Company No: 12366535 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	Prof R M Greenhalgh MA MD MChir FRCS
	Lord S J Greenhalgh

REGISTERED OFFICE	526 Fulham Road
	London
	SW6 5NR
	United Kingdom

COMPANY NUMBER

12366535 (England and Wales)

CHARTERED ACCOUNTANTS	Berg Kaprow Lewis LLP
	35 Ballards Lane
	London
	N3 1XW

	Note	30.06.2022		30.06.2021
		£		£
Fixed assets
Investment property	3	5,515,434		5,511,840
		5,515,434		5,511,840
Current assets
Debtors	4	115,383		109,065
		115,383		109,065
Creditors: amounts falling due within one year	5	( 30,497)		( 36,168)
Net current assets		84,886		72,897
Total assets less current liabilities		5,600,320		5,584,737
Provision for liabilities	6, 7	( 215,676)		( 214,777)
Net assets		5,384,644		5,369,960
Capital and reserves
Called-up share capital	8	5,322,000		5,322,000
Profit and loss account		62,644		47,960
Total shareholders' funds		5,384,644		5,369,960

For the financial year ending 30 June 2022 the Company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Biba Estates Ltd (registered number: 12366535) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Prof R M Greenhalgh MA MD MChir FRCS Director

02 December 2022

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Biba Estates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 526 Fulham Road, London, SW6 5NR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, [loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.]

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	Year ended 30.06.2022		Period from 01.01.2021 to 30.06.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Investment property

	Investment property
	£
Valuation
As at 01 July 2021	5,511,840
Additions	3,594
As at 30 June 2022	5,515,434

The 2022 valuations were made by directors, on an open market value for existing use basis.

4. Debtors

	30.06.2022		30.06.2021
	£		£
Trade debtors	2,086		900
Prepayments	345		302
Other debtors	112,952		107,863
	115,383		109,065

5. Creditors: amounts falling due within one year

	30.06.2022		30.06.2021
	£		£
Trade creditors	7,622		12
Accruals and deferred income	6,589		11,259
Corporation tax	3,600		12,211
Other creditors	12,686		12,686
	30,497		36,168

6. Provision for liabilities

	30.06.2022		30.06.2021
	£		£
Deferred tax	215,676		214,777

7. Deferred tax

	30.06.2022		30.06.2021
	£		£
At the beginning of financial year/period	( 214,777)		( 208,000)
Charged to the Statement of Income and Retained Earnings	( 899)		( 6,777)
At the end of financial year/period	( 215,676)		( 214,777)

8. Called-up share capital

	30.06.2022		30.06.2021
	£		£
Allotted, called-up and fully-paid
5,322,000 Ordinary A shares of £ 1.00 each	5,322,000		5,322,000

9. Ultimate controlling party

There is no ultimate controlling party.