Company Registration No. 07525963 (England and Wales)
BELLMAN PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
BELLMAN PROPERTY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr L Bellman
Mr N Evans
Secretary
Mrs S J Bellman
Company number
07525963
Registered office
C/o Sobell Rhodes LLP
Kinetic Business Centre
Theobald Street
Elstree
Hertfordshire
United Kingdom
WD6 4PJ
Accountants
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ
BELLMAN PROPERTY GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
BELLMAN PROPERTY GROUP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
9,019,000
10,908,000
Investments
6,080
6,080
9,025,080
10,914,080
Current assets
Stocks
1,175,767
1,261,580
Debtors
4
5,046,247
5,028,379
Cash at bank and in hand
1,256,800
1,343,951
7,478,814
7,633,910
Creditors: amounts falling due within one year
5
(4,754,562)
(4,579,108)
Net current assets
2,724,252
3,054,802
Total assets less current liabilities
11,749,332
13,968,882
Creditors: amounts falling due after more than one year
6
(2,403,861)
(4,477,602)
Provisions for liabilities
(1,007,551)
(1,289,108)
Net assets
8,337,920
8,202,172
Capital and reserves
Called up share capital
2,160
2,160
Other reserves
4,381,152
5,772,205
Profit and loss reserves
3,954,608
2,427,807
Total equity
8,337,920
8,202,172
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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.
BELLMAN PROPERTY GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 March 2022 and are signed on its behalf by:
Mr L Bellman
Director
Company Registration No. 07525963
BELLMAN PROPERTY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2019
2,160
7,108,621
2,429,063
9,539,844
Year ended 30 September 2020:
Loss and total comprehensive income for the year
-
-
(1,337,672)
(1,337,672)
Other movements
-
(1,336,416)
1,336,416
-
Balance at 30 September 2020
2,160
5,772,205
2,427,807
8,202,172
Year ended 30 September 2021:
Profit and total comprehensive income for the year
-
-
135,748
135,748
Other movements
-
(1,391,053)
1,391,053
-
Balance at 30 September 2021
2,160
4,381,152
3,954,608
8,337,920
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
1
Accounting policies
Company information
Bellman Property Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
C/o Sobell Rhodes LLP, Kinetic Business Centre, Theobald Street, Elstree, Hertfordshire, United Kingdom, WD6 4PJ.
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 a
mounts
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following the unprecedented outbreak of Covid-19 which has resulted in the disruption to various businesses.
true
As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.
On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis
.
1.3
Turnover
The turnover shown in the profit and loss account represents rental income from the company’s investment
properties.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or 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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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
.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
3
Investment property
2021
£
Fair value
At 1 October 2020
10,908,000
Additions
615,280
Disposals
(2,076,000)
Revaluations
(428,280)
At 30 September 2021
9,019,000
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
68,990
88,837
Corporation tax recoverable
35,748
Amounts owed by group undertakings
3,001,060
3,001,060
Other debtors
1,976,197
1,902,734
5,046,247
5,028,379
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
30,401
70,450
Amounts owed to group undertakings
3,131,153
3,131,153
Corporation tax
302,428
Other creditors
1,290,580
1,377,505
4,754,562
4,579,108
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
2,403,861
4,477,602
The company's bank facilities are secured by way of 1st Legal charges over the company's freehold and leasehold properties.
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Advance
-
1,454,647
24,049
1,478,696
1,454,647
24,049
1,478,696