Silverfin false false 30/09/2024 01/10/2023 30/09/2024 R Borchard 28/03/2012 E Brenden 01/10/2015 L Brenden 28/03/2012 23 May 2025 The principal activity of the Company during the financial year was that of property investment. 08010028 2024-09-30 08010028 bus:Director1 2024-09-30 08010028 bus:Director2 2024-09-30 08010028 bus:Director3 2024-09-30 08010028 2023-09-30 08010028 core:CurrentFinancialInstruments 2024-09-30 08010028 core:CurrentFinancialInstruments 2023-09-30 08010028 core:Non-currentFinancialInstruments 2024-09-30 08010028 core:Non-currentFinancialInstruments 2023-09-30 08010028 core:ShareCapital 2024-09-30 08010028 core:ShareCapital 2023-09-30 08010028 core:RetainedEarningsAccumulatedLosses 2024-09-30 08010028 core:RetainedEarningsAccumulatedLosses 2023-09-30 08010028 core:OtherPropertyPlantEquipment 2023-09-30 08010028 core:OtherPropertyPlantEquipment 2024-09-30 08010028 core:CurrentFinancialInstruments core:Secured 2024-09-30 08010028 bus:OrdinaryShareClass1 2024-09-30 08010028 2023-10-01 2024-09-30 08010028 bus:FilletedAccounts 2023-10-01 2024-09-30 08010028 bus:SmallEntities 2023-10-01 2024-09-30 08010028 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08010028 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08010028 bus:Director1 2023-10-01 2024-09-30 08010028 bus:Director2 2023-10-01 2024-09-30 08010028 bus:Director3 2023-10-01 2024-09-30 08010028 2022-10-01 2023-09-30 08010028 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 08010028 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08010028 (England and Wales)

BEVIS MARKS PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

BEVIS MARKS PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

BEVIS MARKS PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
BEVIS MARKS PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 7,000 7,000
Investment property 5 33,270,941 30,570,000
33,277,941 30,577,000
Current assets
Debtors 6 63,211 435,254
Cash at bank and in hand 361,982 373,986
425,193 809,240
Creditors: amounts falling due within one year 7 ( 859,128) ( 9,624,673)
Net current liabilities (433,935) (8,815,433)
Total assets less current liabilities 32,844,006 21,761,567
Creditors: amounts falling due after more than one year 8 ( 19,499,804) ( 8,671,837)
Provision for liabilities ( 1,640,574) ( 1,640,574)
Net assets 11,703,628 11,449,156
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 11 11,703,528 11,449,056
Total shareholder's funds 11,703,628 11,449,156

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bevis Marks Properties Limited (registered number: 08010028) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Borchard
Director
L Brenden
Director

23 May 2025

BEVIS MARKS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
BEVIS MARKS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bevis Marks Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 5th Floor Bevis Marks House, 24 Bevis Marks, London, EC3A 7JB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for rent , and is shown net of VAT and other sales related taxes.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 7,000 7,000
At 30 September 2024 7,000 7,000
Accumulated depreciation
At 01 October 2023 0 0
At 30 September 2024 0 0
Net book value
At 30 September 2024 7,000 7,000
At 30 September 2023 7,000 7,000

5. Investment property

Investment property
£
Valuation
As at 01 October 2023 30,570,000
Additions 2,700,941
As at 30 September 2024 33,270,941

Valuation

The investment property was revalued by Fletcher King (Chartered Surveyors) on 4 November 2022 , on an open market basis and the directors believe that this is the fair value as at 30 September 2024. No depreciation is provided in respect of these properties.
On an historical cost basis these would have been included at an original cost of £26,708,646 (2023: £24,007,705 ), and aggregate depreciation of £nil (2023: £nil).

6. Debtors

2024 2023
£ £
Trade debtors 0 357,996
Corporation tax 4,890 4,890
Other debtors 58,321 72,368
63,211 435,254

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 0 8,500,000
Trade creditors 16,643 417
Other taxation and social security 122,202 96,184
Other creditors 720,283 1,028,072
859,128 9,624,673

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to group undertakings 19,499,804 8,671,837

9. Called-up share capital and reserves

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
Presented as follows:
Called-up share capital presented as equity 100 100

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

10. Related party transactions

Transactions with the members of the group and with other related parties concluded under normal market conditions have not been disclosed as per section 1AC.35 of FRS 102.

11. Non-Distributable Reserves

Included within Profit and Loss reserves is a non-distributable reserve of £4,921,721.