BPC Interiors Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10970595 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

BPC INTERIORS PROPERTIES LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B Knight

Mr P J Johnson

SECRETARIES:

Ms N J Parmenter

Mrs A Knight

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

10970595 (England and Wales)

AUDITORS:

Raffingers LLP, Statutory Auditor

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Investment property

4

2,621,280

2,634,696

CURRENT ASSETS

Debtors

4,439

-

Cash at bank

428,014

351,430

432,453

351,430

CREDITORS

Amounts falling due within one year

2,760,008

2,722,842

NET CURRENT LIABILITIES

(2,327,555

)

(2,371,412

)

TOTAL ASSETS LESS CURRENT LIABILITIES

293,725

263,284

PROVISIONS FOR LIABILITIES

10,131

10,249

NET ASSETS

283,594

253,035

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

424,027

317,380

Retained earnings

(140,434

)

(64,346

)

283,594

253,035

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 February 2024 and were signed on its behalf by:

Mr B Knight - Director

1.	STATUTORY INFORMATION

BPC Interiors Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due.

Turnover

Turnover represents property sales and net invoiced rents and commission receivable, excluding value added tax.

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or cancelled.

The company holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:

- Cash, short term trade debtors and creditors

Such instruments are initially measured at transaction price, transaction costs, and are subsequently carried at the undiscounted amount of cash or other consideration expected to be paid or received, after taking account of impairment adjustment.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Freehold investment property

Long term leasehold investment property

Total

£

£

£

Costs

1,141,407

1,439,349

2,580,756

Aggregate Revaluation (2018 - 2021)

109,593

(341,879

)

(232,286

)

Revaluation in 2022

117,000

(21,100

)

95,900

Revaluation in 2023

2,000

83,120

85,120

Aggregate Foreign exchange loss (2018 - 2021)

(3,817

)

(3,817

)

Foreign exchange gain 2022

194,143

194,143

Foreign exchange loss 2023

(98,536

)

(98,536

)

At 30 September 2023

1,370,000

1,251,280

2,621,280

The freehold property and long term leasehold investment property includes properties that are stated at the directors' estimate of open market value as at the balance sheet date at £1,695,000.

The long term leasehold investment property includes properties in Dubai which are stated at the directors' estimate of open market value, based on advice from P.K Properties, regulated by Dubai Real Estate Regulatory Agency, who have carried out a valuation on these properties on 30 September 2023 at £926,280.

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Lee Manning FCCA (Senior Statutory Auditor)

for and on behalf of Raffingers LLP, Statutory Auditor

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

There is a fixed and floating charges on the properties in respect of borrowing by BPC Interiors Ltd, a fellow subsidiary.

7.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

8.	AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 30 September 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the directors on 31 October 2023.

9.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current period by the directors, by virtue of their ownership of the entire issued share capital of the parent company, BPC Interiors Holdings Limited.