Bithrey Holdings Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Bithrey Holdings Limited

(Registration number: 01850341)
Statement of Financial Position as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	283,750	308,806
Current assets
Debtors	5	18,781	179,577
Investments	6	100	100
Cash at bank and in hand		161,936	12,821
		180,817	192,498
Creditors: Amounts falling due within one year	7	(198,948)	(217,121)
Net current liabilities		(18,131)	(24,623)
Total assets less current liabilities		265,619	284,183
Provisions for liabilities		(14,287)	(14,287)
Net assets		251,332	269,896
Capital and reserves
Called up share capital		3,000	3,000
Profit and loss account		248,332	266,896
Shareholders' funds		251,332	269,896

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 Statement of Comprehensive Income.

Approved and authorised by the director on 24 November 2025
 

H Bithrey Company secretary and director

Bithrey Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ

Principal activity

The principal activity of the company is property rental.

2	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 sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Bithrey Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Bithrey Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

2	Accounting policies (continued)

Asset class	Depreciation method and rate
Plant and machinery	Fully depreciated to minimal net book value

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Bithrey Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2024	308,600	4,036	5,302	6,500	324,438
Revaluations	(25,000)	-	-	-	(25,000)
Disposals	-	-	-	(6,500)	(6,500)
At 28 February 2025	283,600	4,036	5,302	-	292,938
Depreciation
At 1 March 2024	-	3,955	5,227	6,450	15,632
Charge for the year	-	6	-	-	6
Eliminated on disposal	-	-	-	(6,450)	(6,450)
At 28 February 2025	-	3,961	5,227	-	9,188
Carrying amount
At 28 February 2025	283,600	75	75	-	283,750
At 29 February 2024	308,600	81	75	50	308,806

Investment properties are held at fair value and not subject to depreciation. The investment properties were valued by the director as at 29 February 2024.

Revaluation

The fair value of the company's tangible assets was revalued on 28 February 2025. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £196,317 (2024 - £196,317).

5

Debtors

	Note	2025 £	As restated 2024 £
Trade debtors		1,601	616
Amounts owed by related parties		8,204	8,204
Other debtors		6,946	168,756
Prepayments		2,030	2,001
		18,781	179,577

Bithrey Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

6	Current asset investments

	2025 £	2024 £
Shares in group undertakings	100	100

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	-	5,972
Trade creditors		417	(115)
Amounts owed to group undertakings and undertakings in which the company has a participating interest		-	1,000
Taxation and social security		1,656	8,797
Accruals and deferred income		4,390	3,902
Other creditors		192,485	197,565
		198,948	217,121

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Accumulated undistributable reserves at 28 February 2025 amounted to £72,996.

9	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	5,972