IRIS Accounts Production v24.3.2.46 08584720 director 1.7.23 30.6.24 30.6.24 false true false false true false Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh085847202023-06-30085847202024-06-30085847202023-07-012024-06-30085847202022-06-30085847202022-07-012023-06-30085847202023-06-3008584720ns15:EnglandWales2023-07-012024-06-3008584720ns14:PoundSterling2023-07-012024-06-3008584720ns10:Director12023-07-012024-06-3008584720ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3008584720ns10:SmallEntities2023-07-012024-06-3008584720ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3008584720ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3008584720ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3008584720ns10:FullAccounts2023-07-012024-06-3008584720ns10:OrdinaryShareClass12023-07-012024-06-3008584720ns10:RegisteredOffice2023-07-012024-06-3008584720ns5:CurrentFinancialInstruments2024-06-3008584720ns5:CurrentFinancialInstruments2023-06-3008584720ns5:ShareCapital2024-06-3008584720ns5:ShareCapital2023-06-3008584720ns5:RetainedEarningsAccumulatedLosses2024-06-3008584720ns5:RetainedEarningsAccumulatedLosses2023-06-3008584720ns5:ComputerEquipment2023-07-012024-06-3008584720ns5:ComputerEquipment2023-06-3008584720ns5:ComputerEquipment2024-06-3008584720ns5:ComputerEquipment2023-06-3008584720ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3008584720ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3008584720ns10:OrdinaryShareClass12024-06-30
REGISTERED NUMBER: 08584720 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Belco Global Limited

Belco Global Limited (Registered number: 08584720)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Belco Global Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: G S Bielous





REGISTERED OFFICE: 315 Regents Park Road
Finchley Central
London
N3 1DP





REGISTERED NUMBER: 08584720 (England and Wales)






Belco Global Limited (Registered number: 08584720)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
CURRENT ASSETS
Stocks 5 2,006,356 1,489,911
Debtors 6 38,783 1,305
Cash at bank 23,290 29,286
2,068,429 1,520,502
CREDITORS
Amounts falling due within one year 7 2,211,638 1,659,502
NET CURRENT LIABILITIES (143,209 ) (139,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(143,209

)

(139,000

)

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (143,309 ) (139,100 )
SHAREHOLDERS' FUNDS (143,209 ) (139,000 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2025 and were signed by:





G S Bielous - Director


Belco Global Limited (Registered number: 08584720)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Belco Global 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amount in these financial statements are rounded to the nearest £.

Going concern
At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Based on these indications the director believes that it remains appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents the sale of land and buildings. Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks consists of freehold land and buildings held for development and resale. Costs consist of all direct costs including purchase price, legal and professional fees, development costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit of loss. Reversals of impairment losses are also recognised in the profit or loss.


Belco Global Limited (Registered number: 08584720)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Belco Global Limited (Registered number: 08584720)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2023
and 30 June 2024 182
DEPRECIATION
At 1 July 2023
and 30 June 2024 182
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. STOCKS
30.6.24 30.6.23
£    £   
Stocks of land and buildings 2,006,356 1,489,911

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors 38,783 1,305

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other creditors 2,211,638 1,659,502

Belco Global Limited (Registered number: 08584720)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. LOANS

An analysis of the maturity of loans is given below:

30.6.24 30.6.23
£    £   
Amounts falling due within one year or on demand:
Shareholders loan 2,211,638 1,659,502

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary Shares £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company had loans due to the director, Mr G S Bielous in the amount of £2,211,638. The loans are interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G S Bielous.