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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
2,278,098
7,500
419,402
2,690,000
2,690,000
2,278,098
96,421
97,680
11,020
183,081
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COMPANY REGISTRATION NUMBER:
00808510
Birchfield Court Investments (Redditch) Limited |
|
Filleted Unaudited Financial Statements |
|
Birchfield Court Investments (Redditch) Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
13,209 |
1,305 |
Investments |
6 |
|
2,690,000 |
2,278,098 |
|
|
------------- |
------------- |
|
|
2,703,209 |
2,279,403 |
|
|
|
|
|
Current assets
Debtors |
7 |
1,396,720 |
|
1,351,214 |
Cash at bank and in hand |
252,839 |
|
257,664 |
|
------------- |
|
------------- |
|
1,649,559 |
|
1,608,878 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
537,635 |
|
452,419 |
|
------------- |
|
------------- |
Net current assets |
|
1,111,924 |
1,156,459 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
3,815,133 |
3,435,862 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
280,874 |
332,352 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
10 |
|
183,081 |
96,421 |
|
|
------------- |
------------- |
Net assets |
|
3,351,178 |
3,007,089 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
12 |
|
800 |
800 |
Capital redemption reserve |
13 |
|
12,505 |
12,505 |
Profit and loss account |
13 |
|
3,337,873 |
2,993,784 |
|
|
------------- |
------------- |
Shareholders funds |
|
3,351,178 |
3,007,089 |
|
|
------------- |
------------- |
|
|
|
|
|
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 income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Birchfield Court Investments (Redditch) Limited |
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
27 July 2023
, and are signed on behalf of the board by:
Company registration number:
00808510
Birchfield Court Investments (Redditch) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 52 Bromsgrove Road, Redditch, B97 4RJ.
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.
Going concern
The financial statements have also been prepared on the assumption that the company is able to carry on business as a going concern as the directors are not aware of any reason why the company cannot meet its anticipated future financial obligations from its own working capital.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The only significant estimate and judgement made by management in the preparation of the financial statements is in relation to the valuation of the investment properties.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for rent and service charges, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings |
- |
20% straight line |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date as determined by the directors and any changes in fair value are recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Tangible assets
|
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 |
5,580 |
5,500 |
11,080 |
Additions |
– |
13,490 |
13,490 |
Disposals |
– |
(
5,500) |
(
5,500) |
|
------- |
--------- |
--------- |
At 31 March 2023 |
5,580 |
13,490 |
19,070 |
|
------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 April 2022 |
5,580 |
4,195 |
9,775 |
Charge for the year |
– |
281 |
281 |
Disposals |
– |
(
4,195) |
(
4,195) |
|
------- |
--------- |
--------- |
At 31 March 2023 |
5,580 |
281 |
5,861 |
|
------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2023 |
– |
13,209 |
13,209 |
|
------- |
--------- |
--------- |
At 31 March 2022 |
– |
1,305 |
1,305 |
|
------- |
--------- |
--------- |
|
|
|
|
6.
Investments
|
Investment properties |
|
£ |
Cost |
|
At 1 April 2022 |
2,278,098 |
Disposals |
(
7,500) |
Revaluations |
419,402 |
|
------------- |
At 31 March 2023 |
2,690,000 |
|
------------- |
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
|
------------- |
|
|
Carrying amount |
|
At 31 March 2023 |
2,690,000 |
|
------------- |
At 31 March 2022 |
2,278,098 |
|
------------- |
|
|
Investment properties which are all freehold, were revalued to fair value at 31 March 2023 by the directors based on their knowledge of the locality and experience. The method of determining fair value was based on a multiple of rental income or the expected sales value of the property if considerably lower. There are no restrictions on the realisability of investment property.
The historical cost of the investment properties is £821,424 (2022: £895,527).
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
54,510 |
58,542 |
Amounts owed by group undertakings |
1,334,754 |
1,286,967 |
Prepayments and accrued income |
7,456 |
5,705 |
|
------------- |
------------- |
|
1,396,720 |
1,351,214 |
|
------------- |
------------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
52,598 |
53,718 |
Trade creditors |
93,280 |
84,115 |
Amounts owed to group undertakings |
366,625 |
288,727 |
Accruals and deferred income |
8,960 |
11,513 |
Corporation tax |
2,846 |
856 |
Social security and other taxes |
13,326 |
13,490 |
|
---------- |
---------- |
|
537,635 |
452,419 |
|
---------- |
---------- |
|
|
|
Bank loans included within creditors are secured over one of the companies investment properties.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
280,874 |
332,352 |
|
---------- |
---------- |
|
|
|
Bank loans included within creditors are secured over one of the companies investment properties.
Included within creditors due after more then one year is an amount of £70,482 (2022: £117,481) in respect of liabilities which fall due for payment after more than five years.
10.
Provisions
|
Deferred tax (note 11) |
|
£ |
At 1 April 2022 |
96,421 |
Additions |
97,680 |
Charge against provision |
(
11,020) |
|
---------- |
At 31 March 2023 |
183,081 |
|
---------- |
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions (note 10) |
183,081 |
96,421 |
|
---------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
907 |
(
1,494) |
Fair value adjustment of investment property |
193,105 |
97,915 |
Capital losses |
|
– |
|
---------- |
--------- |
|
183,081 |
96,421 |
|
---------- |
--------- |
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
800 |
800 |
800 |
800 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
13.
Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. The profit and loss account includes £1,868,571 (2022: £1,449,171) of non distributable reserves, with the remainder being distributable.
14.
Controlling party
The company's ultimate parent company is Harrison Properties (Midlands) Limited, a company registered in England and Wales.