Company Registration No. 11807291 (England and Wales)
BSS REAL ESTATE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
19th Floor
1 Westfield Avenue
London
E20 1HZ
BSS REAL ESTATE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BSS REAL ESTATE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Land and buildings work in progress
4
5,608,269
4,906,410
Debtors
5
5,040
302
Cash at bank and in hand
6,878
44,436
5,620,187
4,951,148
Creditors: amounts falling due within one year
6
(6,230,805)
(467,866)
Net current (liabilities)/assets
(610,618)
4,483,282
Creditors: amounts falling due after more than one year
7
-
0
(5,007,033)
Net liabilities
(610,618)
(523,751)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(610,619)
(523,752)
Total equity
(610,618)
(523,751)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 8 April 2025
Mr Lorenzo Guidi
Director
Company Registration No. 11807291
BSS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

BSS Real Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19th Floor, 1 Westfield Avenue, London, E20 1HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under 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.

1.2
Going concern

The company made a loss of £86,867 (2023: £149,067) during the period ended 31 December 2023 and at that date its liabilities exceed its assets by £610,618 (2023: £523,751).true

 

The director and shareholders of the company continue to be actively engaged in looking to sell the assets or shares of the company of the company. At the date of signing the Balance Sheet, the current owners have agreed to support the company for a period of 12 months, or until the assets or company have been sold. The current owners have sufficient funds to support the company. for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

1.3
Stocks

Stocks represent work in progress relating to property development and are stated at the lower of costs and net realisable value. The work in progress balance is currently valued at cost. The cost of work in progress comprises land, buildings, design costs and other direct costs incurred in bringing the development property to their present condition. Net realisable value is the estimate selling price in the ordinary course of business, less applicable selling expenses.

 

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 recognise as an impairment loss in profit or loss.

 

1.4
Cash and cash equivalents

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.

BSS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BSS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Impairment to work in progress

 

The Director considers the value of the work in progress against market conditions with respects to its developments. It utilises with this, the use of experts to actively assess and value the development value of the work in progress. This is this combined in order for the Director to make a judgement in respects to possible impairment of work in progress.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Land and buildings work in progress
2024
2023
£
£
Land and buildings work in progress
5,608,269
4,906,410
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,040
302
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
89,150
308
Amounts owed to group undertakings
3,324
3,324
Other creditors
6,138,331
464,234
6,230,805
467,866
BSS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
5,007,033
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Lane
Statutory Auditor:
Affinia (Stratford)
Date of audit report:
8 April 2025
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the balance sheet date the company owed £6,130,336 (2023: £5,235,313), including accrued interest, to its parent Banor Alternative Assets, a company incorporated in Luxembourg. Debts due to the parent company are held as a liability under one year due to their repayment date arising in June 2025, and incurs interest at 8.5% per annum.

11
Parent company

The ultimate controlling entity is Banor Alternative Assets, a company incorporated in Luxembourg. There is no one ultimate controlling party of Banor Alternative Assets.

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