Registration number:
Bell Street Apartments Limited
for the Year Ended 31 December 2024
Bell Street Apartments Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bell Street Apartments Limited
Company Information
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Directors |
Mr S C Hargunani Mrs S Thukral |
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Registered office |
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Accountants |
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Bell Street Apartments Limited
(Registration number: 09751621) (England and Wales)
Balance Sheet as at 31 December 2024
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Note |
31 December |
31 December |
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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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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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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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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 |
15,756 |
8,285 |
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Shareholders' funds |
15,856 |
8,385 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
The financial statements were approved and authorised for issue by the
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Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
The financial statements are prepared in Pound Sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approving these financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental income and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Tax
The tax expense for the period comprises 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.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Investment property
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 debtors
Trade debtors are amounts due from customers for property rentals 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.
Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
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.
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.
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.
Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Staff numbers |
The average monthly number of persons employed by the company (including directors) during the year, was
Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Taxation |
Tax charged/(credited) in the profit and loss account
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16 months ended |
12 months ended |
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Current taxation |
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UK corporation tax |
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( |
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Investment properties |
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31 December |
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At 1 January 2024 |
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At 31 December 2024 |
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The fair value of the investment property at the balance sheet date was £1,371,987 (2023: £1,371,987). The fair value of the investment property was assessed internally by the directors at the year end. There has been no valuation of investment property by an independent valuer.
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Debtors |
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31 December |
31 December |
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Trade debtors |
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Prepayments |
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Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
31 December |
31 December |
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Due within one year |
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Trade creditors |
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Other borrowings |
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Directors current account |
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Accrued expenses |
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The other borrowings are unsecured, interest free and repayable on demand.
Creditors: amounts falling due after more than one year
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31 December |
31 December |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Bank loan amounting to £664,000 on 31 Dec 2024 was secured by Paragon Bank Plc by way of a debenture over the assets of the company. The loan has been refinanced from Metro Bank Plc to Paragon Bank during June 2024 which is a mortgage secured against the investment property of the company.
Current loans and borrowings
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31 December |
31 December |
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Other borrowings |
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Non-current loans and borrowings
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31 December |
31 December |
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Bank borrowings |
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Bell Street Apartments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Share capital |
Allotted, called up and fully paid shares
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31 December |
31 December |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Related party transactions |
Summary of transactions with other related parties
The other borrowings are from a company in which Mrs S Thukral's spouse is director and shareholder.