Registration number:
B.T. Developments Limited
for the Year Ended 31 March 2024
B.T. Developments Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
B.T. Developments Limited
(Registration number: 03766094)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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- |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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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 |
125 |
125 |
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Fair value reserve |
813,063 |
- |
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Profit and loss account |
725,628 |
798,562 |
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Shareholders' funds |
1,538,816 |
798,687 |
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. |
B.T. Developments Limited
(Registration number: 03766094)
Statement of Financial Position as at 31 March 2024 (continued)
Approved and authorised by the
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B.T. Developments 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:
England and Wales
Principal activity
The principal activity of the company is that of the letting of own real estate.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the
company will continue in operational existence for the foreseeable future. The validity of this
assumptions depends on continued support from the company's directors.
If the company were unable to continue in operational existence for the foreseeable future,
adjustments would have to be made to reduce the balance sheet value of assets to their recoverable
amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current
assets.
The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
B.T. Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Reclassification of comparative amounts
It was also identified that last year the properties were incorrectly classified in the accounts as freehold properties. A restatement has been made to move these to investment properties.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the total rents receivable in the period net of any discounts.
Tax
The tax expense for the period comprises deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
B.T. Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
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 and equipment |
20% RB |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
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 statement of comprehensive income 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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
B.T. Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
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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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
2024 |
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At 1 April |
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Additions |
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Fair value adjustments |
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At 31 March |
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There has been no valuation of investment property by an independent valuer.
B.T. Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Prepayments |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
(As restated) |
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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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Other creditors |
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The loans are secured by fixed and floating charges on the assets of the company.
Creditors: amounts falling due after more than one year
Note |
2024 |
(As restated) |
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Due between two and five years |
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Loans and borrowings |
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The loans are secured by fixed and floating charges on the assets of the company.
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
B.T. Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Loans and borrowings |
Non-current loans and borrowings
2024 |
(As restated) |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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The loans are secured by fixed and floating charges on the assets of the company.
Related party transactions |
Transactions with directors |
During the year the director entered into the following advances and credits with the company.
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Directors |
( |
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( |
( |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Directors |
( |
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( |
( |
Summary of transactions with other related parties
During the year the company entered into transactions with a company under control of one of the shareholders.
Management charges for the management of the properties were charged during the year of £49,911 (2023: £53,999).
At the end of the year included in debtors was a balance due of £4,000 (2023: included in creditors amounts owed of £518).