Company registration number 00547037 (England and Wales)
BIRDHURST INVESTMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BIRDHURST INVESTMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BIRDHURST INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00547037)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
11,632,604
10,009,092
Current assets
Debtors
5
14,351
912,000
Cash at bank and in hand
2,020,010
1,845,373
2,034,361
2,757,373
Creditors: amounts falling due within one year
6
(946,386)
(700,906)
Net current assets
1,087,975
2,056,467
Total assets less current liabilities
12,720,579
12,065,559
Creditors: amounts falling due after more than one year
7
(750,000)
(750,000)
Net assets
11,970,579
11,315,559
Capital and reserves
Called up share capital
5,000
5,000
Capital redemption reserve
1,249,244
1,249,244
Distributable profit and loss reserves
10,716,335
10,061,315
Total equity
11,970,579
11,315,559
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BIRDHURST INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00547037)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 November 2023
Mr B J Darkin
Director
BIRDHURST INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Birdhurst Investment Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Estcots Barn, College Lane, East Grinstead, West Sussex, RH19 3LR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of rents and fees invoiced by the company, net of VAT.
1.3
Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
1.5
During the course of ordinary activities the company may collect rent deposits, some of which are held in designated bank accounts. As such, these balances do not represent assets of the company as they do not convey on the company any rights or other access to future economic benefits.
On this basis such designated bank accounts are not included in the company's balance sheet together with the corresponding liability to repay the amounts to the third parties.
BIRDHURST INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 April 2022
10,009,092
Additions
1,685,773
Revaluations
(62,261)
At 31 March 2023
11,632,604
The investment properties were valued on an open market basis on 31 March 2023 by the director B J Darkin.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as £13,381,388 (2022 - £11,695,615).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
14,351
912,000
BIRDHURST INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
138,797
89,806
Taxation and social security
210,619
233,409
Other creditors
596,970
377,691
946,386
700,906
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
750,000
750,000
8
Director's transactions
As at the balance sheet date, there was a director's loan account balance of £930,898 (2022 - £829,164) of which, £180,898 is shown within other creditors due within one year and £750,000 shown in other creditors due after one year.
9
Designated bank accounts
As at the balance sheet date, the company held £25,774 (2022 - £93,778) in designated bank accounts.