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Company registration number: 07562201
BMARS Properties (Old) Limited
Unaudited filleted financial statements
31 March 2023
BMARS Properties (Old) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BMARS Properties (Old) Limited
Directors and other information
Directors Mr. A Patel
Mrs. M Patel
Secretary Mr. A Patel
Company number 07562201
Registered office 28 Sandilands
Croydon
Surrey
CR0 5DB
Business address 28 Sandilands
Croydon
Surrey
CR0 5DB
Accountants Hindocha Pandit & Co Limited
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
BMARS Properties (Old) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of BMARS Properties (Old) Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BMARS Properties (Old) Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of BMARS Properties (Old) 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 financial statements of BMARS Properties (Old) Limited and state those matters that we have agreed to state to the board of directors of BMARS Properties (Old) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BMARS Properties (Old) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that BMARS Properties (Old) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BMARS Properties (Old) Limited. You consider that BMARS Properties (Old) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BMARS Properties (Old) 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 financial statements.
Hindocha Pandit & Co Limited
Chartered Certified Accountants & Chartered Tax Advisors
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
19 May 2025
BMARS Properties (Old) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 21,293 22,648
Investments 7 3,843,991 3,789,150
_______ _______
3,865,284 3,811,798
Current assets
Stocks 35,070 34,651
Debtors 8 17,669 17,500
Cash at bank and in hand 92,902 56,472
_______ _______
145,641 108,623
Creditors: amounts falling due
within one year 9 ( 74,610) ( 80,025)
_______ _______
Net current assets 71,031 28,598
_______ _______
Total assets less current liabilities 3,936,315 3,840,396
Creditors: amounts falling due
after more than one year 10 ( 2,001,572) ( 1,999,977)
Provisions for liabilities ( 204,999) ( 204,999)
_______ _______
Net assets 1,729,744 1,635,420
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 1,729,724 1,635,400
_______ _______
Shareholders funds 1,729,744 1,635,420
_______ _______
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
Mr. A Patel Mrs. M Patel
Director Director
Company registration number: 07562201
BMARS Properties (Old) Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 20 1,551,025 1,551,045
Profit for the year 84,375 84,375
_______ _______ _______
Total comprehensive income for the year - 84,375 84,375
_______ _______ _______
At 31 March 2022 and 1 April 2022 20 1,635,400 1,635,420
Profit for the year 94,324 94,324
_______ _______ _______
Total comprehensive income for the year - 94,324 94,324
_______ _______ _______
At 31 March 2023 20 1,729,724 1,729,744
_______ _______ _______
BMARS Properties (Old) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Sandilands, Croydon, Surrey, CR0 5DB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 13 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 40,000 40,000
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 40,000 40,000
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 and 31 March 2023 13,614 31,196 44,810
_______ _______ _______
Depreciation
At 1 April 2022 - 22,162 22,162
Charge for the year - 1,355 1,355
_______ _______ _______
At 31 March 2023 - 23,517 23,517
_______ _______ _______
Carrying amount
At 31 March 2023 13,614 7,679 21,293
_______ _______ _______
At 31 March 2022 13,614 9,034 22,648
_______ _______ _______
7. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 April 2022 353,176 960,875 1,314,051
Additions - 90,749 90,749
Disposals - ( 35,909) ( 35,909)
_______ _______ _______
At 31 March 2023 353,176 1,015,715 1,368,891
_______ _______ _______
Impairment
At 1 April 2022 and 31 March 2023 - ( 2,475,100) ( 2,475,100)
_______ _______ _______
Carrying amount
At 31 March 2023 353,176 3,490,815 3,843,991
_______ _______ _______
At 31 March 2022 353,176 3,435,975 3,789,151
_______ _______ _______
No depreciation is provided on freehold buildings as the company follows a programme of regular maintenance of its buildings which includes the reinstatement of the fabric of the buildings where necessary. Therefore in the opinion of the directors the comapny's freehold buildings have an indefinite economic life and consequently any charge to deprecition would be immaterial. They also consider that this accounting policy is necessary for the financial statements to give a true and fair view.
8. Debtors
2023 2022
£ £
Other debtors 17,669 17,500
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 32,355 42,059
Trade creditors 7,254 8,976
Corporation tax 15,354 14,232
Social security and other taxes 10,785 7,411
Other creditors 8,862 7,347
_______ _______
74,610 80,025
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,116,895 1,097,800
Other creditors 884,677 902,177
_______ _______
2,001,572 1,999,977
_______ _______
11. Controlling party
During the year the company was under the control of Mr. A B Patel and Mrs. M Patel the directors and shareholders of the company.