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Registered number: 03192902














BEECHMODE PROPERTIES LIMITED

 
UNAUDITED

 FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BEECHMODE PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Directors
Martin Hugh Dixon 
Barry Klieff 




Company secretary
Barry Klieff



Registered number
03192902



Registered office
81 Coombe Gardens
New Malden

Surrey

KT3 4AB




Accountants
SRLV LLP
Chartered Accountants

Elsley Court

20-22 Great Titchfield Street

London

W1W 8BE





 
BEECHMODE PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
BEECHMODE PROPERTIES LIMITED
REGISTERED NUMBER:03192902

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,775,000
1,825,000

  
1,775,000
1,825,000

Current assets
  

Debtors: amounts falling due within one year
 5 
463,762
358,484

Cash at bank and in hand
 6 
2,366
60,192

  
466,128
418,676

Creditors: amounts falling due within one year
 7 
(194,073)
(152,612)

Net current assets
  
 
 
272,055
 
 
266,064

Total assets less current liabilities
  
2,047,055
2,091,064

Creditors: amounts falling due after more than one year
 8 
(796,760)
(796,760)

Provisions for liabilities
  

Deferred tax
 10 
(234,478)
(246,978)

Net assets
  
1,015,817
1,047,326


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
 11 
830,016
867,516

Profit and loss account
 11 
185,799
179,808

  
1,015,817
1,047,326


1

 
BEECHMODE PROPERTIES LIMITED
REGISTERED NUMBER:03192902
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2025.




Martin Hugh Dixon
Barry Klieff
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

2

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The principal activity of the company continued to be that of buying, selling and letting of own property and related activities.
 
The company is a private company limited by shares and is registered in England and Wales, company registration number 03192902.  
The registered office is 81 Coombe Gardens, New Malden, Surrey, KT3 4AB. The principal place of business address is 4 Acre Lane, Brixton, SW2 5SG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The Company's functional and presentational currency is GBP.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

 Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

5

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 May 2023
1,825,000


Deficit on revaluation
(50,000)



At 30 April 2024
1,775,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 May 2023
867,516
811,266

Net (deficit) surplus in movement properties
(37,500)
56,250

At 30 April 2024
830,016
867,516



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
668,311
668,311

668,311
668,311


5.


Debtors

2024
2023
£
£


Other debtors
349,683
244,803

Prepayments and accrued income
-
35,000

Tax recoverable
114,079
78,681

463,762
358,484


6

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,366
60,192

2,366
60,192



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
50,000
50,000

Corporation tax
91,037
50,630

Other creditors
47,144
46,422

Accruals and deferred income
5,892
5,560

194,073
152,612


The other loan of £50,000 (2023 - £50,000) is repayable on demand, and interest is payable at a rate of 6% per annum.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
191,760
191,760

Other loans
605,000
605,000

796,760
796,760


The following liabilities were secured:

2024
2023
£
£



Bank loans
191,760
191,760

Other Loans
605,000
605,000

796,760
796,760

Details of security provided:

The above bank loan of £191,760 (2023 - £191,760) and other loan of £605,000 (2023 - £605,000) are secured by way of a first charge over the investment properties held by the company. The bank loan is an interest only variable loan and the other loan is interest only charged at 6% per annum.

7

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
50,000
50,000


50,000
50,000


Amounts falling due 2-5 years

Other loans
605,000
605,000


605,000
605,000

Amounts falling due after more than 5 years

Bank loans
191,760
191,760

191,760
191,760

846,760
846,760



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(246,978)
(228,228)


Charged to profit or loss
12,500
(18,750)



At end of year
(234,478)
(246,978)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Other costs relating to revalued properties
42,194
42,194

Deferred tax on investment property reserve
(276,672)
(289,172)

8

 
BEECHMODE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Reserves

Investment property revaluation reserve

The reserve relates to the gains and losses from the revaluation of investment properties. These are undistributable reserves as they are unrealised.


12.


Related party transactions

At the year end the company was owed  £146,051 by Martin Barry Partnership (2023 - £138,301), a partnership which the directors are members of.
At the year end an amount of £203,633 (2023 - £106,501) was owed to the company by the directors.

 
9