Registered number
10087427
Binning Property Corporation Ltd
Filleted Accounts
31 December 2024
Binning Property Corporation Ltd
Registered number: 10087427
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 11,140,415 9,400,413
Investments 4 203,923 203,923
11,344,338 9,604,336
Current assets
Stocks 2,288,717 2,288,717
Debtors 5 2,638,223 1,837,676
Cash at bank and in hand 138,603 111,097
5,065,543 4,237,490
Creditors: amounts falling due within one year 6 (884,558) (469,230)
Net current assets 4,180,985 3,768,260
Total assets less current liabilities 15,525,323 13,372,596
Creditors: amounts falling due after more than one year 7 (5,485,066) (5,537,660)
Provisions for liabilities (1,656,768) (1,229,268)
Net assets 8,383,489 6,605,668
Capital and reserves
Called up share capital 105 105
Non-distributable reserves 2,814,517 1,532,017
Profit and loss account 5,568,867 5,073,546
Shareholders' funds 8,383,489 6,605,668
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mandeep Binning
Director
Approved by the board on 2 September 2025
Binning Property Corporation Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).The financial statemements are presented in sterling which is the functional currency of the company and not rounded.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation
Leasehold land and buildings No depreciation
Motor Vehicle 15% SL
Fixtures, fittings, tools and equipment 20% SL
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Fixtires, fittings & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 9,188,390 21,195 234,607 9,444,192
Additions - 51,705 33,021 84,726
Surplus on revaluation 1,710,000 - - 1,710,000
At 31 December 2024 10,898,390 72,900 267,628 11,238,918
Depreciation
At 1 January 2024 - 8,588 35,191 43,779
Charge for the year - 14,580 40,144 54,724
At 31 December 2024 - 23,168 75,335 98,503
Net book value
At 31 December 2024 10,898,390 49,732 192,293 11,140,415
At 31 December 2023 9,188,390 12,607 199,416 9,400,413
Freehold land and buildings: 2024 2023
£ £
Historical cost 7,145,651 7,145,651
Cumulative depreciation based on historical cost - -
7,145,651 7,145,651
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2024 704 203,219 203,923
At 31 December 2024 704 203,219 203,923
5 Debtors 2024 2023
£ £
Trade debtors 57,378 53,994
Other debtors 2,580,845 1,783,682
2,638,223 1,837,676
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 20
Obligations under finance lease and hire purchase contracts 27,496 20,898
Trade creditors 15,065 39,512
Amounts owed to group undertakings and undertakings in which the company has a participating interest 243,917 3,589
Taxation and social security costs - 16,081
Corporation tax 205,166 45,450
Accruals & deferred income 126,150 47,000
Other creditors 266,764 296,680
884,558 469,230
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,300,000 5,300,000
Obligations under finance lease and hire purchase contracts 185,066 237,660
5,485,066 5,537,660
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 5,300,000 5,300,000
9 Related party transactions
Loans due from group or undertakings
Due to group undertakings 243,916 93,005
Controlled by director
Due from connected company 208,439 126,939
Other related parties
Due from connected company 2,263,555 1,493,634
Due to connected companies 207,760 157,760
10 Other information
Binning Property Corporation Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Olive Tree Centre
472A Larkshall Road
London
E4 9HH
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