Company Registration No. 10891718 (England and Wales)
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr B K Yeng
Mr J K Y Yeng
Miss S M Yeng
Company number
10891718
Registered office
44 Watts Road
Studley
Warwickshire
B80 7PU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burlington Estates Property Management Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Burlington Estates Property Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Burlington Estates Property Management Limited and state those matters that we have agreed to state to the Board of Directors of Burlington Estates Property Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burlington Estates Property Management Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Burlington Estates Property Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Burlington Estates Property Management Limited. You consider that Burlington Estates Property Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Burlington Estates Property Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
9 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
217
Investment properties
4
514,479
248,304
514,696
248,304
Current assets
Debtors
5
5,177
2,161
Cash at bank and in hand
10,691
848
15,868
3,009
Creditors: amounts falling due within one year
6
(44,507)
(59,400)
Net current liabilities
(28,639)
(56,391)
Total assets less current liabilities
486,057
191,913
Creditors: amounts falling due after more than one year
7
(410,778)
(198,789)
Provisions for liabilities
9
(14,309)
Net assets/(liabilities)
60,970
(6,876)
Capital and reserves
Called up share capital
10
100
100
Other reserves
89,100
Profit and loss reserves
(28,230)
(6,976)
Total equity
60,970
(6,876)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
Mr B K Yeng
Director
Company Registration No. 10891718
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Burlington Estates Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 Watts Road, Studley, Warwickshire, B80 7PU.
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 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
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services and rents provided in the normal course of business. The fair value of consideration for rents takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
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:
Computer equipment
25% on reducing balance
1.5
Investment properties
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 August 2022
Additions
290
At 31 July 2023
290
Depreciation and impairment
At 1 August 2022
Depreciation charged in the year
73
At 31 July 2023
73
Carrying amount
At 31 July 2023
217
At 31 July 2022
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 August 2022
248,304
Additions
156,175
Revaluations
110,000
At 31 July 2023
514,479
The fair value of the investment property has been arrived at on the basis of valuations carried out by the directors.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,177
Deferred tax asset
2,161
5,177
2,161
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
856
855
Trade creditors
1,027
466
Other creditors
42,624
58,079
44,507
59,400
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
410,778
198,789
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
411,634
199,644
Bank loans are secured by way of a fixed and floating charge over all assets of the company or by way of a government-backed guarantee.
BURLINGTON ESTATES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
8
Secured debts
(Continued)
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
14,309
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary A of £1 each
10
10
80 Ordinary of £1 each
80
80
10 Ordinary Preferred of £1 each
10
10
100
100
11
Ultimate controlling party
The ultimate controlling party is Mr J K Y Yeng.