Belgrave Road Ltd 12462442 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true true 12462442 2023-03-01 2024-02-29 12462442 2024-02-29 12462442 core:CurrentFinancialInstruments 2024-02-29 12462442 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12462442 core:Non-currentFinancialInstruments 2024-02-29 12462442 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12462442 core:FurnitureFittingsToolsEquipment 2024-02-29 12462442 bus:SmallEntities 2023-03-01 2024-02-29 12462442 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12462442 bus:FilletedAccounts 2023-03-01 2024-02-29 12462442 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12462442 bus:RegisteredOffice 2023-03-01 2024-02-29 12462442 bus:Director1 2023-03-01 2024-02-29 12462442 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12462442 core:FurnitureFittings 2023-03-01 2024-02-29 12462442 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 12462442 core:OtherRelatedParties 2023-03-01 2024-02-29 12462442 countries:EnglandWales 2023-03-01 2024-02-29 12462442 2023-02-28 12462442 core:FurnitureFittingsToolsEquipment 2023-02-28 12462442 2022-03-01 2023-02-28 12462442 2023-02-28 12462442 core:CurrentFinancialInstruments 2023-02-28 12462442 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12462442 core:Non-currentFinancialInstruments 2023-02-28 12462442 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12462442 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 12462442

Prepared for the registrar

Belgrave Road Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Belgrave Road Ltd

(Registration number: 12462442)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

286

574

Investment property

5

6,345,000

6,345,000

 

6,345,286

6,345,574

Current assets

 

Debtors

6

170,153

156,069

Cash at bank and in hand

 

40,883

253

 

211,036

156,322

Creditors: Amounts falling due within one year

7

(2,484,810)

(6,301,381)

Net current liabilities

 

(2,273,774)

(6,145,059)

Total assets less current liabilities

 

4,071,512

200,515

Creditors: Amounts falling due after more than one year

7

(4,126,967)

-

Deferred tax liabilities

(476,768)

(476,768)

Net liabilities

 

(532,223)

(276,253)

Capital and reserves

 

Called up share capital

3

3

Revaluation reserve

1,430,306

1,430,306

Retained earnings

(1,962,532)

(1,706,562)

Shareholders' deficit

 

(532,223)

(276,253)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 


D M Eaton
Director

 

Belgrave Road Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Shared Space 4
Belgrave Road
Gloucester
GL1 1QZ
United Kingdom

 

2

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Belgrave Road Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Belgrave Road Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

1,150

1,150

At 29 February 2024

1,150

1,150

Depreciation

At 1 March 2023

576

576

Charge for the year

288

288

At 29 February 2024

864

864

Carrying amount

At 29 February 2024

286

286

At 28 February 2023

574

574

 

5

Investment properties

£

At 1 March 2023 and 29 February 2024

6,345,000

The historic cost of the property was £4,437,926 and the property was valued by the directors during the year ended 29 February 2024.

 

Belgrave Road Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

6

Debtors

2024
£

2023
£

Receivables from related parties

164,219

156,069

Other debtors

5,934

-

170,153

156,069

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,812,469

5,485,385

Trade creditors

 

54,737

53,938

Amounts due to related parties

 

340,419

324,768

Taxation and social security

 

2,242

1,984

Accruals and deferred income

 

274,943

435,306

 

2,484,810

6,301,381

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

4,126,967

-

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

809,883

3,579,866

Other borrowings

1,002,586

1,905,519

1,812,469

5,485,385

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,126,967

-

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £55,621 (2023 - £102,778).

 

Belgrave Road Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

10

Related party transactions

Summary of transactions with other related parties

At the 29 February 2024 the director owed £4,272 to (2023: was owed £11,880 from) the company. There are no fixed repayment terms and interest of £220 was charged on this balance.