For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Billerflax Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Brogden Terrace, Sale, Cheshire, M33 7UF.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, being property rental services and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue in respect to rent from investment properties is recognised on a straight-line basis over the term of the associated lease.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.

Creditors payable after one year constitutes a commercial business loan with a market rate of interest being applied. This is recognised in full.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

The valuations of investment properties were made on the 31 March 2025 by the directors, on an open market basis. No depreciation is provided in respect of these properties.

If investment properties were stated on a historical basis rather than a fair value basis, the properties would have been included at an original cost and improvements of £343,739 (2024: £390,527).

The company's bank loan is secured by a charge against a selection of the company's investment properties. As at the 31 March 2025, the total value of secured loans was £225,000 (2024: £225,000).

As at 31 March 2025, the company was owed £21,942 from Parovine Properties Limited, a related party (2024: £22,151).

Whilst preparing the 2025 financial statements, the company identified that investment properties were previously incorrectly recognised as land and buildings.

Investment property                        

Original        £Nil                    

Restated    £2,420,500                    

Adjustment    £2,420,500 increase                    

Land and buildings                        

Original        £1,693,601                    

Restated    £Nil                    

Adjustment    £1,693,601 decrease                    

Deferred tax liability                        

Original        £906                    

Restated    £508,399                    

Adjustment    £507,493 increase                    

Revaluation reserve                        

Original        £1,303,074                    

Restated    £1,522,480                    

Adjustment    £219,406 increase                    

The adjustment relates to the investment properties owned by the company, being reclassified from land and buildings recognised at cost to investments properties held at fair value.

This adjustment has resulted in an increase in the net asset position of the company and an increase in the capital and reserves with the net fair value gains being recognised in the revaluation reserve.

The error occurred effects the presentation of the statement of financial position, statement of changes in equity and statement of profit or loss. However, there is no impact on the profit and loss reserves carried forward at the prior year balance sheet date due to the fair value increases being recognised in the revaluation reserve only.