
(310,485) |
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Shareholders' funds |
1,528,037 |
1,591,219 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Bristol Road Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
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 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.
Tax
The tax expense for the period comprises current 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.
Bristol Road Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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 |
Plant and machinery |
5% straight line |
Fixtures and equipment |
15% reducing balance |
Motor vehicles |
15% reducing balance |
Investment property
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.
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.
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.
Bristol Road Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
- |
At 31 March 2023 |
- |
- |
- |
Impairment
Plant and machinery
The amount of impairment loss included in profit or loss is £Nil (2023 - £
Investment properties |
2024 |
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At 1 April |
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At 31 March |
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The property was valued by the Directors in August 2023, based on an external professional valuation and they do not believe has materially changed since this date. The property is currently held for sale.
Bristol Road Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Other creditors |
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Included within other creditors is an amount of £648,990 (2023 £648,990) which, is a guaranor settlement in respect of Pembar Limited, a connected company that is no longer trading.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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996 |
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996 |
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560,000 |
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560,000 |
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Bristol Road Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
The special rights and restrictions attached to and imposed on the Ordinary Shares and the Redeemable Ordinary Shares respectively are as follows;
Income
The holders of Redeemable Ordinary shares shall only be entitled to dividends as approved by unanimous vote of the holders of Ordinary shares.
Capital
In the event of winding up of the company or other return of capital the assets of the Company remaining after payment of its debts and liabilities and of the costs charges and expenses of such winding up shall be applied as follows;
1) In repaying to holders of Redeemable Ordinary Shares such amounts as are paid up or credited as paid up on the Redeemable Ordinary Shares.
2) The balance of any assets remaining after 1 above shall be distributed amongst the holders of Ordinary Shares in proportion to amounts paid up or credited as paid up on the Ordinary Shares.
Voting rights
The holders of the Redeemable Ordinary Shares shall have no voting rights.
Redemption
The directors shall have the authority to redeem the Redeemable Ordinary Shares on behalf of the Company, at any time they see fit. The holders of the Redeemable Ordinary Shares shall not have an option to demand that the shares shall be redeemed.
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Bank overdrafts |
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- |
Other borrowings |
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- |
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Bank borrowings are secured by fixed charges on the company's investment properties, by an unlimited debenture from the company, by an an unlimited debenture from Belward Limited (a company in which the directors and their families have beneficial interests), and by an all monies joint and several guarantee from the directors.
Bristol Road Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Related party transactions |
Other transactions with directors |
As at 31 March 2024 and 2023, the company owed one of the directors £150,000.