REGISTERED NUMBER: |
BRADGATE INDUSTRIAL PROPERTIES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
REGISTERED NUMBER: |
BRADGATE INDUSTRIAL PROPERTIES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
BRADGATE INDUSTRIAL PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
3 Princes Court |
Royal Way |
Loughborough |
Leicestershire |
LE11 5XR |
BANKERS: |
Market Place |
Loughborough |
Liecestershire |
LE11 3NZ |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings | 9 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | GENERAL INFORMATION |
Bradgate Industrial Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements cover the individual entity. |
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. |
2. | ACCOUNTING POLICIES |
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. |
There are no material concerns relating to going concern. |
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. |
Revenue |
Revenue represents the total invoice value, excluding Value Added Tax, of rents receivable and services rendered during the period. |
Revenue is recognised upon the provision of services. |
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement. |
Financial instruments |
The company has chosen to adopt the FRS 102A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2021 | 3,434,674 |
Cost | 323,826 |
3,758,500 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 323,826 | 323,826 |
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 in all material aspects as at 31 August 2023. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
VAT | 13,504 | 13,562 |
Accruals and deferred income |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Property revaluation | 678,717 | 678,717 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Balance at 31 August 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
66,000 | Ordinary Shares | £1 | 66,000 | 66,000 |
66,000 | 66,000 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2022 | 2,955,124 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 August 2023 | 2,945,756 |
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. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
BRADGATE INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 00372853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
11. | CONTINGENT LIABILITIES |
There is an unlimited composite intercompany guarantee to secure the bank borrowings for companies within the Bradgate Containers (Holdings) Limited group. These were nil at the year end (2022:£nil). |
There is 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. |
12. | ULTIMATE CONTROLLING PARTY |
The directors consider that Bradgate Containers (Holdings) Limited, a company registered in England and Wales, is the company's ultimate parent company. |
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. |