| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Accountants and Business Advisers |
| St Mary's Court, The Broadway |
| Old Amersham |
| Buckinghamshire |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| REPORT OF THE DIRECTORS |
| For The Year Ended 31 October 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 October 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| BALANCE SHEET |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| BALANCE SHEET - continued |
| 31 October 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| I.L. Beeks (High Wycombe) Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 and rounded to the nearest £. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Turnover |
| Turnover comprises the value of contract work undertaken and property development sales made during the year. |
| Amounts recoverable on contract work are recognised in the accounts when the company obtains the right to consideration. The amounts brought in are based on the independent valuations issued to confirm payments and it is presumed that work is done evenly during the period between the valuations. Where there are no independent valuations it is assumed that work is done evenly during the period between invoice dates. |
| Property developments sales are recognised in the accounts when contracts are exchanged. |
| Full provision is made for any anticipated losses on contract work or property development as soon as a loss becomes apparent. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| The valuation of the investment properties is considered every year by the directors and a formal valuation carried out when requested. |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Stock of land and work in progress |
| Work in progress on property developments is valued at the lower of cost and net realisable value until contracts are exchanged at which point the sale is brought into the accounts and the profit is recognised. |
| Work in progress on land and buildings owned by the company, whether included in stock or investment properties, is valued at the lower of cost and net realisable value. Once a project on an investment property is complete, the costs are transfered to fixed assets. |
| Land stock is valued at the lower of cost and net realisable value. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are also translated into sterling at the rate of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result. |
| Operating leases |
| Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
| Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. |
| Pension costs and other post-retirement benefits |
| 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 as a finance cost in profit or loss in the period in which it arises. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 |
| Revaluations | 594,463 |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2024 |
| 6. | INVESTMENT PROPERTY - continued |
| Investment properties comprise the following investment properties:- |
| The Old Court House which was valued on an open market basis on 20 September 2022 by S Millar MRICS RICS Registered Valuer at Kemsley Property Consultants LLP at a market value of £905,000. This is the value used in the financial statements as at 31 October 2024. |
| The Portugal Villa was valued on an open market basis on 26 September 2024 on an informal basis by the directors at a market value of £3,747,813 after an offer was received for this sum from an unconnected third party. |
| The company obtained valuations for the following ground rents of longterm leasehold properties on an open market basis on 7 September 2024. All properties were valued by Andrew Cohen MRICS |
| RICS at Talbots Surveying Services Limited. |
| Birinus Close, High Wycombe, HP12 3LZ - £115,000 |
| Victoria Court, Victoria Road, Marlow, SL7 1DR - £55,000 |
| Orchard House, Benjamin Road, High Wycombe, HP13 6ST - £4,500 |
| Willow Tree Gardens, Plomer Green Lane, Downley, HP13 5TN - £80,000 |
| Mallard House, The Millstream, High Wycombe, HP11 1AD - £125,000 |
| Teal House, The Millstream, High Wycombe, HP11 1AD - £72,500 |
| Widgeon House, The Millstream, High Wycombe, HP11 1AD - £50,000 |
| Baxter House, Kitchener Road, High Wycombe, HP11 2SA - £20,000 |
| Kingfisher Court, Queen Alexandra Road, HP11 2HZ - £95,000 |
| 21 Penn Road, Hazlemere, HP15 7LN - £21,500 |
| 2 Sunnyside, Wycombe Road, Stokenchurch, HP14 3RP - £17,000 |
| 7. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stock of land |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Other debtors |
| Other debtors includes the sum of £820,024 with respect to the sale of a property which exchanged during the year and completed after the year end. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2024 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdraft |
| The company's bankers have granted the company the following facilities:- |
| An overdraft facility of £190,000 was in place at the year end to 21 August 2025. A loan facility of £380,000 was also available at the year end to 22 February 2025. |
| A first legal charge is held by LloydsTSB, the company's bankers, over the following properties: |
| Date of security | Description of security |
| 22/06/2010 | Debenture entitling fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery |
| 23/02/1982 | Commercial freehold property, known as The Old Court House, Hughenden Road, High Wycombe, Buckinghamshire |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| A Ordinary | £1 | 652 | 652 |
| B Ordinary | £1 | 532 | 532 |
| 1,184 | 1,184 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| I.L. BEEKS (HIGH WYCOMBE) LIMITED (REGISTERED NUMBER: 00855823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2024 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 14. | ULTIMATE CONTROLLING PARTY |