Registration number:
Berks Properties Ltd
for the Year Ended 30 November 2024
Berks Properties Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Berks Properties Ltd
Company Information
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Directors |
Mr MU Ali Mr MS Ali |
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Registered office |
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Auditors |
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Berks Properties Ltd
(Registration number: 12848314)
Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
97,791 |
64,294 |
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Shareholders' funds |
97,891 |
64,394 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Berks Properties Ltd
Notes to the Financial Statements for the Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales, with registration number 12848314.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Berks Properties Ltd
Notes to the Financial Statements for the Year Ended 30 November 2024
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Judgements
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. For this reporting date any significant judgements, estimates and assumptions have been outlined below: |
Key sources of estimation uncertainty
Valuation of investment properties. As described in note 4 to the financial statements, investment properties are stated at fair value and there has been no independant valuation this year. The cost of living crisis continues to add further volatility to an already opaque economic picture. Overall, the economic outlook remains uncertain with high interest rates amid growing concerns over inflation, which has inevitably increased the degree of judgement involved in the property valuation at 30 November 2024.. The carrying amount is £588,286 (2023 -£588,286).
Revenue recognition
Turnover is recognised at the fair value of the rent receivable in the normal course of business and is shown net of VAT .
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Berks Properties Ltd
Notes to the Financial Statements for the Year Ended 30 November 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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2024 |
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At 1 December |
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At 30 November |
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Investment property was valued by the directors on 30 November 2024 using the comparative method of valuation. There has been no independent valuation of investment property this year.
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Debtors |
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Current |
Note |
2024 |
2023 |
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Amounts owed by related parties |
24,540 |
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Amounts owed by group companies |
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Prepayments |
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Berks Properties Ltd
Notes to the Financial Statements for the Year Ended 30 November 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group companies |
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Taxation and social security |
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Accruals and deferred income |
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Related party transactions |
The company is a wholly owned subsidiary of a group that prepares publicy available consolidated financial statements, namely the group headed by Berks US Holdings Ltd, so it has taken advantage of exemptions available under Section 33.7 of the Financial Reporting Standard 102 to disclose related party transactions entered into between two or more members of a group.
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking and controlling party is
The registered office of