2 2 B.T. Developments Limited 03766094 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the letting of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 03766094 2023-04-01 2024-03-31 03766094 2024-03-31 03766094 core:CurrentFinancialInstruments 2024-03-31 03766094 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03766094 core:Non-currentFinancialInstruments 2024-03-31 03766094 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03766094 core:FurnitureFittings 2024-03-31 03766094 1 2024-03-31 03766094 bus:SmallEntities 2023-04-01 2024-03-31 03766094 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03766094 bus:FilletedAccounts 2023-04-01 2024-03-31 03766094 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03766094 bus:RegisteredOffice 2023-04-01 2024-03-31 03766094 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 03766094 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03766094 core:FurnitureFittings 2023-04-01 2024-03-31 03766094 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03766094 core:OtherRelatedParties 2023-04-01 2024-03-31 03766094 4 2023-04-01 2024-03-31 03766094 countries:EnglandWales 2023-04-01 2024-03-31 03766094 1 2023-04-01 2024-03-31 03766094 2023-03-31 03766094 core:FurnitureFittings 2023-03-31 03766094 1 2023-03-31 03766094 2022-04-01 2023-03-31 03766094 2023-03-31 03766094 core:CurrentFinancialInstruments 2023-03-31 03766094 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03766094 core:Non-currentFinancialInstruments 2023-03-31 03766094 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03766094 core:FurnitureFittings 2023-03-31 03766094 1 2023-03-31 03766094 1 2022-04-01 2023-03-31 03766094 1 2022-03-31 xbrli:pure iso4217:GBP

Registration number: 03766094

B.T. Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

B.T. Developments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

B.T. Developments Limited

(Registration number: 03766094)
Statement of Financial Position as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

14,515

18,144

Investment property

5

3,849,309

2,749,592

 

3,863,824

2,767,736

Current assets

 

Debtors

6

5,142

-

Cash at bank and in hand

 

165,151

168,189

 

170,293

168,189

Creditors: Amounts falling due within one year

7

(785,037)

(672,322)

Net current liabilities

 

(614,744)

(504,133)

Total assets less current liabilities

 

3,249,080

2,263,603

Creditors: Amounts falling due after more than one year

7

(1,566,927)

(1,461,469)

Provisions for liabilities

(143,337)

(3,447)

Net assets

 

1,538,816

798,687

Capital and reserves

 

Called up share capital

125

125

Fair value reserve

813,063

-

Profit and loss account

725,628

798,562

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

B.T. Developments Limited

(Registration number: 03766094)
Statement of Financial Position as at 31 March 2024 (continued)

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 


Mr T T Kallis
Company secretary and director

 

B.T. Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
74 North Road East
Plymouth
Devon
PL4 6AL
England and Wales

Principal activity

The principal activity of the company is that of the letting of own real estate.

2

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

During the year it was identified an additional property was purchased in the previous year. The prior period has therefore been restated to show the addition of £359,408 into investment properties and the associated mortgage of £350,000 into creditors. The balance of £9,408 was introduced through the Directors loan account.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

65,025

65,025

At 31 March 2024

65,025

65,025

Depreciation

At 1 April 2023

46,881

46,881

Charge for the year

3,629

3,629

At 31 March 2024

50,510

50,510

Carrying amount

At 31 March 2024

14,515

14,515

At 31 March 2023

18,144

18,144

5

Investment properties

2024
£

At 1 April

2,749,592

Additions

145,386

Fair value adjustments

954,331

At 31 March

3,849,309

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)

6

Debtors

2024
£

2023
£

Trade debtors

3,999

-

Prepayments

1,143

-

5,142

-

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

9

196,250

27,750

Trade creditors

 

-

518

Taxation and social security

 

96,786

142,656

Accruals and deferred income

 

17,020

19,808

Other creditors

 

474,981

481,590

 

785,037

672,322

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)

2023
£

Due between two and five years

 

Loans and borrowings

9

1,566,927

1,461,469

The loans are secured by fixed and floating charges on the assets of the company.

8

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)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

(As restated)

2023
£

Bank borrowings

1,566,927

1,461,469

Current loans and borrowings

2024
£

2023
£

Bank borrowings

196,250

27,750

The loans are secured by fixed and floating charges on the assets of the company.

10

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

(481,590)

20,821

(14,212)

(474,981)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors

(481,286)

37,826

(38,130)

(481,590)

 

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).