Buchanan First Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03954492 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

BUCHANAN FIRST PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D J Hilder

REGISTERED OFFICE:

30-34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

03954492 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Investment property

4

3,250,000

2,805,000

CURRENT ASSETS

Debtors

5

63,276

99,723

Cash at bank and in hand

30,512

62,748

93,788

162,471

CREDITORS

Amounts falling due within one year

6

(14,063

)

(77,234

)

NET CURRENT ASSETS

79,725

85,237

TOTAL ASSETS LESS CURRENT LIABILITIES

3,329,725

2,890,237

CREDITORS

Amounts falling due after more than one year

7

(1,699,383

)

(1,470,305

)

PROVISIONS FOR LIABILITIES

(273,723

)

(218,575

)

NET ASSETS

1,356,619

1,201,357

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Non distributable reserves

1,353,003

1,187,561

Retained earnings

2,616

12,796

SHAREHOLDERS' FUNDS

1,356,619

1,201,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 July 2022 and were signed by:

D J Hilder - Director

1.	STATUTORY INFORMATION

Buchanan First Properties Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit or loss account at the same rate as the depreciation on the asset to which the grant relates.

Grants of a revenue nature are recognised in 'other income' within profit or loss in the same period as the related expenditure.

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

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 2 ).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

2,805,000

Additions

224,410

Revaluations

220,590

At 31 March 2022

3,250,000

NET BOOK VALUE

At 31 March 2022

3,250,000

At 31 March 2021

2,805,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2021

2,805,000

Valuation in 2022

445,000

3,250,000

If investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

1,622,374

1,398,864

Investment properties were valued on an open market value basis on 31 March 2021 by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

63,276

99,723

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,000

4,583

Trade creditors

-

6,780

Taxation and social security

258

7,625

Other creditors

8,805

58,246

14,063

77,234

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,699,383

1,470,305

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,683,548

1,449,888

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

972

Ordinary

£1

972

972

14

A Ordinary

£1

14

14

14

B Ordinary

£1

14

14

1,000

1,000

9.	RELATED PARTY DISCLOSURES

The amount owed to the directors at the year end was £3,165 (PY - £50,925). This amount is interest free and repayable on demand.

10.	GOVERNMENT GRANTS

Grants received in the period consist of the following :

2022

2021

£

£

Job Retention Scheme

-

2,280

Bounce Back Loan Interest

52

573

52

2,853

The above grant has been brought in on an accruals basis and disclosed as other income. The interest grant on the bounce back loan is for a 12 month period from the date the loan was received.

The interest has been charged on the bounce back loan of £25,000.00 at 2.5%.