Registered number
01644283
BESTLINES LTD
Unaudited Filleted Accounts
31 March 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON - E17 9BG
BESTLINES LTD
Registered number: 01644283
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,325,212 1,325,265
Current assets
Debtors 4 65,920 669,607
Cash at bank and in hand 82,936 4,529
148,856 674,136
Creditors: amounts falling due within one year 5 (100,849) (115,991)
Net current assets 48,007 558,145
Total assets less current liabilities 1,373,219 1,883,410
Creditors: amounts falling due after more than one year 6 - (513,007)
Provisions for liabilities (161,880) (161,880)
Net assets 1,211,339 1,208,523
Capital and reserves
Called up share capital 102 102
Revaluation reserve 7 690,118 690,118
Profit and loss account 521,119 518,303
Shareholder's funds 1,211,339 1,208,523
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S N Popat
Director
Approved by the board on 24 December 2024
BESTLINES LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts. Turnover includes revenue earned from the rental of owned Investment properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Any revaluation increase or decrease on land and buildings is credited to the property
revaluation reserve account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
(Valuation)
Cost/ Valuation
At 1 April 2023 1,325,000 4,505 1,329,505
At 31 March 2024 1,325,000 4,505 1,329,505
Depreciation
At 1 April 2023 - 4,240 4,240
Charge for the year - 53 53
At 31 March 2024 - 4,293 4,293
Net book value
At 31 March 2024 1,325,000 212 1,325,212
At 31 March 2023 1,325,000 265 1,325,265
Freehold land and buildings: 2024 2023
£ £
Historical cost 473,002 473,002
Cumulative depreciation based on historical cost - -
473,002 473,002
4 Debtors 2024 2023
£ £
Trade debtors 10,305 7,955
Other debtors 55,615 661,652
65,920 669,607
Other debtors include an amount of £55,615 (2023: £589,008 ) for loan given to K & R Estates Limited on a commercial basis, with interest charged between 5.5% to 6.5 %% annually.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans ( see note 6 below ) - 25,469
Amounts owed to group undertakings and undertakings in which the company has a participating interest 44,880 44,880
Taxation and social security costs 14,024 24,725
Other creditors 41,945 20,917
100,849 115,991
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 513,007
The bank loans were repaid during the year.
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 690,118 568,618
Gain on revaluation of land and buildings - 150,000
Deferred taxation arising on the revaluation of land and buildings - (28,500)
At 31 March 2024 690,118 690,118
This related to the gain arising on revaluation of the company's Investment Properties, as at
31 March 2024, done by the director, based on an open market basis. The director is not
aware of any material change in value since the date of valuation.
8 Related party transaction
At the year end the inter company balance between K J Discount Motor Spares Limited, an associated company and Bestlines Ltd was as follows:
2024 2023
£ £
Amount due to K J Discount Motor Spares Limited ( disclosed under other creditors in note 5 above) 44,880 44,880
9 Controlling party
The company was controlled by Ms Seema Popat, a director in both Bestlines Ltd and Krrisn Enterprises Limited, a company incorporated in the UK, and which owns 100% shares in Bestlines Ltd.
10 Other information
BESTLINES LTD is a private company limited by shares and incorporated in England. Its registered office is:
247 Watford Road
Harrow
Middlesex
HA1 3TU
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