REGISTERED NUMBER:
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BRADGATE INDUSTRIAL PROPERTIES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2021 |
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REGISTERED NUMBER:
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BRADGATE INDUSTRIAL PROPERTIES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2021 |
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BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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BRADGATE INDUSTRIAL PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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3 Princes Court |
Royal Way |
Loughborough |
Leicestershire |
LE11 5XR |
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BANKERS: |
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Market Place |
Loughborough |
Liecestershire |
LE11 3NZ |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
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STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 | 66,000 | 66,000 |
Fair value reserve | 9 | 2,755,957 | 1,871,114 |
Retained earnings | 9 | 333,078 | 226,207 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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1. | GENERAL INFORMATION |
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Bradgate Industrial Properties Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The financial statements cover the individual entity. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Revenue |
Revenue represents the total invoice value, excluding Value Added Tax, of rents receivable and services |
rendered during the period. |
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Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Deferred taxation is provided on the fair value surplus in respect of freehold investment properties. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2020 |
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Revaluations | 1,293,500 |
At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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Fair value at 31 August 2021 is represented by: |
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Valuation in 2021 | 3,434,674 |
Cost | 323,826 |
3,758,500 |
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If the investment properties had not been revalued they would have been included at the following historical cost: |
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2021 | 2020 |
£ | £ |
Cost | 323,826 | 323,826 |
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Investment properties were professionally valued on 14 December 2021 by Mather Jamie Ltd at market value in accordance with the RICS Valuation Global Standards.The valuation was prepared having regard to market based evidence for similar properties sold in the local area.The directors consider that this reflects the valuation as at 31 August 2021. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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7. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax |
Property revaluation | 678,717 | 270,060 |
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Deferred |
tax |
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Balance at 1 September 2020 |
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Provided during year |
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Balance at 31 August 2021 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
66,000 | Ordinary Shares | £1 | 66,000 | 66,000 |
66,000 | 66,000 |
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9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 September 2020 | 226,207 | 1,871,114 | 2,097,321 |
Profit for the year |
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Dividends | ( |
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Revaluation in year | (1,293,500 | ) | 1,293,500 | - |
Deferred tax on revaluation | 408,657 | (408,657 | ) | - |
At 31 August 2021 | 333,078 | 2,755,957 | 3,089,035 |
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The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
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11. | CONTINGENT LIABILITIES |
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There is an unlimited composite intercompany guarantee to secure the bank borrowings of £nil (2020 - £179,175) for companies within the Bradgate Containers (Holdings) Limited group. |
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There is also a legal charge on the investment property, namely Units 1-7 Old Station Close, Shepshed Leicestershire. This legal charge has been given as security on a loan of £1,848,750 taken out by Bradgate Containers (Holdings) Limited. |
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12. | POST BALANCE SHEET EVENTS |
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The aggregate amount of dividends authorised since the balance sheet date amounts to £132,600 (2020: £nil). These financial statements do not reflect the dividends payable, which will be accounted for in shareholder's equity as an appropriation of retained earnings in the year ended 31 August 2022. |
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13. | ULTIMATE CONTROLLING PARTY |
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The directors consider that Bradgate Containers (Holdings) Limited, a company registered in England and Wales, is the company's ultimate parent company. |
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Bradgate Containers (Holdings) Limited heads the smallest and largest group in which the results of the company are consolidated. The financial statements of Bradgate Containers (Holdings) Limited are available from Companies House, Crown Way, Cardiff CF14 3UZ. The registered office of the ultimate parent company is the same as that shown on the company information page. |