Bede House Limited - Period Ending 2022-12-31

Bede House Limited

Contents

Company Information	1
Abridged Balance Sheet	2
Notes to the Abridged Financial Statements	3 to 6

Bede House Limited

Company Information

Directors

S N Patel S S Khunkhun S Razzaq N P Patel N S Randhawa

Registered office

Bede House Belmont Business Park Durham DH1 1TW

Auditors

Carbon Accountancy Limited Statutory Auditor 80-83 Long Lane London EC1A 9ET

Bede House Limited

(Registration number: 13961957)
Abridged Balance Sheet as at 31 December 2022

	Note	2022 £
Fixed assets
Investment property		3,507,000
Current assets
Debtors	4	208,836
Cash at bank and in hand		98,697
		307,533
Prepayments and accrued income		4,609
Creditors: Amounts falling due within one year	5.1	(347,129)
Net current liabilities		(34,987)
Total assets less current liabilities		3,472,013
Creditors: Amounts falling due after more than one year	5.2	(3,474,533)
Accruals and deferred income		(4,250)
Net liabilities		(6,770)
Capital and reserves
Called up share capital	6	1
Retained earnings		(6,771)
Shareholders' deficit		(6,770)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 August 2023 and signed on its behalf by:
 

......................................... N P Patel Director

Bede House Limited

Notes to the Abridged Financial Statements for the Period from 8 March 2022 to 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Bede House
Belmont Business Park
Durham
DH1 1TW

These financial statements were authorised for issue by the Board on 23 August 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at 31st December 2022 the company had a net asset deficiency of £6,770 which included related party loans of £3,049,000. The financial statements have nonetheless been prepared on a going concern basis as the related parties have pledged their continuing support and will not seek repayment of the loans until the company is in a position to do so.

Revenue recognition

Turnover comprises rental income and is shown net of value added tax, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Bede House Limited

Notes to the Abridged Financial Statements for the Period from 8 March 2022 to 31 December 2022 (continued)

2	Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

4

Debtors

Debtors includes £Nil due after more than one year.

Bede House Limited

Notes to the Abridged Financial Statements for the Period from 8 March 2022 to 31 December 2022 (continued)

5

Creditors

Creditors: amounts falling due within one year

Other creditors include £142,163 in loans secured against the company's investment property.

Creditors: amounts falling due after more than one year

The above includes £425,533 secured against the company's investment property.

6	Share capital

Allotted, called up and fully paid shares

	2022
	No.	£
Ordinary shares of £1 each	1	1

7	Related party transactions

Amounts due to related parties due within one year comprises accrued interest on loans from the following entities:

National Federation of Retail Newsagents - £20,729
NFRN Charitable Funds - £4,564
 

Other non-current financial liabilities comprises loans which are interest bearing at 3% p.a. having no fixed repayment date from the following related parties:

National Federation of Retail Newsagents - £2,349,000
NFRN Charitable Funds - £700,000
 

8	Parent and ultimate parent undertaking

The company's immediate parent is NFRN Holdings Limited, incorporated in England.

 The ultimate controlling party is National Federation of Retail Newsagents.

Bede House Limited

Notes to the Abridged Financial Statements for the Period from 8 March 2022 to 31 December 2022 (continued)

9	Auditor information

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 23 August 2023 was John Leyden FCA , who signed for and on behalf of Carbon Accountancy Limited.

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