Company Registration No. 09782415 (England and Wales)
BKP PROPERTY HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
BKP PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
BKP PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,770,999
5,704,332
Current assets
Debtors
6
46,719
42,884
Cash at bank and in hand
125,779
126,934
172,498
169,818
Creditors: amounts falling due within one year
7
(522,105)
(536,302)
Net current liabilities
(349,607)
(366,484)
Total assets less current liabilities
4,421,392
5,337,848
Creditors: amounts falling due after more than one year
8
(191,849)
(1,234,123)
Provisions for liabilities
(354,229)
(394,000)
Net assets
3,875,314
3,709,725
Capital and reserves
Called up share capital
11
4,251
4,251
Revaluation reserve
12
(410,150)
(437,729)
Profit and loss reserves
4,281,213
4,143,203
Total equity
3,875,314
3,709,725
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 June 2023 and are signed on its behalf by:
Mr T Smith
Director
Company Registration No. 09782415
BKP PROPERTY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 September 2021:
Balance at 1 October 2020
4,251
-
4,194,852
4,199,103
Prior period adjustment
14
-
(347,585)
22,109
(325,476)
As restated
4,251
(347,585)
4,216,961
3,873,627
Year ended 30 September 2021:
Profit for the year
-
-
226,242
226,242
Other comprehensive income:
Tax relating to other comprehensive income
-
(90,144)
(90,144)
Total comprehensive income for the year
-
(90,144)
226,242
136,098
Dividends
-
-
(300,000)
(300,000)
Balance at 30 September 2021
4,251
(437,729)
4,143,203
3,709,725
Year ended 30 September 2022:
Profit for the year
-
-
338,010
338,010
Other comprehensive income:
Tax relating to other comprehensive income
-
27,579
27,579
Total comprehensive income for the year
-
27,579
338,010
365,589
Dividends
-
-
(200,000)
(200,000)
Balance at 30 September 2022
4,251
(410,150)
4,281,213
3,875,314
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information
BKP Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Black Swan House, 23 Baldock Street, Ware, Hertfordshire, SG12 9DH.
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. The principal accounting policies adopted are set out below.
1.2
Prior period error
The prior period has been restated to recognise deferred tax on properties acquired at valuation.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
4
4
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
100,112
72,022
Deferred tax
Origination and reversal of timing differences
(12,192)
(21,620)
Total tax charge
87,920
50,402
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2022
2021
£
£
Deferred tax arising on:
Revaluation of property
(27,579)
90,144
5
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2021
5,704,332
Disposals
(933,333)
At 30 September 2022
4,770,999
Depreciation and impairment
At 1 October 2021 and 30 September 2022
Carrying amount
At 30 September 2022
4,770,999
At 30 September 2021
5,704,332
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
46,719
42,884
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
85,020
Corporation tax
101,386
71,947
Other taxation and social security
1,832
1,900
Other creditors
418,887
377,435
522,105
536,302
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
557,038
Other creditors
191,849
677,085
191,849
1,234,123
The long-term loans are secured by fixed charges over certain of the company's properties.
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Revaluations
410,150
437,729
Other short-term timing differences
(55,921)
(43,729)
354,229
394,000
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
9
Deferred taxation
(Continued)
- 8 -
2022
Movements in the year:
£
Liability at 1 October 2021
394,000
Credit to profit or loss
(12,192)
Credit to other comprehensive income
(27,579)
Liability at 30 September 2022
354,229
The deferred tax liability set out above is not expected to reverse within 12 months and relates to property held at valuation and other short term timing differences.
10
Deferred income
2022
2021
£
£
Other deferred income
100,671
115,014
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
4,251,210
4,251,210
4,251
4,251
12
Revaluation reserve
Deferred tax arising on freehold properties held at revaluation is included in this reserve.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Maberly FCA
Statutory Auditor:
Mercer & Hole LLP
BKP PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 9 -
14
Prior period adjustment
Reconciliation of changes in equity
1 October
30 September
2020
2021
Notes
£
£
Adjustments to prior year
Recognition of deferred tax
1.
(325,476)
(68,524)
Equity as previously reported
4,199,103
4,103,725
Equity as adjusted
3,873,627
4,035,201
Analysis of the effect upon equity
Revaluation reserve
(347,585)
(90,144)
Profit and loss reserves
22,109
21,620
(325,476)
(68,524)
Reconciliation of changes in profit for the previous financial period
2021
Notes
£
Adjustments to prior year
Recognition of deferred tax
1.
21,620
Profit as previously reported
204,622
Profit as adjusted
226,242
Notes to reconciliation
The prior period has been restated in order to recognise deferred tax on properties acquired at valuation.
2022-09-302021-10-01false08 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMrs G StewartMr T SmithLady L ThompsonSir P Thompson097824152021-10-012022-09-30097824152022-09-30097824152021-09-3009782415core:LandBuildings2022-09-3009782415core:LandBuildings2021-09-3009782415core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3009782415core:CurrentFinancialInstrumentscore:WithinOneYear2021-09-3009782415core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3009782415core:Non-currentFinancialInstrumentscore:AfterOneYear2021-09-3009782415core:CurrentFinancialInstruments2022-09-3009782415core:CurrentFinancialInstruments2021-09-3009782415core:Non-currentFinancialInstruments2022-09-3009782415core:Non-currentFinancialInstruments2021-09-3009782415core:ShareCapital2022-09-3009782415core:ShareCapital2021-09-3009782415core:RevaluationReserve2022-09-3009782415core:RevaluationReserve2021-09-3009782415core:RetainedEarningsAccumulatedLosses2022-09-3009782415core:RetainedEarningsAccumulatedLosses2021-09-3009782415core:RevaluationReservecore:PriorPeriodIncreaseDecrease2020-09-3009782415core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2020-09-3009782415core:ShareCapital2020-09-3009782415core:RevaluationReserve2020-09-3009782415core:RetainedEarningsAccumulatedLosses2020-09-3009782415bus:Director22021-10-012022-09-3009782415core:RetainedEarningsAccumulatedLosses2020-10-012021-09-30097824152020-10-012021-09-3009782415core:RetainedEarningsAccumulatedLosses2021-10-012022-09-3009782415core:RevaluationReserve2020-10-012021-09-3009782415core:RevenueReservesInvestmentFundsOnly2020-10-012021-09-3009782415core:RevaluationReserve2021-10-012022-09-3009782415core:LandBuildingscore:OwnedOrFreeholdAssets2021-10-012022-09-3009782415core:UKTax2021-10-012022-09-3009782415core:UKTax2020-10-012021-09-3009782415core:LandBuildings2021-09-3009782415core:LandBuildings2021-10-012022-09-3009782415core:WithinOneYear2022-09-3009782415core:WithinOneYear2021-09-3009782415bus:PrivateLimitedCompanyLtd2021-10-012022-09-3009782415bus:SmallCompaniesRegimeForAccounts2021-10-012022-09-3009782415bus:FRS1022021-10-012022-09-3009782415bus:Audited2021-10-012022-09-3009782415bus:Director12021-10-012022-09-3009782415bus:Director32021-10-012022-09-3009782415bus:Director42021-10-012022-09-3009782415bus:FullAccounts2021-10-012022-09-30xbrli:purexbrli:sharesiso4217:GBP