3
01/01/2024
31/12/2024
2024-12-31
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No description of principal activities is disclosed
2024-01-01
Sage Accounts Production 24.0 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
05270568
2024-01-01
2024-12-31
05270568
2024-12-31
05270568
2023-12-31
05270568
2023-01-01
2023-12-31
05270568
2023-12-31
05270568
2022-12-31
05270568
core:PlantMachinery
2024-01-01
2024-12-31
05270568
bus:RegisteredOffice
2024-01-01
2024-12-31
05270568
bus:LeadAgentIfApplicable
2024-01-01
2024-12-31
05270568
bus:Director1
2024-01-01
2024-12-31
05270568
bus:Director2
2024-01-01
2024-12-31
05270568
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
05270568
core:PlantMachinery
2023-12-31
05270568
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-12-31
05270568
core:PlantMachinery
2024-12-31
05270568
core:WithinOneYear
2024-12-31
05270568
core:WithinOneYear
2023-12-31
05270568
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
05270568
core:ShareCapital
2024-12-31
05270568
core:ShareCapital
2023-12-31
05270568
core:RetainedEarningsAccumulatedLosses
2024-12-31
05270568
core:RetainedEarningsAccumulatedLosses
2023-12-31
05270568
core:HedgingReserve
2022-12-31
05270568
core:HedgingReserve
2023-01-01
2023-12-31
05270568
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-01
2024-12-31
05270568
core:CostValuation
core:Non-currentFinancialInstruments
2024-12-31
05270568
core:Non-currentFinancialInstruments
2024-12-31
05270568
core:Non-currentFinancialInstruments
2023-12-31
05270568
core:PlantMachinery
2023-12-31
05270568
bus:Director1
2022-12-31
05270568
bus:Director1
2023-01-01
2023-12-31
05270568
bus:SmallEntities
2024-01-01
2024-12-31
05270568
bus:AuditExempt-NoAccountantsReport
2024-01-01
2024-12-31
05270568
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
05270568
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
05270568
bus:FullAccounts
2024-01-01
2024-12-31
05270568
core:OtherCapitalReserve
2022-12-31
05270568
core:OtherCapitalReserve
2023-01-01
2023-12-31
Company registration number:
05270568
Bicester Lane Ltd
Unaudited filleted financial statements
31 December 2024
Bicester Lane Ltd
Contents
Directors and other information
Balance sheet
Notes to the financial statements
Bicester Lane Ltd
Directors and other information
|
|
|
|
Directors |
Lord G R J Borwick |
|
|
Hon. T Borwick |
|
|
|
|
|
|
|
Company number |
05270568 |
|
|
|
|
|
|
|
Registered office |
15 Great College Street |
|
|
London |
|
|
SW1P 3RX |
|
|
|
|
|
|
|
Accountants |
J D McDavitt Accountants Ltd |
|
|
4 Cornhouse Buildings |
|
|
Claydons Lane |
|
|
Rayleigh |
|
|
Essex |
|
|
SS6 7UP |
|
|
|
|
|
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|
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|
|
Bankers |
C Hoare & Co |
|
|
37 Fleet Street |
|
|
London |
|
|
EC4P 4DQ |
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|
Bicester Lane Ltd
Balance sheet
31 December 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
3,488,044 |
|
|
|
3,789,459 |
|
|
|
Investments |
|
6 |
458,001 |
|
|
|
458,001 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
3,946,045 |
|
|
|
4,247,460 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
14,116 |
|
|
|
933,825 |
|
|
|
Cash at bank and in hand |
|
|
224,692 |
|
|
|
124,500 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
238,808 |
|
|
|
1,058,325 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
6,457,034) |
|
|
|
(
6,856,694) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current liabilities |
|
|
|
|
(
6,218,226) |
|
|
|
(
5,798,369) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
(
2,272,181) |
|
|
|
(
1,550,909) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net liabilities |
|
|
|
|
(
2,272,181) |
|
|
|
(
1,550,909) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
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Capital and reserves |
|
|
|
|
|
|
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|
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|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
|
Profit and loss account |
|
|
|
|
(
2,272,182) |
|
|
|
(
1,550,910) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders deficit |
|
|
|
|
(
2,272,181) |
|
|
|
(
1,550,909) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
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|
For the year ending 31 December 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.
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 income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 June 2025
, and are signed on behalf of the board by:
Hon. T Borwick
Director
Company registration number:
05270568
Bicester Lane Ltd
Notes to the financial statements
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Great College Street, London, SW1P 3RX.
