Best Adapted Properties Ltd
Registered number: 10470186
Statement of Financial Position
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,180,415 1,180,554
Current assets
Debtors 4 591 508
Cash at bank and in hand 55,708 59,247
56,299 59,755
Creditors: amounts falling due within one year 5 (216,391) (238,404)
Net current liabilities (160,092) (178,649)
Total assets less current liabilities 1,020,323 1,001,905
Creditors: amounts falling due after more than one year 6 (791,516) (791,516)
Provisions for liabilities (27,876) (27,902)
Net assets 200,931 182,487
Capital and reserves
Called up share capital 1 1
Revaluation reserve 7 118,467 118,467
Profit and loss account 82,463 64,019
Shareholder's funds 200,931 182,487
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O T Puplampu
Director
Approved by the board on 29 April 2025
Best Adapted Properties Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue from the rendering of services and from property rental. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover from the rental is recognised by reference to the stage of completion of the tenancy.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investment properties
Investment properties are included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the properties are sold.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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. Current and deferred tax assets and liabilities are not discounted.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2023 1,180,000 802 1,180,802
At 30 November 2024 1,180,000 802 1,180,802
Depreciation
At 1 December 2023 - 248 248
Charge for the year - 139 139
At 30 November 2024 - 387 387
Net book value
At 30 November 2024 1,180,000 415 1,180,415
At 30 November 2023 1,180,000 554 1,180,554
4 Debtors 2024 2023
£ £
Prepayments 591 508
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 1,823 1,056
Corporation tax 4,587 4,238
Other creditors 209,981 233,110
216,391 238,404
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 151,545 151,545
Obligations under finance lease and hire purchase contracts 310,795 310,795
Trade creditors 329,176 329,176
791,516 791,516
7 Revaluation reserve 2024 2023
£ £
At 1 December 2023 118,467 118,467
At 30 November 2024 118,467 118,467
8 Other information
Best Adapted Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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