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30/09/2024
2024-09-30
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2023-10-01
Sage Accounts Production 24.0 - FRS102_2024
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2023-10-01
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1
2023-10-01
2024-09-30
Company registration number:
05494895
Buxton Consortium Limited
Filleted financial statements
30 September 2024
Buxton Consortium Limited
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Notes to the financial statements
Buxton Consortium Limited
Directors and other information
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Director |
Mr B Galloway |
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Secretary |
K A Galloway |
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Company number |
05494895 |
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Registered office |
Palace Road |
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Buxton |
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Derbyshire |
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SK17 6AE |
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Business address |
Palace Road |
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Buxton |
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Derbyshire |
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SK17 6AE |
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Auditor |
Downham Morris & Co |
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45/49 Greek Street |
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Stockport |
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Cheshire |
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SK3 8AX |
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Buxton Consortium Limited
Director's responsibilities statement
Year ended 30 September 2024
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Buxton Consortium Limited
Statement of financial position
30 September 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
4,815,000 |
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- |
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Investments |
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6 |
1,000 |
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2,610,000 |
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_______ |
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_______ |
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4,816,000 |
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2,610,000 |
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Current assets |
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Debtors |
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7 |
6,901,134 |
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8,726,161 |
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Cash at bank and in hand |
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422,700 |
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412,756 |
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_______ |
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_______ |
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7,323,834 |
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9,138,917 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
150,000) |
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(
150,083) |
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_______ |
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_______ |
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Net current assets |
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7,173,834 |
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8,988,834 |
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_______ |
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_______ |
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Total assets less current liabilities |
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11,989,834 |
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11,598,834 |
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_______ |
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_______ |
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Net assets |
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11,989,834 |
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11,598,834 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
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Profit and loss account |
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11,989,734 |
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11,598,734 |
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_______ |
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_______ |
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Shareholders funds |
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11,989,834 |
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11,598,834 |
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_______ |
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_______ |
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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 income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 June 2025
, and are signed on behalf of the board by:
.........................
Mr B Galloway
Director
Company registration number:
05494895
Buxton Consortium Limited
Notes to the financial statements
Year ended 30 September 2024
1.
General information
The principal activity of the company is that of property rental.
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.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Revenue recognition
Turnover represents rent receivable, net of VAT, from the properties held and is recognised on an accruals basis in accordance with tenancy agreements. Interest income is recognised as interest accrues using the effective interest method.
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.
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:
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Freehold property |
- |
On valuation |
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Long leasehold property |
- |
On valuation |
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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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
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Freehold property |
Long leasehold property |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 October 2023 |
- |
- |
- |
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Additions |
3,395,000 |
1,420,000 |
4,815,000 |
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_______ |
_______ |
_______ |
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At 30 September 2024 |
3,395,000 |
1,420,000 |
4,815,000 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 October 2023 and 30 September 2024 |
- |
- |
- |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 30 September 2024 |
3,395,000 |
1,420,000 |
4,815,000 |
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_______ |
_______ |
_______ |
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At 30 September 2023 |
- |
- |
- |
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_______ |
_______ |
_______ |
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Investment property
Investment property is stated at its fair value at the year end date as far as practicable. The carrying value of investment property on the historical cost basis is in the sum of £3,526,078 (2023: £-).
6.
Investments
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Shares in group undertakings |
Total |
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£ |
£ |
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Cost |
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At 1 October 2023 |
2,610,000 |
2,610,000 |
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Additions |
1,000 |
1,000 |
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Disposals |
(
2,610,000) |
(
2,610,000) |
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_______ |
_______ |
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At 30 September 2024 |
1,000 |
1,000 |
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_______ |
_______ |
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Impairment |
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At 1 October 2023 and 30 September 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 30 September 2024 |
1,000 |
1,000 |
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_______ |
_______ |
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At 30 September 2023 |
2,610,000 |
2,610,000 |
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_______ |
_______ |
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The wholly owned subsidiary undertaking is Buxton Press Limited, a company registered in England. The subsidiary's registered office is located at Palace Road, Buxton, Derbyshire, SK17 6AE. Investment in the wholly owned subsidiary disposed of during the year relates to The Buxton Printing Company Limited whose registered office is located at Palace Road, Buxton, Derbyshire, SK17 6AE.
7.
Debtors
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2024 |
2023 |
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£ |
£ |
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Amounts owed by group undertakings |
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5,089,767 |
6,968,661 |
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Other debtors |
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1,811,367 |
1,757,500 |
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_______ |
_______ |
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6,901,134 |
8,726,161 |
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_______ |
_______ |
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8.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Other creditors |
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150,000 |
150,083 |
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_______ |
_______ |
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9.
Summary audit opinion
The auditor's report dated
16 June 2025
was unqualified.
The senior statutory auditor was
Ian Gwynfor Morris FCCA
for and on behalf of
Downham Morris & Co
10.
Directors advances, credits and guarantees
|
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Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2024 |
2023 |
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£ |
£ |
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Mr B Galloway |
150,000 |
150,000 |
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_______ |
_______ |
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No interest is payable on loan amounts due to and from the director and loans are repayable on demand.
11.
Related party transactions
During the year, shares held as investment in a subsidiary undertaking were distributed in full at net book value to Buxton Printing Group Limited by way of a dividend in specie in the sum of £2,610,000 as part of a group reorganisation.Further dividends were voted to the company's parent company Buxton Printing Group Limited during the year totalling £500,000.
12.
Controlling party
The company is under the control of Buxton Printing Group Limited whose registered office and principal place of business is Palace Road, Buxton, Derbyshire, SK17 6AE.