Burley Property Investment Company Limited 00328557 false 2023-06-24 2024-06-30 2024-06-30 The principal activity of the company is property management. Digita Accounts Production Advanced 6.30.9574.0 true false true 00328557 2023-06-24 2024-06-30 00328557 2024-06-30 00328557 bus:OrdinaryShareClass1 2024-06-30 00328557 core:CapitalRedemptionReserve 2024-06-30 00328557 core:OtherMiscellaneousReserve 2024-06-30 00328557 core:RetainedEarningsAccumulatedLosses 2024-06-30 00328557 core:ShareCapital 2024-06-30 00328557 core:CurrentFinancialInstruments 2024-06-30 00328557 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00328557 core:FurnitureFittingsToolsEquipment 2024-06-30 00328557 core:LandBuildings 2024-06-30 00328557 core:OtherPropertyPlantEquipment 2024-06-30 00328557 core:DeferredTaxation 2024-06-30 00328557 bus:SmallEntities 2023-06-24 2024-06-30 00328557 bus:AuditExemptWithAccountantsReport 2023-06-24 2024-06-30 00328557 bus:FullAccounts 2023-06-24 2024-06-30 00328557 bus:SmallCompaniesRegimeForAccounts 2023-06-24 2024-06-30 00328557 bus:RegisteredOffice 2023-06-24 2024-06-30 00328557 bus:CompanySecretaryDirector1 2023-06-24 2024-06-30 00328557 bus:Director1 2023-06-24 2024-06-30 00328557 bus:Director5 2023-06-24 2024-06-30 00328557 bus:OrdinaryShareClass1 2023-06-24 2024-06-30 00328557 bus:PrivateLimitedCompanyLtd 2023-06-24 2024-06-30 00328557 bus:Agent1 2023-06-24 2024-06-30 00328557 core:CapitalRedemptionReserve 2023-06-24 2024-06-30 00328557 core:OtherMiscellaneousReserve 2023-06-24 2024-06-30 00328557 core:RetainedEarningsAccumulatedLosses 2023-06-24 2024-06-30 00328557 core:ShareCapital 2023-06-24 2024-06-30 00328557 core:FurnitureFittingsToolsEquipment 2023-06-24 2024-06-30 00328557 core:LandBuildings 2023-06-24 2024-06-30 00328557 core:OtherPropertyPlantEquipment 2023-06-24 2024-06-30 00328557 core:DeferredTaxation 2023-06-24 2024-06-30 00328557 core:UKTax 2023-06-24 2024-06-30 00328557 1 2023-06-24 2024-06-30 00328557 1 2023-06-24 2024-06-30 00328557 countries:EnglandWales 2023-06-24 2024-06-30 00328557 2023-06-23 00328557 core:CapitalRedemptionReserve 2023-06-23 00328557 core:OtherMiscellaneousReserve 2023-06-23 00328557 core:RetainedEarningsAccumulatedLosses 2023-06-23 00328557 core:ShareCapital 2023-06-23 00328557 core:FurnitureFittingsToolsEquipment 2023-06-23 00328557 core:LandBuildings 2023-06-23 00328557 core:OtherPropertyPlantEquipment 2023-06-23 00328557 core:DeferredTaxation 2023-06-23 00328557 2022-06-24 2023-06-23 00328557 2023-06-23 00328557 bus:OrdinaryShareClass1 2023-06-23 00328557 core:CurrentFinancialInstruments 2023-06-23 00328557 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-23 00328557 core:FurnitureFittingsToolsEquipment 2023-06-23 00328557 core:LandBuildings 2023-06-23 00328557 core:OtherPropertyPlantEquipment 2023-06-23 00328557 core:CapitalRedemptionReserve 2022-06-24 2023-06-23 00328557 core:OtherMiscellaneousReserve 2022-06-24 2023-06-23 00328557 core:RetainedEarningsAccumulatedLosses 2022-06-24 2023-06-23 00328557 core:ShareCapital 2022-06-24 2023-06-23 00328557 core:UKTax 2022-06-24 2023-06-23 00328557 2022-06-23 00328557 core:CapitalRedemptionReserve 2022-06-23 00328557 core:OtherMiscellaneousReserve 2022-06-23 00328557 core:RetainedEarningsAccumulatedLosses 2022-06-23 00328557 core:ShareCapital 2022-06-23 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00328557

