Benmar Properties Limited Filleted accounts for Companies House (small and micro)

BENMAR PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04569794

Benmar Properties Limited

Filleted Unaudited Financial Statements

31 March 2021

Benmar Properties Limited

Financial Statements

Year Ended 31 March 2021

Contents	Page

Statement of Financial Position	1

Notes to the Financial Statements	3

Benmar Properties Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed Assets

Investments	4		284,035	263,535

Current Assets

Debtors	5	30,222	30,222
Investments	6	124,272	–
Cash at bank and in hand		38,024	41,987
		---------	--------
		192,518	72,209

Creditors: amounts falling due within one year	7	107,693		112,614
		---------		---------
Net Current Assets/(Liabilities)			84,825	( 40,405)
			---------	---------
Total Assets Less Current Liabilities			368,860	223,130
			---------	---------
Net Assets			368,860	223,130
			---------	---------

Capital and Reserves

Called up share capital	1	1
Revaluation reserve	116,000	–
Profit and loss account	252,859	223,129
	---------	---------
Shareholders Funds	368,860	223,130
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Benmar Properties Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 24 March 2022 , and are signed on behalf of the board by:

M P Seitler
Director

Company registration number: 04569794

Benmar Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2021

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 41 Greek Street, Stockport, Cheshire, SK3 8AX.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investment Properties

Joint Ventures

The company's investments in joint ventures are recorded at cost, less any impairment where appropriate.

Property Syndicates

The company's investment in property syndicates are not sufficient to give the company significant influence over the management of the property syndicate and are therefore recognised at the net investment held by the managing agent at the balance sheet date.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in Joint Ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of Fixed Assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2020	263,535
Additions	20,500
	---------
At 31 March 2021	284,035
	---------
Impairment
At 1 April 2020 and 31 March 2021	–
	---------

Carrying amount
At 31 March 2021	284,035
	---------
At 31 March 2020	263,535
	---------

Investment in property syndicates The company has invested in five investment property syndicates: Southwood Properties (10%), Exeter (50%), Seiton (50%) and Selwyn Estates (50%).

5. Debtors

	2021	2020
	£	£
Other debtors	30,222	30,222
	--------	--------

6. Investments

	2021	2020
	£	£
Investments	124,272	–
	---------	----

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	6,973	11,954
Other creditors	100,720	100,660
	---------	---------
	107,693	112,614
	---------	---------

8. Related Party Transactions

The company was under the control of Mr M P Seitler , managing director and shareholder, throughout the current and previous year. At the year end Benmar Properties Limited owed £100,000 (2020 - £100,000) to Benmar Textiles Limited, a company with common directors.