REGISTERED NUMBER: 02139581 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

BUSHMEAD PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I M Adams

Mr D B Adams

SECRETARY:

Ms G S Levrant

REGISTERED OFFICE:

1 Shelly Grove

Loughton

Essex

IG10 1BY

REGISTERED NUMBER:

02139581 (England and Wales)

ACCOUNTANTS:

MGR Weston Kay LLP

55 Loudoun Road

St John's Wood

London

NW8 0DL

BANKERS:

Barclays Bank PLC

36/38 South Street

Romford

Essex

RM1 1RH

FIXED ASSETS

Tangible assets

4

2,586

3,449

Investments

5

2,028

2,028

Investment property

6

2,950,000

2,950,000

2,954,614

2,955,477

CURRENT ASSETS

Debtors

7

21,657

26,789

Cash at bank

239,484

342,277

261,141

369,066

CREDITORS

Amounts falling due within one year

8

(15,939

)

(11,457

)

NET CURRENT ASSETS

245,202

357,609

TOTAL ASSETS LESS CURRENT LIABILITIES

3,199,816

3,313,086

CREDITORS

Amounts falling due after more than one year

9

(530,882

)

(534,315

)

PROVISIONS FOR LIABILITIES

12

(605,000

)

(494,200

)

NET ASSETS

2,063,934

2,284,571

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

2,063,834

2,284,471

SHAREHOLDERS' FUNDS

2,063,934

2,284,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mr I M Adams - Director

1.	STATUTORY INFORMATION

Bushmead Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional currency of the financial statements is presented in Sterling.

Turnover

Turnover represents rental income. Rental income is recognised on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

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.

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.

Cash at bank and in hand

Cash at bank and in hand represent cash held at bank.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 November 2023

and 31 October 2024

34,856

DEPRECIATION

At 1 November 2023

31,407

Charge for year

863

At 31 October 2024

32,270

NET BOOK VALUE

At 31 October 2024

2,586

At 31 October 2023

3,449

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 November 2023

and 31 October 2024

2,028

NET BOOK VALUE

At 31 October 2024

2,028

At 31 October 2023

2,028

Fixed asset investments consist of an investment in a company that owns the underlying freehold of a leasehold investment property owned by the company.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2023

and 31 October 2024

2,950,000

NET BOOK VALUE

At 31 October 2024

2,950,000

At 31 October 2023

2,950,000

The investment properties consist of freehold and leasehold land and buildings which were valued on an open market basis as at 31 October 2024 by the directors. The historical cost of the investment properties is £530,000.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Other debtors

21,657

26,789

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans and overdrafts (see note 10)

4,949

4,949

Trade creditors

143

143

Taxation and social security

2,970

3,538

Other creditors

7,877

2,827

15,939

11,457

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans (see note 10)

530,882

534,315

10.

LOANS

An analysis of the maturity of loans is given below:

31.10.24

31.10.23

£

£

Amounts falling due within one year or on demand:

Bank loans

4,949

4,949

Amounts falling due between two and five years:

Bank loans - 2-5 years

530,882

534,315

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.24

31.10.23

£

£

Bank loans

535,831

539,264

The loans are secured by way of fixed charges on the properties the loans are for.

12.	PROVISIONS FOR LIABILITIES

31.10.24

31.10.23

£

£

Deferred tax

605,000

494,200

Deferred

tax

£

Balance at 1 November 2023

494,200

Charge to Income Statement during year

110,800

Balance at 31 October 2024

605,000

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.24

31.10.23

value:

£

£

100

Ordinary

£1

100

100

14.

RESERVES

Reserves comprises of the retained profits and losses for the period. Amounts of £1,815,000 (2023: £1,925,800) relating to investment property revaluations, net of associated deferred tax liabilities of £605,000 (2023: £494,200), are considered to be unrealised and therefore not distributable to shareholders.

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

An amount of £12,996 (2023: £16,624) was due from the directors at the year end. Interest totalling £161 (2023: £226) was charged at the official rate in respect of periods over which this balance was overdrawn.