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Registered number: 10507135
BAMFORD PROPERTY IRELAND LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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BAMFORD PROPERTY IRELAND LIMITED
CONTENTS
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Notes to the Financial Statements
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BAMFORD PROPERTY IRELAND LIMITED
REGISTERED NUMBER: 10507135
BALANCE SHEET
AS AT 30 NOVEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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BAMFORD PROPERTY IRELAND LIMITED
REGISTERED NUMBER: 10507135
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
R Weston
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The notes on pages 3 to 12 form part of these financial statements.
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
Bamford Property Ireland Limited is a private company, limited by shares, incorporated in England and Wales with registration number 10507135. The registered office address is North Bailey House, 12 New Inn Hall Street, Oxford, OX1 2RP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
These financial statements have been prepared on a basis other than a going concern. This is a result of the company ceasing to trade following disposal of it's sole investment property in January 2025. It is the intention to strike off the company thereafter.
As a consequence, a full review of the carrying value of the assets and liabilites has been carried out. As the company will realise its assets in an orderly fashion the directors have determined that the accounting policies to be applied to individual line items are consistent with those adopted in the previous year.
The company has elected not to provide in these financial statements for any subsequent cost arising from the cessation of trading as to do so would not reflect the conditions exisiting at the balance sheet date.
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.
Revenue represents rental income due from operating leases which is credited to the Profit and Loss Account on a straight line basis over the term of the relevant lease. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to Profit and Loss Account on a straight-line basis over the term of the relevant lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the period was 3 (2023 - 3).
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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Freehold investment property
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A revaluation of the property was carried out in January 2025, when the property was sold. The Directors consider the fair value of the investment property to be £23,000,000 as at 30 November 2024. The revaluation resulted in an increase in fair value of the property by £8,000,000 which has been recognised in the Profit and Loss Account.
In November 2024, the company refinanced the term loan facility, please see note 7 for further details.
The cost of the investment property as at 30 November 2024 was £6,846,156 (2023 - £6,846,156)
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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Prepayments and accrued income
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Cash and cash equivalents
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings (note 14)
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Other taxation and social security
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Other creditors (note 14)
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Accruals and deferred income
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Included within creditors falling due within one year are bank loans of £9,000,000 (2023 - £517,233) which are secured by a fixed and floating charge over the company's investment property in Ballmena, Northern Ireland. A personal guarantee is provided by the director for the sum of £9,000,000 and corporate guarantee is provided by the parent undertaking.
The bank loan was drawn upon in the period bearing interest at a rate of 2.85% over the Bank of England base rate. The loan was repaid in full after the property was sold in January 2025.
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Creditors: Amounts falling due after more than one year
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Included within creditors falling due after more than one year is a bank loan of £NIL (2023 - £4,000,743) which was secured against the company's investment property in Ballymena, Northern Ireland. Interest rate is 4% per annum above Bank of England base rate. This loan was repaid in full in November 2024.
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1 each
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Profit and loss account
As at 30 November 2024, distributable reserves amounted to £586,500 (2023: £1,953,981).
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BAMFORD PROPERTY IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
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Related party transactions
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Included in creditors amounts owed to group undertakings (note 7) at the period end is £2,382,183 (2023 - £6,865,718) owed to Bamford Gore Browne Limited (formally known as Valebond Consultants Limited), the parent undertaking, registered in England and Wales. Of this amount outstanding, £689,500 (2023 - £5,375,000) is interest bearing at 4% per annum above Bank of England base rate, the remaining amount is interest free. The loans are unsecured and repayable on demand.
During the year the company received rent of £1,542,858 (2023 - £1,403,890) from Bamford Bus Company Limited, a company under common control.
Included in other debtors (note 5), the following amounts are due from related companies under common control:
Bamford Bus Company Limited - £356 (2023 - £583,689)
Hygen Energy Limited - £5,788,392 (2023 - £5,788,392)
HydraB Power Limited - £5,503,109 (2023 - £870,609)
Included within the profit and loss, are services provided to a company under common control totalling £498,913.
At the balance sheet date the balance due to the director was £3,860,172 (2023 - £1,500,684), included in orther creditors (note 7).
These loans are unsecured, interest free and repayable on demand
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The immediate parent undertaking is Bamford Gore Browne Limited (formally known as Valebond Consultants Limited), a company incorporated in England and Wales. The ultimate controlling party is J C E Bamford.
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