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Registered number: 10578097
BELPORT (BEACHAMPTON) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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BELPORT (BEACHAMPTON) LIMITED
REGISTERED NUMBER: 10578097
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
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BELPORT (BEACHAMPTON) LIMITED
REGISTERED NUMBER: 10578097
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2022.
Alistair James Hugh Emery
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The notes on pages 5 to 10 form part of these financial statements.
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BELPORT (BEACHAMPTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 10 form part of these financial statements.
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BELPORT (BEACHAMPTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 10 form part of these financial statements.
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BELPORT (BEACHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Belport (Beachampton) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is The Estate Office Culworth Grounds, Culworth, Banbury, Oxfordshire, OX17 2HW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
These accounts have been prepared on the going concern basis. The shareholders have expressed a commitment to continue to support the company financially.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.
Revenue comprises rental income, that from farming activities, grants received and net profit on sales of property.
Interest income is recognised in the Statement of comprehensive income as received.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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BELPORT (BEACHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investment property is capitalised on the date of completion.
Investments are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured net of transaction costs.
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BELPORT (BEACHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like debtors and creditors, loans from banks and related parties.
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The average monthly number of employees, including directors, during the year was 4 (2020 - 4).
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BELPORT (BEACHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Investments in subsidiary companies
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The investment represents the cost of a £1 share and membership in Ouse and Cherwell Trading Co. Limited, a farm supplies consortium.
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Freehold investment property
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The 2021 valuations were made by Bidwells, on an open market value for existing use basis.
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BELPORT (BEACHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Due after more than one year
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Creditors: Amounts falling due within one year
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BELPORT (BEACHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due after more than one year
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Loan from Belport Investments LLP
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Loan interest bearing - KH IV Lending 102 Sarl (Capital)
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Loan interest bearing - KH IV Lending 102 Sarl (Interest)
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Loan interest bearing - Belport Capital LP (Capital)
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Loan interest bearing - Belport Capital LP (Interest)
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The bank loan is from Coutts and attracts interest at 2.75% over LIBOR. The loan must be repaid within 5 years of the original drawdown on 31 May 2017. It is included within loans falling due after more than one year as no repayments will be made until after 31 December 2022.
The loan is secured on the property at Manor Farm, Beachampton.
The interest-bearing loans provided via shareholders attract interest at a rate of 10% pa which has been accrued and added to the loans outstanding. The loans will not be repaid until after 31 December 2022 and so are included in creditors amounts falling due after more than one year.
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Allotted, called up and fully paid
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1 (2020 - 1) Ordinary share of £1.00
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The company is wholly owned by Belport Investments LLP.
Funding in addition to bank loans has been provided to the company by the partners in that business.
Belport Limited (BL) and Belport Investments LLP (B Inv LLP) are related parties as the directors of the company have interests in those companies. During the year BL charged £60,667 (2020 - £56,000) for asset management services and B Inv LLP £25,000 (2020 - £45,000) as a management fee.
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