REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
BISHOPS CORNER (FINANCE) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
BISHOPS CORNER (FINANCE) LIMITED |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Statement of Changes in Equity | 5 |
Notes to the Financial Statements | 6 |
BISHOPS CORNER (FINANCE) LIMITED |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
17th Floor |
103 Colmore Row |
Birmingham |
B3 3AG |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Bishops Corner (Finance) 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
We have compiled the accompanying financial statements of Bishop Corner (Finance) Limited (the 'company') based on the information you have provided. These financial statements comprise the Statement of Financial Position of Bishop Corner (Finance) Limited as at 30 June 2024, the Statement of Comprehensive Income and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. |
We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised) 'Compilation Engagements'. |
We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com. |
These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. |
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice. |
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 16 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the company's directors, as a body, in this report in accordance with our engagement letter dated 16 December 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body, for our work, or for this report. |
17th Floor |
103 Colmore Row |
Birmingham |
B3 3AG |
Date: ............................................. |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Statement of Financial Position |
30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
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. |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Statement of Changes in Equity |
for the year ended 30 June 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Bishops Corner (Finance) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises revenue recognised by the company in respect of rents, exclusive of Value Added Tax. Rents are recognised up to the year end date. |
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK. |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Going concern |
The directors have assessed the company’s ability to operate as a going concern for the 12 months from the date of signing the financial statements. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As part of their review, the directors have considered the likely impact of factors such as the current macroeconomic events. Accordingly, the company has continued to adopt the going concern basis of accounting in the preparation of these financial statements. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" 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. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. |
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. |
Impairment of financial assets |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
Financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities. |
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. |
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Cash and cash equivalent |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Revaluations | 470,000 |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
4. | INVESTMENT PROPERTY - continued |
The fair value of the company's commercial investment property was determined as at August 2024 by independent valuers appointed by the Friend and Falcke Chartered Surveyors. The property was valued at £3.92m based on the market value derived primarily using comparable recent market transactions on arm's length basis and using appropriate valuation techniques, taking into account the prevailing tenancies and lease renewals at current market. The directors considered that valuation to represent the fair value as at 30 June 2024. If the freehold properties were sold at their open market value at the balance sheet, there would be £683,314 deferred tax to pay. |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2002 | 1,044,891 |
Valuation in 2004 | 305,000 |
Valuation in 2006 | 835,000 |
Valuation in 2022 | 470,000 |
Valuation in 2024 | 470,000 |
Cost | 795,109 |
3,920,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade debtors |
Amounts owed by parent |
Other debtors |
Amounts owed by parent are interest free, unsecured and repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade creditors |
Corporation tax |
Accruals and deferred income |
7. | PROVISIONS FOR LIABILITIES |
30/6/24 | 30/6/23 |
£ | £ |
Deferred tax on potential |
capital gains | 683,314 | 565,814 |
683,314 | 565,814 |
BISHOPS CORNER (FINANCE) LIMITED (REGISTERED NUMBER: 00825321) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
Deferred tax on uplift of fair value investment property has been provided for at a rate of 25%. |
8. | RESERVES |
Retained earnings includes all current and prior period retained profits and losses. |
Fair value reserves includes all amounts relating to the fair value gains and losses of investments properties. |
9. | RELATED PARTY DISCLOSURES |
At the year end the company was owed a balance of £166,558 (2023 - £27,238) by its parent entity Jomaro (UK) Limited. This balance bears no interest and is repayable on demand. |
10. | CONTROLLING PARTY |
The immediate parent company is Jomaro (U.K.) Limited which is registered in England and Wales. The registered office of the immediate parent is the same as that of the company. |