Bencewell Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05697665 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

Bencewell Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N J Chadd

REGISTERED OFFICE:

Unit 6, Bencewell Farm

Oakley Road

Bromley

Kent

BR2 8HG

REGISTERED NUMBER:

05697665 (England and Wales)

ACCOUNTANTS:

Thornton Springer LLP

Chartered Accountants

67 Westow Street

London

SE19 3RW

FIXED ASSETS

Tangible assets

5

150,451

1,960

Investments

6

145,000

145,000

Investment property

7

3,178,653

2,762,653

3,474,104

2,909,613

CURRENT ASSETS

Debtors

8

910,411

539,528

Cash at bank

178,604

215,698

1,089,015

755,226

CREDITORS

Amounts falling due within one year

9

(1,977,652

)

(1,192,971

)

NET CURRENT LIABILITIES

(888,637

)

(437,745

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,585,467

2,471,868

CREDITORS

Amounts falling due after more than one year

10

(724,606

)

(736,296

)

PROVISIONS FOR LIABILITIES

(142,402

)

(142,402

)

NET ASSETS

1,718,459

1,593,170

CAPITAL AND RESERVES

Called up share capital

4

4

Share premium

204,498

204,498

Fair value reserve

1,083,941

1,083,941

Retained earnings

430,016

304,727

SHAREHOLDERS' FUNDS

1,718,459

1,593,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 April 2022 and were signed by:

N J Chadd - Director

1.	STATUTORY INFORMATION

Bencewell Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

"No depreciation is provided for land and buildings as they are held as investment properties. This is a departure from the Companies Act 2006 which requires all properties to be depreciated. However, this policy is in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008) and is preferred by the directors in order for the financial statements to give a true and fair view."

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2020

13,030

Additions

148,491

At 31 May 2021

161,521

DEPRECIATION

At 1 June 2020

and 31 May 2021

11,070

NET BOOK VALUE

At 31 May 2021

150,451

At 31 May 2020

1,960

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 June 2020

and 31 May 2021

145,000

NET BOOK VALUE

At 31 May 2021

145,000

At 31 May 2020

145,000

Cost or valuation at 31 May 2021 is represented by:

Shares in

group

undertakings

£

Valuation in 2021

129,800

Cost

15,200

145,000

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2020

2,762,653

Additions

416,000

At 31 May 2021

3,178,653

NET BOOK VALUE

At 31 May 2021

3,178,653

At 31 May 2020

2,762,653

Fair value at 31 May 2021 is represented by:

£

Valuation in 2021

1,096,543

Cost

2,082,110

3,178,653

If investment properties had not been revalued they would have been included at the following historical cost:

31.5.21

31.5.20

£

£

Cost

2,082,110

1,666,110

Investment properties were valued on an open market basis on 31 May 2021 by the director .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

75,904

27,378

Other debtors

834,507

512,150

910,411

539,528

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans and overdrafts

71,771

61,771

Trade creditors

239,740

54,794

Taxation and social security

43,428

11,446

Other creditors

1,622,713

1,064,960

1,977,652

1,192,971

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans

724,606

736,296

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

501,252

501,252

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.21

31.5.20

£

£

Bank loans

796,377

798,067

12.	RELATED PARTY DISCLOSURES