Bridgestone Estates Limited Filleted accounts for Companies House (small and micro)

BRIDGESTONE ESTATES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09561299

BRIDGESTONE ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2022

BRIDGESTONE ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Investments	5		3,514,547	3,514,547

Current assets

Debtors	6	7,466,229	7,263,537
Cash at bank and in hand		1,635	2,718
		-------------	-------------
		7,467,864	7,266,255

Creditors: amounts falling due within one year	7	6,717,535		6,552,815
		-------------		-------------
Net current assets			750,329	713,440
			-------------	-------------
Total assets less current liabilities			4,264,876	4,227,987
			-------------	-------------
Net assets			4,264,876	4,227,987
			-------------	-------------

Capital and reserves

Called up share capital	7,332	7,332
Share premium account	4,144,378	4,144,378
Profit and loss account	113,166	76,277
	-------------	-------------
Shareholders funds	4,264,876	4,227,987
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

BRIDGESTONE ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 27 June 2023 , and are signed on behalf of the board by:

Z Virani
Director

Company registration number: 09561299

BRIDGESTONE ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Diamond House, 179 -181 Lower Richmond Road, Richmond, England, TW9 4LN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

4. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	8,560	–
	-------	----
Tax on profit	8,560	–
	-------	----

5. Investments

	Shares in participating interests
	£
Cost
At 1 January 2022 and 31 December 2022	3,514,547
	-------------
Impairment
At 1 January 2022 and 31 December 2022	–
	-------------

Carrying amount
At 31 December 2022	3,514,547
	-------------
At 31 December 2021	3,514,547
	-------------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held

Other significant holdings
Spyce Properties Limited	Ordinary	23.31

6. Debtors

	2022	2021
	£	£
Prepayments and accrued income	217,442	167,419
Corporation tax repayable	–	14,750
Amounts due from related parties	7,248,055	7,080,636
Other debtors	732	732
	-------------	-------------
	7,466,229	7,263,537
	-------------	-------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Amounts owed to undertakings in which the company has a participating interest	5,779,646	5,608,668
Accruals and deferred income	982	800
Corporation tax	8,560	–
Amounts owed to related parties	928,347	943,347
	-------------	-------------
	6,717,535	6,552,815
	-------------	-------------

8. Related party transactions

At 31 December 2022, creditors, amounts falling due within one year, included amounts due to related parties amounting to £25,067 (2021: £25,067), in respect of a director's loan account. The loan is interest free, unsecured and repayable on demand. At 31 December 2022, creditors included a loan from Spyce Properties Limited, an associate company, amounting to £5,779,646(2021: £5,608,669). Interest at 3% p.a. is payable on the loan and £170,977 (2021: £165,924) of interest was charged during the year. The loan is unsecured and repayable on demand. At 31 December 2022, debtors included amounts due from related parties amounting to £7,248,055 (2021: £7,080,636), in respect of a loan to a related party company. The companies are related parties by virtue of the significant common influence exerted by the shareholders and directors. Interest of £217,441 (2021: £167,419), was paid during the year. The loan is unsecured and repayable on demand. At 31 December 2021, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £903,280 (2021: £918,280), in respect of loans from related party companies. The companies are related parties by virtue of the significant common influence exerted by the shareholders and directors. The loans are interest free, unsecured and repayable on demand.