Burley Property Investment Company Limited

Annual Report and Unaudited Financial Statements

for the Period from 24 June 2023 to 30 June 2024

 

Burley Property Investment Company Limited

Contents

Company Information

1

Directors' Report

2

Income statement

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

Accountants' Report

13

 

Burley Property Investment Company Limited

Company Information

Directors

H M Whyle

M F Mendham

S P M Cuff

Company secretary

M F Mendham

Registered office

Forest Farmhouse
Wood Row
Hatfield Broad Oak
Bishop's Stortford
Herts
CM22 7BU

Solicitors

Moon Beever
Bedford House
21a John Street
London
WC1N 2BF

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Burley Property Investment Company Limited

Directors' Report for the Period from
24 June 2023 to 30 June 2024

The directors present their report and the financial statements for the period from 24 June 2023 to 30 June 2024.

Principal activity

The principal activity of the company is property management.

Directors of the company

The directors who held office during the period and up to the date of approval of this report were as follows:

H M Whyle

M F Mendham - Company secretary and director

S P M Cuff

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in the financial statement.

Directors' liabilities

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
S P M Cuff
Director

 

Burley Property Investment Company Limited

Income statement
for the Period from 24 June 2023 to 30 June 2024

Note

2024
£

2023
£

Revenue

 

436,839

411,808

Cost of sales

 

(43,495)

(34,330)

Gross profit

 

393,344

377,478

Administrative expenses

 

(5,020)

(11,557)

Other operating income

 

18,419

40

Operating profit

 

406,743

365,961

Gain on revaluation of investment properties

 

267,500

-

Other interest receivable and similar income

 

43

9

Interest payable and similar expenses

 

(1,455)

-

   

266,088

9

Profit before tax

672,831

365,970

Taxation

4

(168,208)

(75,070)

Profit for the financial period

 

504,623

290,900

 

Burley Property Investment Company Limited

(Registration number: 00328557)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

5

4,852,500

4,585,000

Current assets

 

Receivables

6

102,003

112,887

Cash at bank and in hand

7

504,116

410,594

 

606,119

523,481

Payables: Amounts falling due within one year

8

(202,545)

(197,405)

Net current assets

 

403,574

326,076

Total assets less current liabilities

 

5,256,074

4,911,076

Provisions for liabilities

(209,433)

(142,558)

Net assets

 

5,046,641

4,768,518

Equity

 

Called up share capital

10

453

453

Capital redemption reserve

10

147

147

Other reserves

10

1,478,300

1,277,675

Retained earnings

10

3,567,741

3,490,243

Shareholders' funds

 

5,046,641

4,768,518

For the financial period ending 30 June 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 period 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Burley Property Investment Company Limited were approved and authorised for issue by the Board on 31 March 2025 and signed on its behalf by:

.........................................

S P M Cuff
Director

 

Burley Property Investment Company Limited

Statement of Changes in Equity
for the Period from 24 June 2023 to 30 June 2024

Share capital
£

Capital redemption reserve
£

Other reserve
£

Retained earnings
£

Total
£

At 24 June 2023

453

147

1,277,675

3,490,243

4,768,518

Profit for the period

-

-

-

504,623

504,623

Dividends

-

-

-

(226,500)

(226,500)

Transfers

-

-

200,625

(200,625)

-

At 30 June 2024

453

147

1,478,300

3,567,741

5,046,641

Share capital
£

Capital redemption reserve
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 24 June 2022

453

147

1,277,675

3,376,013

4,654,288

Profit for the period

-

-

-

290,900

290,900

Dividends

-

-

-

(176,670)

(176,670)

At 23 June 2023

453

147

1,277,675

3,490,243

4,768,518

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024

1

General information

Burley Property Investment Company Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

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' and the Companies Act 2006.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024 (continued)

2

Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below:

Valuation of investment property portfolio
The investment property portfolio was revalued at the year end to its fair value on the basis of market value. Market value represents the figure that would appear in a hypothetical contract of sale between a willing buyer and a willing seller. Market value is estimated without regard to costs of sale. Property valuation is inherently subjective and contains a number of assumptions upon which they are based.
The assumptions on which the valuation have been based include, but are not limited to, matters such as recent comparable market transactions on arm’s length terms, the tenure and tenancy details for the properties, ground conditions at the properties and the structural condition of the properties. Any variation in the valuations would have a material effect on the profit after tax and the net asset value of the company. The carrying amount at the year end was £4,585,000 (2023: £4,585,000).

