Bendev Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05352664 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Bendev Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

B N Bhudia

Mrs U Bhudia

P Bhudia

Ms R Bhudia

SECRETARY:

Mrs U Bhudia

REGISTERED OFFICE:

55 Salusbury Road

Kilburn

London

NW6 6NJ

REGISTERED NUMBER:

05352664 (England and Wales)

ACCOUNTANTS:

Lee Accounting Services 2018 Limited

Trading as Lee & Co

Chartered Accountants

26 High Street

Rickmansworth

Hertfordshire

WD3 1ER

FIXED ASSETS

Investment property

4

2,400,000

2,400,000

CURRENT ASSETS

Debtors

5

17,148

66,653

Cash at bank

11,846

65,871

28,994

132,524

CREDITORS

Amounts falling due within one year

6

210,406

509,545

NET CURRENT LIABILITIES

(181,412

)

(377,021

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,218,588

2,022,979

CREDITORS

Amounts falling due after more than one year

7

(1,179,331

)

(1,048,784

)

PROVISIONS FOR LIABILITIES

(74,034

)

(66,241

)

NET ASSETS

965,223

907,954

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

965,123

907,854

SHAREHOLDERS' FUNDS

965,223

907,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by:

B N Bhudia - Director

1.	STATUTORY INFORMATION

Bendev Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents falling due on the investment properties during the year.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Debtors

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.

Creditors

Short term trade 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has net current liabilities at the balance sheet date. The directors have indicated they will continue to support the company for the foreseeable future and will not withdraw their directors loan if doing so would prejudice third party creditors. With this assurance in place the accounts have been prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

2,400,000

NET BOOK VALUE

At 31 March 2020

2,400,000

At 31 March 2019

2,400,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2018

389,650

Cost

2,010,350

2,400,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.20

31.3.19

£

£

Cost

2,010,350

2,010,350

Investment property was valued on an open market basis on 31 March 2018 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

1,849

3,825

Other debtors

15,299

62,828

17,148

66,653

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

120,776

128,316

Trade creditors

175

3,973

Amounts owed to participating interests

-

280,034

Taxation and social security

18,389

26,878

Other creditors

71,066

70,344

210,406

509,545

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

1,179,331

1,048,784

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

696,227

535,520

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

1,300,107

1,177,100

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

The amount included in retained earnings includes £315,617 (2019: £323,410) which is not distributable to the shareholders.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

B N Bhudia

Balance outstanding at start of year

48,309

56,236

Amounts advanced

-

1,406

Amounts repaid

(69,646

)

(9,333

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(21,337

)

48,309

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bendev Properties Limited for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bendev Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bendev Properties Limited and state those matters that we have agreed to state to the Board of Directors of Bendev Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bendev Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bendev Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bendev Properties Limited. You consider that Bendev Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bendev Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lee Accounting Services 2018 Limited

Trading as Lee & Co

Chartered Accountants

26 High Street

Rickmansworth

Hertfordshire

WD3 1ER

7 December 2020