Company registration number 07525963 (England and Wales)
BELLMAN PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
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
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
4,097,000
5,555,505
Investments
4
6,080
6,080
4,103,080
5,561,585
Current assets
Stocks
3,561,394
3,331,123
Debtors
5
7,248,133
5,997,660
Cash at bank and in hand
73,377
189,924
10,882,904
9,518,707
Creditors: amounts falling due within one year
6
(5,056,175)
(5,010,789)
Net current assets
5,826,729
4,507,918
Total assets less current liabilities
9,929,809
10,069,503
Creditors: amounts falling due after more than one year
7
(1,564,944)
(1,582,477)
Provisions for liabilities
(613,921)
(619,877)
Net assets
7,750,944
7,867,149
Capital and reserves
Called up share capital
2,160
2,160
Other reserves
1,342,155
2,455,886
Profit and loss reserves
6,406,629
5,409,103
Total equity
7,750,944
7,867,149
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 period 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 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.
The members have not required the company to obtain an audit of its financial statements for the period 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
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 December 2023 and are signed on its behalf by:
Mr L Bellman
Director
Company registration number 07525963 (England and Wales)
BELLMAN PROPERTY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2021
2,160
4,381,152
3,954,608
8,337,920
Year ended 30 September 2022:
Loss and total comprehensive income for the year
-
-
(470,772)
(470,772)
Other movements
-
(1,925,267)
1,925,267
-
Balance at 30 September 2022
2,160
2,455,885
5,409,103
7,867,148
Period ended 31 March 2023:
Loss and total comprehensive income for the period
-
-
(116,205)
(116,205)
Other movements
-
(1,113,731)
1,113,731
-
Balance at 31 March 2023
2,160
1,342,154
6,406,629
7,750,943
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 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 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 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 to uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. 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 at 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 PERIOD ENDED 31 MARCH 2023
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.
Basic financial liabilities
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts 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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 October 2022
5,555,505
Disposals
(1,465,000)
Revaluations
6,495
At 31 March 2023
4,097,000
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
6,080
6,080
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,172
43,038
Amounts owed by group undertakings
3,001,060
3,001,060
Other debtors
3,297,901
2,953,562
6,348,133
5,997,660
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
900,000
Total debtors
7,248,133
5,997,660
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
86
126,352
Amounts owed to group undertakings
3,131,153
3,131,153
Corporation tax
416,586
257,333
Other taxation and social security
4,048
Other creditors
1,508,350
1,491,903
5,056,175
5,010,789
BELLMAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,564,944
1,582,477
The company's bank facilities are secured by way of 1st Legal charges over the company's freehold and leasehold properties.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Advance
-
1,476,760
(216,752)
1,260,008
1,476,760
(216,752)
1,260,008