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable from rental properties in the ordinary course of the company’s activities. Revenue is shown net of value added tax (where applicable) and rent rebates.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and when specific criteria have been met.

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.

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024 (continued)

2

Accounting policies (continued)

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fittings fixtures and equipment

20%, 50% and 100%

Investment property

Investment properties are measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair values are recognised in the income statement.

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.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024 (continued)

2

Accounting policies (continued)

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently 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 period, was 3 (2023 - 4).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

101,333

74,713

UK corporation tax adjustment to prior periods

-

357

101,333

75,070

Deferred taxation

Arising from origination and reversal of timing differences

66,875

-

Tax expense in the income statement

168,208

75,070

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024 (continued)

4

Taxation (continued)

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 20.38%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

672,831

365,970

Corporation tax at standard rate

168,208

74,585

Increase in UK and foreign current tax from adjustment for prior periods

-

357

Tax increase from effect of capital allowances and depreciation

-

128

Total tax charge

168,208

75,070

Deferred tax

5

Property, plant and equipment

Freehold properties
£

Leasehold properties
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 24 June 2023

4,135,000

450,000

3,574

4,588,574

Revaluations

(82,500)

350,000

-

267,500

At 30 June 2024

4,052,500

800,000

3,574

4,856,074

Depreciation

At 24 June 2023

-

-

3,574

3,574

At 30 June 2024

-

-

3,574

3,574

Carrying amount

At 30 June 2024

4,052,500

800,000

-

4,852,500

At 23 June 2023

4,135,000

450,000

-

4,585,000

Included within the net book value of land and buildings above is £4,052,500 (2023 - £4,135,000) in respect of freehold land and buildings.
 

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024 (continued)

6

Receivables

2024
£

2023
£

Trade receivables

89,423

101,561

Prepayments

12,580

11,326

102,003

112,887

7

Cash and cash equivalent

2024
£

2023
£

Cash at bank

504,116

410,594

8

Payables

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

11,423

27,456

Social security and other taxes

 

3,836

3,538

Corporation tax

101,333

74,713

Accruals and deferred income

 

85,953

91,698

 

202,545

197,405

9

Provisions for liabilities

Deferred tax
£

At 24 June 2023

142,558

Additional provisions

66,875

At 30 June 2024

209,433

Deferred tax liability represents timing difference arising on the taxation of fair value adjustments relating to the company's investment properties. Deferred tax is provided at tax rates expected to apply when they crystallise based on tax rates and laws that have been enacted or substantially enacted by the year end.

 

Burley Property Investment Company Limited

Notes to the Unaudited Financial Statements
for the Period from 24 June 2023 to 30 June 2024 (continued)

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

453

453

453

453

       

The company has one class of share capital which carries no right fixed income.

Reserves

The profit and loss account reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The capital redemption reserve represents a statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares out of distributable profits.

The other reserve represents the cumulative effect of revaluations of investment properties which are revalued to fair value at each reporting date. This reserve forms part of the company's non-distributable reserves.

11

Dividends

2024

2023

£

£

Interim dividend of £500.00 (2023 - £390.00) per ordinary share

226,500

176,670

 

 

12

Controlling party

The trustees of the H J Cuff Discretionary Settlement, Mrs C M Livingston and Ian Burman, control the company by virtue of holding 50.3% of the shares.

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in the financial statement.

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Burley Property Investment Company Limited
for the Period Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Burley Property Investment Company Limited for the period ended 30 June 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising firm of accountants, we are subject to ethical and other professional requirements.

This report is made solely to the Board of Directors of Burley Property Investment Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Burley Property Investment Company Limited and state those matters that we have agreed to state to the Board of Directors of Burley Property Investment Company Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burley Property Investment Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Burley Property Investment Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Burley Property Investment Company Limited. You consider that Burley Property Investment Company Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Burley Property Investment Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
For and on behalf of
Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

31 March 2025