Company registration number 05985973 (England and Wales)
BLM Estates Limited
Unaudited financial statements
For the year ended 30 November 2024
BLM Estates Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
BLM Estates Limited
Statement of financial position
As at 30 November 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
480,142
165,222
Tangible assets
4
5,276
629
Investment property
5
5,443,001
4,759,671
5,928,419
4,925,522
Current assets
Debtors
6
502,875
16,791
Cash at bank and in hand
33,006
33,170
535,881
49,961
Creditors: amounts falling due within one year
7
(3,790,418)
(2,482,822)
Net current liabilities
(3,254,537)
(2,432,861)
Total assets less current liabilities
2,673,882
2,492,661
Creditors: amounts falling due after more than one year
8
(908,371)
(959,151)
Provisions for liabilities
(407,300)
(354,300)
Net assets
1,358,211
1,179,210
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,221,844
1,062,737
Profit and loss reserves
136,267
116,373
Total equity
1,358,211
1,179,210
BLM Estates Limited
Statement of financial position (continued)
As at 30 November 2024
30 November 2024
- 2 -
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 3 April 2025
Mr B Longstaff
Director
Company registration number 05985973 (England and Wales)
BLM Estates Limited
Notes to the financial statements
For the year ended 30 November 2024
- 3 -
1
Accounting policies
Company information
BLM Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Music royalties
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
BLM Estates Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
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.
1.8
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 statement of financial position 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 and bank loans, 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.
1.9
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.
BLM Estates Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
BLM Estates Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 6 -
3
Intangible fixed assets
Music royalties
£
Cost
At 1 December 2023
171,743
Additions
469,289
Disposals
(122,197)
At 30 November 2024
518,835
Amortisation and impairment
At 1 December 2023
6,521
Amortisation charged for the year
39,908
Disposals
(7,736)
At 30 November 2024
38,693
Carrying amount
At 30 November 2024
480,142
At 30 November 2023
165,222
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 December 2023
3,137
3,137
Additions
6,590
6,590
At 30 November 2024
3,137
6,590
9,727
Depreciation and impairment
At 1 December 2023
2,508
2,508
Depreciation charged in the year
629
1,314
1,943
At 30 November 2024
3,137
1,314
4,451
Carrying amount
At 30 November 2024
5,276
5,276
At 30 November 2023
629
629
BLM Estates Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 December 2023
4,759,671
Additions
471,223
Revaluations
212,107
At 30 November 2024
5,443,001
Investment property comprises of residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 November 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
502,875
16,791
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
51,152
49,708
Taxation and social security
6,632
4,377
Other creditors
3,732,634
2,428,737
3,790,418
2,482,822
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
908,371
959,151
9
Security
The bank loans are secured by a fixed and floating charge over the assets of the company.