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Registered number: 00526440










BUSINESS FLATS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BUSINESS FLATS LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 4


 
BUSINESS FLATS LIMITED
REGISTERED NUMBER: 00526440

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
262,400
928,741

Debtors: amounts falling due within one year
 4 
1,837,101
394,778

Cash at bank and in hand
  
420,461
1,173,122

  
2,519,962
2,496,641

Creditors: amounts falling due within one year
 5 
(171,514)
(571,520)

Net current assets
  
 
 
2,348,448
 
 
1,925,121

Total assets less current liabilities
  
2,348,448
1,925,121

  

Net assets
  
2,348,448
1,925,121


Capital and reserves
  

Called up share capital 
  
400
400

Profit and loss account
  
2,348,048
1,924,721

  
2,348,448
1,925,121


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.


Mr M J Hawley
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
BUSINESS FLATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Business Flats Limited (the Company) is a private company limited by shares incorporated and domiciled in England. The address of the registered office is Milestone House, Shallowford Court, Henley in Arden, B95 5FY, which is also the address of its principal place of business. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is the amount receivable by the company for properties and leases sold and are recognised on completion.
Rental income is recognised on a receivable basis and is recognised net of related costs.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

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.


 
2.6

Stocks

Stocks are valued at the lower of cost and net realisable value and consist of properties.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 2

 
BUSINESS FLATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 8).


4.


Debtors

2024
2023
£
£


Trade debtors
25,314
301,625

Amounts owed by group undertakings
1,644,243
51,000

Other debtors
162,855
33,535

Prepayments and accrued income
4,689
8,618

1,837,101
394,778



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
148,125
252,000

Other taxation and social security
-
8,752

Other creditors
1,259
1,259

Accruals and deferred income
22,130
309,509

171,514
571,520


Page 3

 
BUSINESS FLATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Parent Company

The company is a wholly owned subsidiary of Business Flats Holdings Limited, a company incorporated in England.

 
Page 4