Company Registration No. 09514190 (England and Wales)
Brightbeech Developments Ltd
Unaudited accounts
for the year ended 31 March 2023
Brightbeech Developments Ltd
Unaudited accounts
Contents
Brightbeech Developments Ltd
Company Information
for the year ended 31 March 2023
Director
Mr Timothy R Lincoln
Company Number
09514190 (England and Wales)
Registered Office
14a Market Place
Romsey
Hampshire
SO51 8NA
Accountants
Karen A Sennitt FCA CTA
The Newport
Newport Lane, Braishfield
Romsey
Hampshire
SO51 0PL
Brightbeech Developments Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
57,869
44,825
Investment property
5,352,266
4,458,122
Cash at bank and in hand
142,387
1,502,549
Creditors: amounts falling due within one year
(151,285)
(1,133,453)
Net current assets
10,800
380,939
Total assets less current liabilities
5,420,935
4,883,921
Creditors: amounts falling due after more than one year
(3,657,119)
(3,045,237)
Net assets
1,763,816
1,838,684
Called up share capital
100
100
Profit and loss account
1,763,716
1,838,584
Shareholders' funds
1,763,816
1,838,684
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 December 2023 and were signed on its behalf by
Mr Timothy R Lincoln
Director
Company Registration No. 09514190
Brightbeech Developments Ltd
Notes to the Accounts
for the year ended 31 March 2023
Brightbeech Developments Ltd is a private company, limited by shares, registered in England and Wales, registration number 09514190. The registered office is 14a Market Place, Romsey, Hampshire, SO51 8NA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
Computer equipment
33% straight line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
Brightbeech Developments Ltd
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
60,715
2,143
62,858
At 31 March 2023
88,940
2,143
91,083
At 1 April 2022
16,604
1,429
18,033
Charge for the year
14,467
714
15,181
At 31 March 2023
31,071
2,143
33,214
At 31 March 2023
57,869
-
57,869
At 31 March 2022
44,111
714
44,825
Fair value at 1 April 2022
4,458,122
At 31 March 2023
5,352,266
Investment property was valued on an open market basis on 31 March 2023 by the director.
6
Investments
Other investments
Valuation at 1 April 2022
35
Valuation at 31 March 2023
-
Amounts falling due within one year
Trade debtors
16,396
9,024
Brightbeech Developments Ltd
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
15,000
-
Trade creditors
19,760
33,025
Taxes and social security
-
21,711
Other creditors
23,500
1,078,717
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,470,000
1,500,000
Loans from directors
2,187,119
1,545,237
The bank loan from Handelsbanken Plc of £1,485,000 (2022: £1,500,000) is secured on the freehold properties at 6, 9, 10, 14 & 15 Market Place, Romsey by fixed legal charge.
10
Transactions with related parties
Mr T R Lincoln is a director and shareholder of the company. As at 31 March 2023, the company owed Mr T R Lincoln, a director and shareholder, £2,187,119 (2022: £1,545,237) which is included within other creditors due after more than one year.
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).