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.
Going concern
The financial statements have been prepared on a going concern basis. This assumes that the company continues to receive support from its parent undertaking, Federated Investments LLP. A letter of support has been received from the parent undertaking indicating that it will continue to provide financial support to the company for at least twelve months from the date of approval of these financial statements.If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amount, to provide for further liabilities that might arise and to reclassify fixed assets and long term liabilities to current assets and current liabilities.
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:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
straight line |
|
|
|
|
|
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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
3
(2023:
5
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
|
At 1 January 2024 |
3,785,000 |
38,162 |
3,823,162 |
|
|
|
|
|
Additions |
62,448 |
864 |
63,312 |
|
|
|
|
|
Revaluation |
(
362,448) |
- |
(
362,448) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2024 |
3,485,000 |
39,026 |
3,524,026 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2024 |
- |
33,703 |
33,703 |
|
|
|
|
|
Charge for the year |
- |
2,279 |
2,279 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2024 |
- |
35,982 |
35,982 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2024 |
3,485,000 |
3,044 |
3,488,044 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
3,785,000 |
4,459 |
3,789,459 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
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|
Investment property
An indicative value was provided by Messrs Strutt and Parker LLP RICS at 31 December 2024.
£
Valuation in 2016
7,535,000
Valuation in 2017
(90,000)
Valuation in 2018
2,442,000
Valuation in 2019
(497,000)
Valuation in 2020
2,180,000
Valuation in 2021
(300,000)
Valuation in 2022
(3,753,927)
Valuation in 2023
(3,731,073)
Valuation in 2024
(300,000)
___________
|
3,485,000
___________
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
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|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
|
Aggregate cost |
5,882,256 |
5,882,256 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
5,882,256 |
5,882,256 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
5,819,808 |
5,819,808 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
5,819,808 |
5,819,808 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Shares in group undertakings |
Other investments other than loans |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2024 and 31 December 2024 |
501 |
457,500 |
458,001 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2024 and 31 December 2024 |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2024 |
501 |
457,500 |
458,001 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
501 |
457,500 |
458,001 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
The company owns a 100% interest in the ordinary share capital of London Fairoaks Lane Ltd; a company registered in England & Wales. The company owns a 50% interest in the ordinary share capital of Countryside Properties (Bicester) Limited; a company registered in England & Wales. The latest draft financial statements of Countryside Properties (Bicester) Ltd at 30 September 2024 showed capital and reserves of £1,798,000 (2023 : £2,894,000) and a trading loss of £1,096,000 (2023 : £152,000 profit) Included in unlisted investments are eight paintings and two Persian carpets.
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
14,116 |
933,825 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
3,299 |
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,903,547 |
6,173,077 |
|
Other creditors |
|
550,188 |
683,617 |
|
|
|
_______ |
_______ |
|
|
|
6,457,034 |
6,856,694 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The balances as at 31 December 2024 included in the 'amounts owed to related undertakings' were a debt due to Federated Investments LLP £4,530,748 (2023 : £4,622, 209) and a loan due to Federated Trust Corporation Ltd of £1,372,799 (2023 : £1,550,868). Both of these loans were unsecured and interest free. Also included in other creditors are loans from the directors totalling £153,000 (2023 : £253, 000) and accrued interest totalling £1,791 (2023 : £15,463); the loans are unsecured and have varying rates of interest.
9.
Fair value reserve
Included within other reserves is the fair value reserve as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
At start of year |
|
- |
518,076 |
|
Reclassification from fair value reserve to profit and loss account |
|
- |
(
518,076) |
|
|
|
_______ |
_______ |
|
At end of year |
|
- |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Other financial commitments
As part of the legal agreement for the transfer of investment property from Federated Investments LLP to the Company, the Company entered into an Overage Agreement which mandates the payment to Federated Investments LLP of a percentage of any additional value gained in respect of the land transferred. The amount of this contingent liability cannot reasonably be estimated at this time owing to the uncertainty regarding future planning permissions.
11.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Lord G R J Borwick |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Lord G R J Borwick |
24,445 |
(
24,445) |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
12.
Related party transactions
With the exception of the disclosures referred to in notes 7,9,11 and 12 there are no other transactions that require disclosure.
13.
Controlling party
The company's ultimate and immediate parent undertaking and controlling party is Federated Investments LLP; an entity registered and incorporated in England & Wales. The registered office of Federated Investments LLP is 15 Great College Street, London SW1P 3RX.