Company Registration No. 11057976 (England and Wales)
BEESLEY BUY TO LETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
Redwood House
65 Bristol Road
Keynsham
Bristol
BS31 2WB
BEESLEY BUY TO LETS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BEESLEY BUY TO LETS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr S Beesley
Company number
11057976
Registered office
11 Longden Road
Downend
Bristol
United Kingdom
BS16 5RL
Accountants
TC Group
Redwood House
65 Bristol Road
Keynsham
Bristol
BS31 2WB
BEESLEY BUY TO LETS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
143
214
Investment properties
4
500,000
457,759
500,143
457,973
Current assets
Debtors
5
8,780
2,830
Cash at bank and in hand
422
872
9,202
3,702
Creditors: amounts falling due within one year
6
(143,082)
(138,742)
Net current liabilities
(133,880)
(135,040)
Total assets less current liabilities
366,263
322,933
Creditors: amounts falling due after more than one year
7
(333,045)
(333,045)
Provisions for liabilities
(8,053)
(41)
Net assets/(liabilities)
25,165
(10,153)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
25,164
(10,154)
Total equity
25,165
(10,153)
BEESLEY BUY TO LETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2020
30 November 2020
- 3 -
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 30 November 2020 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.
T
he 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.
The financial statements were approved and signed by the director and authorised for issue on 2 March 2021
Mr S Beesley
Director
Company Registration No. 11057976
The notes on pages 4 to 7 form part of these financial statements
BEESLEY BUY TO LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 4 -
1
Accounting policies
Company information
Beesley Buy To Lets Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
11 Longden Road, Downend, Bristol, United Kingdom, BS16 5RL.
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 a
mounts
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
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:
Fixtures and fittings
20% on cost
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
.
1.3
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Impairment of fixed assets
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
Equity instruments
BEESLEY BUY TO LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
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.
BEESLEY BUY TO LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2019 and 30 November 2020
358
Depreciation and impairment
At 1 December 2019
143
Depreciation charged in the year
72
At 30 November 2020
215
Carrying amount
At 30 November 2020
143
At 30 November 2019
214
Last year c/fwd depreciation
144
Differs from this year b/fwd by
(1)
4
Investment property
2020
£
Fair value
At 1 December 2019
457,758
Revaluations
42,242
At 30 November 2020
500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30/11/2020 by the company director.
BEESLEY BUY TO LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
8,780
2,830
6
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
143,082
138,742
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
333,045
333,045