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COMPANY REGISTRATION NUMBER: 01880931
Blitzfair Limited
Filleted Unaudited Financial Statements
30 September 2024
Blitzfair Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,713
3,192
Investments
6
20,322,310
20,467,310
-------------
-------------
20,325,023
20,470,502
Current assets
Stocks
48,771
48,771
Debtors
7
9,496,747
9,831,210
Cash at bank and in hand
493,096
64,655
-------------
------------
10,038,614
9,944,636
Creditors: amounts falling due within one year
8
418,113
2,173,603
-------------
------------
Net current assets
9,620,501
7,771,033
-------------
-------------
Total assets less current liabilities
29,945,524
28,241,535
Creditors: amounts falling due after more than one year
9
15,137,500
13,287,500
Provisions
Taxation including deferred tax
1,558,940
1,568,451
-------------
-------------
Net assets
13,249,084
13,385,584
-------------
-------------
Capital and reserves
Called up share capital
3,092
3,092
Share premium account
5,657,910
5,657,910
Revaluation reserve
7,587,013
7,664,642
Profit and loss account
1,069
59,940
-------------
-------------
Shareholders funds
13,249,084
13,385,584
-------------
-------------
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.
For the 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 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 .
Blitzfair Limited
Statement of Financial Position (continued)
30 September 2024
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 S N Toms
Director
Company registration number: 01880931
Blitzfair Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover for the year represents rental income receivable by the company in the ordinary course of business.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures, Fittings and Equipment
-
15% reducing balance
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks is made up of portfolio of properties which is valued at lower of cost or net realisable value.
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 as a finance cost in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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 are 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 3 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 October 2023 and 30 September 2024
87,841
87,841
--------
--------
Depreciation
At 1 October 2023
84,649
84,649
Charge for the year
479
479
--------
--------
At 30 September 2024
85,128
85,128
--------
--------
Carrying amount
At 30 September 2024
2,713
2,713
--------
--------
At 30 September 2023
3,192
3,192
--------
--------
6. Investments
Shares in group undertakings
Investment Properties
Total
£
£
£
Cost
At 1 October 2023
6,968,810
13,498,500
20,467,310
Additions
100,000
100,000
Disposals
( 300,000)
( 300,000)
Revaluations
55,000
55,000
------------
-------------
-------------
At 30 September 2024
6,968,810
13,353,500
20,322,310
------------
-------------
-------------
Impairment
At 1 October 2023 and 30 September 2024
------------
-------------
-------------
Carrying amount
At 30 September 2024
6,968,810
13,353,500
20,322,310
------------
-------------
-------------
At 30 September 2023
6,968,810
13,498,500
20,467,310
------------
-------------
-------------
Investment Properties
At the year end, the Investment Properties held were revalued by directors at open market value.
Investment in Subsidiaries
The following companies, which were incorporated in England, are wholly owned subsidiary companies:-
1 Sarnell Properties Limited
2 Hayesthorne Limited
3 Holdhazel Limited
4 Globepearl Limited
5 Bronzehunt Limited
7. Debtors
2024
2023
£
£
Trade debtors
98,684
69,426
Amounts owed by group undertakings and undertakings in which the company has a participating interest
9,382,969
9,182,864
Other debtors
15,094
578,920
------------
------------
9,496,747
9,831,210
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,840,916
Trade creditors
30,041
41,472
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,503
2,503
Corporation tax
946
Social security and other taxes
10,688
10,889
Other creditors
374,881
276,877
---------
------------
418,113
2,173,603
---------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,137,500
13,287,500
-------------
-------------
10. Other financial commitments
The Company, together with its various Associated companies, has given a Composite Company Unlimited Multilateral Guarantee to its Bankers in support of mortgages on properties held by the Companies in connection with a Group Borrowing facility.
11. Directors' advances, credits and guarantees
At the year end, the amount due by the company to Mr G H Toms was £82 (2023:£1,592) and due to Mr S Toms by the company was £5,143 (2023: £3,280).