Company registration number 07987116 (England and Wales)
BENULA PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BENULA PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BENULA PROPERTY LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,048,000
420,000
Current assets
Stocks
-
563,243
Debtors
4
3,341
3,939
Cash at bank and in hand
8,692
20,886
12,033
588,068
Creditors: amounts falling due within one year
5
(898,697)
(856,931)
Net current liabilities
(886,664)
(268,863)
Total assets less current liabilities
161,336
151,137
Creditors: amounts falling due after more than one year
6
(160,000)
(150,000)
Provisions for liabilities
(275)
Net assets
1,336
862
Capital and reserves
Called up share capital
7
181
100
Fair value reserve
1,098
1,098
Profit and loss reserves
57
(336)
Total equity
1,336
862
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BENULA PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 December 2023
M W R Hunt
Director
Company Registration No. 07987116
BENULA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Benula Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Warren Chimney, Warren Road, Crowborough, East Sussex, TN6 1TX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable and proceed for the sale of property stock.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BENULA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 April 2022
420,000
Additions
653,098
Revaluations
(25,098)
At 31 March 2023
1,048,000
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,341
3,939
BENULA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,650
7,865
Corporation tax
6,112
Other creditors
889,935
849,066
898,697
856,931
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
160,000
150,000
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
B Ordinary shares of £1 each
81
-
81
-
181
100
181
100
On 23 August 2022, the company issued a new class of shares - B Ordinary shares of £1 each. These shares shall rank pari passu with the existing £1 Ordinary shares except that they shall have no voting rights.
8
Related party transactions
Included in the creditors amounts falling due after more than one year is a loan of £160,000 (2022: £150,000) from Benula Limited, a company in which the director, M W R Hunt, is also a director. The loan is interest free, unsecured and repayable by 1 September 2032.
9
Directors' transactions
As at 31 March 2023, the amount due to the director is £884,685 (2022: £844,766). This amount is interest free and repayable on demand.