Betts Developments Limited 07089026 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true 07089026 2024-01-01 2024-12-31 07089026 2024-12-31 07089026 core:RetainedEarningsAccumulatedLosses 2024-12-31 07089026 core:ShareCapital 2024-12-31 07089026 core:CurrentFinancialInstruments 2024-12-31 07089026 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 07089026 core:FurnitureFittingsToolsEquipment 2024-12-31 07089026 core:LandBuildings 2024-12-31 07089026 bus:SmallEntities 2024-01-01 2024-12-31 07089026 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07089026 bus:FilletedAccounts 2024-01-01 2024-12-31 07089026 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07089026 bus:RegisteredOffice 2024-01-01 2024-12-31 07089026 bus:Director1 2024-01-01 2024-12-31 07089026 bus:Director2 2024-01-01 2024-12-31 07089026 bus:Director3 2024-01-01 2024-12-31 07089026 bus:Director4 2024-01-01 2024-12-31 07089026 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07089026 core:FurnitureFittings 2024-01-01 2024-12-31 07089026 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 07089026 core:LandBuildings 2024-01-01 2024-12-31 07089026 countries:AllCountries 2024-01-01 2024-12-31 07089026 2023-12-31 07089026 core:FurnitureFittingsToolsEquipment 2023-12-31 07089026 core:LandBuildings 2023-12-31 07089026 2023-01-01 2023-12-31 07089026 2023-12-31 07089026 core:RetainedEarningsAccumulatedLosses 2023-12-31 07089026 core:ShareCapital 2023-12-31 07089026 core:CurrentFinancialInstruments 2023-12-31 07089026 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07089026 core:FurnitureFittingsToolsEquipment 2023-12-31 07089026 core:LandBuildings 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 07089026

Betts Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Betts Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Betts Developments Limited

Company Information

Directors

D C Betts

M Betts

E A Betts

S Betts

Registered office

Wayside Cottage
38 Tranby Lane
Swanland
East Yorkshire
HU14 3NB

 

Betts Developments Limited

(Registration number: 07089026)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

488,615

488,728

Current assets

 

Debtors

5

2,803

6,710

Cash at bank and in hand

 

32,059

33,862

 

34,862

40,572

Creditors: Amounts falling due within one year

6

(27,969)

(34,403)

Net current assets

 

6,893

6,169

Total assets less current liabilities

 

495,508

494,897

Provisions for liabilities

(30)

(52)

Net assets

 

495,478

494,845

Capital and reserves

 

Called up share capital

198

198

Retained earnings

495,280

494,647

Shareholders' funds

 

495,478

494,845

For the financial year ending 31 December 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
S Betts
Director

 

Betts Developments Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 07089026.

The address of its registered office is:
Wayside Cottage
38 Tranby Lane
Swanland
East Yorkshire
HU14 3NB

These financial statements were authorised for issue by the Board on 24 March 2025.

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 presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rental services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and 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.

 

Betts Developments Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

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.

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 and fittings

20% straight line

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS 102, as follows:

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit or loss. Deferred tax is provided on any gains at the rate expected to apply when the property is sold.

No depreciation is provided in respect of investment properties.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for rental services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Betts Developments Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

488,463

2,262

490,725

At 31 December 2024

488,463

2,262

490,725

Depreciation

At 1 January 2024

-

1,997

1,997

Charge for the year

-

113

113

At 31 December 2024

-

2,110

2,110

Carrying amount

At 31 December 2024

488,463

152

488,615

At 31 December 2023

488,463

265

488,728

 

Betts Developments Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,581

6,510

Prepayments

222

200

 

2,803

6,710

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

618

Taxation and social security

15,532

15,350

Accruals and deferred income

12,437

15,435

Other creditors

-

3,000

27,969

34,403