Registration number:
Financial Statements
Bury MBC Townside Fields Limited
Balance Sheet
31 March 2025
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Note |
2025 |
2024 |
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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 assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Revaluation reserve |
287,106 |
287,106 |
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Retained earnings |
2,564,043 |
2,362,669 |
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Shareholders' funds |
2,851,150 |
2,649,776 |
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 Director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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......................................... |
Company Registration Number: 07042244
Bury MBC Townside Fields Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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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:
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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 presented in Sterling (£).
Going concern
The directors consider that there are no material uncertainties about the company's ability to continue as a going concern.
Audit report
Judgements
There are no judgements that would cause a significant effect on the amounts recognised in the financial statements. |
Bury MBC Townside Fields Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Key sources of estimation uncertainty
The fair value of investment property requires the use of valuation techniques and the estimation of future cash flows to be generated over a number of years. It requires assumptions including revenue growth and rental values and increases and customer attrition rates. In addition the use of discount rates requires judgement..
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of property rental amounts invoiced during the year.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Bury MBC Townside Fields Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Investment property
Investment property is initially stated at cost plus any directly attributable expenditure. Where fair value can be measured reliably without undue cost or effort the property shall be subsequently measured at fair value. Changes in fair value are recognised through the profit and loss account.
Investment property is not depreciated.
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
Short term debtors are measured at transaction price, less any impairment.
Trade creditors
Short term trade creditors are measured at the transaction price. Other financial Liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently 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.
Bury MBC Townside Fields Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Financial instruments
Recognition and measurement
Basic financial assets and liabilities are initially measured at transaction price, 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 cashflows discounted at a market rate of interest. Such instruments are subsequently measured at amortised cost using the effective interest method.
Other financial assets and liabilities that are not basic financial instruments are initially measured at fair value, which is normally the transaction price. Such instruments are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except where the fair values cannot be measured reliably the instrument is measured at cost less impairment.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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.
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Staff numbers |
The average number of persons employed by the Company (including the Director) during the year, was
Bury MBC Townside Fields Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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Profit before tax |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Interest payable on loans from group undertakings |
250,353 |
251,039 |
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Investment properties |
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2025 |
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At 1 April |
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At 31 March |
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The valuation is based on the revenue stream under a 25 year lease started in 2011 with a minimum uplift "collar " of 2.5% and "cap" of 5% on future rent reviews.
The valuation was made as at 24 May 2024 by G Tyerman B.Sc MRICS for and on behalf of Align Property Partners.
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Debtors |
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Current |
2025 |
2024 |
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Other debtors |
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Cash and cash equivalents |
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2025 |
2024 |
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Cash at bank |
4,024,254 |
3,746,947 |
Bury MBC Townside Fields Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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Other borrowings
Other creditors falling due after more than one year is represented by long term funding received from the Council of the Metropolitan Borough of Bury which is intended not to be repaid. Interest is charged on this funding at 3.53% per annum.
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 April 2024 |
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Increase (decrease) in existing provisions |
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At 31 March 2025 |
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Parent and ultimate parent undertaking |
The company's immediate parent is