B.N.T. Properties Limited - Period Ending 2023-03-31
B.N.T. Properties Limited - Period Ending 2023-03-31
Registration number:
B.N.T. Properties Limited
for the Year Ended 31 March 2023
B.N.T. Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
B.N.T. Properties Limited
Company Information
Directors |
M J Smith Mrs J M T Smith Mr B J Smith Mr N J Smith Mr T E Smith |
Company secretary |
Mrs J M T Smith |
Registered office |
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Accountants |
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B.N.T. Properties Limited
(Registration number: 04464329)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
- |
100 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
361,844 |
361,844 |
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Retained earnings |
3,151,254 |
2,628,243 |
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Shareholders' funds |
3,513,198 |
2,990,187 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
B.N.T. Properties Limited
(Registration number: 04464329)
Balance Sheet as at 31 March 2023
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B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
25% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Properties under construction |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
- |
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Charge for the year |
- |
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At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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Investment properties |
2023 |
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At 1 April |
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At 31 March |
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Investment property was valued on an open market value on 31 March 2022 by Peter J Hicks BSc (EST Man) FRICS.
Fair value at 31 March 2022 is represented by:
B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
2023 |
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Cost |
16,505,462 |
Revaluation in 2009 |
(437,849) |
Revaluation in 2012 |
(850,000) |
Revaluation in 2014 |
(705,767) |
Revaluation in 2015 |
668,440 |
Revaluation in 2021 |
55,779 |
Revaluation in 2022 |
(306,065) |
14,930,000 |
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If investment property had not been revalued it would have been included at the following historical cost:
2023 |
2022 |
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Cost |
16,505,462 |
16,505,462 |
16,505,462 |
16,505,462 |
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B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2022 |
100 |
100 |
Disposals |
(100) |
(100) |
At 31 March 2023 |
- |
- |
Impairment |
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Carrying amount |
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At 31 March 2023 |
- |
- |
Stocks |
2023 |
2022 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
100 |
100 |
100 |
100 |
Secured debts |
The loan from Sibson Mill Properties Ltd is secured by legal charges over Centurion Park, Amington and Sandy Hill Business Park, Tamworth.
During the year the company borrowed £nil (2022 - £nil) from the Trustees of the Sibson Mill Pension Scheme, this loan is secured by a first legal charge over the new development at the B5000, Tamworth and repayable over 5 years. The balance at the year end was £200,000 (2022 - £300,300).
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
B.N.T. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Summary of transactions with other related parties