BPS Developments Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02971349 (England and Wales)

Financial Statements for the Year Ended 31 August 2022

for

BPS Developments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

E Mahoney

D M Mahoney

SECRETARY:

E Mahoney

REGISTERED OFFICE:

1 Derby Buildings

Wavertree Road

Liverpool

Merseyside

L7 3ES

REGISTERED NUMBER:

02971349 (England and Wales)

ACCOUNTANTS:

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

FIXED ASSETS

Tangible assets

4

24,375,516

25,686,330

Investments

5

50,000

50,000

24,425,516

25,736,330

CURRENT ASSETS

Stocks

4,839

4,352

Debtors

6

335,040

227,706

Cash at bank and in hand

72,998

90,029

412,877

322,087

CREDITORS

Amounts falling due within one year

7

1,467,032

2,018,598

NET CURRENT LIABILITIES

(1,054,155

)

(1,696,511

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,371,361

24,039,819

CREDITORS

Amounts falling due after more than one year

8

(3,643,208

)

(5,285,054

)

PROVISIONS FOR LIABILITIES

(2,702,786

)

(2,685,834

)

NET ASSETS

17,025,367

16,068,931

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

13,254,989

13,254,989

Retained earnings

3,770,376

2,813,940

SHAREHOLDERS' FUNDS

17,025,367

16,068,931

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 24 May 2023 and were signed on its behalf by:

D M Mahoney - Director

1.	STATUTORY INFORMATION

BPS Developments 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 net rents receivable and sales of goods, excluding value added tax.

Tangible fixed assets

In line with accounting standards for investment companies, no depreciation has been charged on land and buildings.

Depreciation has been provided on other tangible assets at the following rates in order to write off each asset over it's estimated useful life:-

Plant and machinery etc - 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

At 31 August 2022 the company's current liabilities exceeded its current assets by £1,054,155 (2021: £1,696,511).

The director's have considered the future profitability of the company and its ability to continue as a going concern and have prepared profit and cash flow forecasts into the future. Based on these projections, the director's are satisfied that, for the foreseeable future, the company can meet its projected working capital requirements. Consequently the financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2021 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 September 2021

23,300,212

2,894,213

26,194,425

Additions

-

53,782

53,782

Disposals

(1,346,668

)

-

(1,346,668

)

At 31 August 2022

21,953,544

2,947,995

24,901,539

DEPRECIATION

At 1 September 2021

-

508,095

508,095

Charge for year

-

17,928

17,928

At 31 August 2022

-

526,023

526,023

NET BOOK VALUE

At 31 August 2022

21,953,544

2,421,972

24,375,516

At 31 August 2021

23,300,212

2,386,118

25,686,330

Cost or valuation at 31 August 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2007

20,580,640

-

20,580,640

Valuation in 2014

(9,661,699

)

-

(9,661,699

)

Cost

11,034,603

2,947,995

13,982,598

21,953,544

2,947,995

24,901,539

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2021

and 31 August 2022

50,000

NET BOOK VALUE

At 31 August 2022

50,000

At 31 August 2021

50,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Trade debtors

263,324

103,211

Other debtors

71,716

124,495

335,040

227,706

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans and overdrafts

275,106

1,014,063

Trade creditors

663,474

646,450

Taxation and social security

281,164

94,137

Other creditors

247,288

263,948

1,467,032

2,018,598

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans

1,172,073

2,254,496

Other creditors

2,471,135

3,030,558

3,643,208

5,285,054

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan > 5 Years

303,106

1,070,675

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.22

31.8.21

£

£

Bank loans

1,427,648

3,102,829

Mortgage debenture incorporating a fixed and floating charge over the assets of the company and joint and several guarantee limited to £50,000 from the directors of the company.

First legal charge on the upper floors of 16-20 Colquitt Street, Liverpool.

First legal charge over Royal Institution building, Colquitt Street, Liverpool.

First legal charge over lease to floors 1-5, 58-60 Lime Street, Liverpool.

First legal charge over Ladywell House, 59 Marsh Lane, Preston.

First legal charge over land at Travers Entry, Bold, St Helens.

First legal charge over former Arriva Bus Depot, Wilson Road, Huyton, Liverpool

10.	RELATED PARTY DISCLOSURES

The company owns a 33.33% shareholding in Hope Street Developments Limited, an associated company, controlled by E Mahoney and D Mahoney.

During the year the company incurred costs to Copelare Limited for management services of £397,785 (2021: £177,689) a company in which E Mahoney has a material interest in.

11.	GOING CONCERN

At 31 August 2022 the company's current liabilities exceeded its current assets by £1,054,155 (2021: £).

1,696,511

The director's have considered the future profitability of the company and its ability to continue as a going concern and have prepared profit and cash flow forecasts into the future. Based on these projections, the director's are satisfied that, for the foreseeable future, the company can meet its projected working capital requirements. Consequently the financial statements have been prepared on a going concern basis.