Company registration number 11321308 (England and Wales)
BALLYCROY PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
BALLYCROY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
M McManamon
M Richards
Secretary
M Richards
Company number
11321308
Registered office
17 Pennine Parade
Pennine Drive
London
NW2 1NT
Accountants
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
3 Field Way
Uxbridge
Middlesex
UB8 3AQ
BALLYCROY PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
BALLYCROY PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the company continued to be that of property rental, investment and development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M McManamon
M Richards
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M McManamon
Director
30 April 2024
BALLYCROY PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
2023
2022
£
£
Turnover
-
-
Cost of sales
20,136
Gross profit
20,136
-
Administrative expenses
(4,537)
(4,324)
Other operating (expenses)/income
(1,890)
21,083
Operating profit
13,709
16,759
Interest payable and similar expenses
(15,390)
(8,292)
(Loss)/profit before taxation
(1,681)
8,467
Tax on (loss)/profit
(Loss)/profit for the financial year
(1,681)
8,467
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BALLYCROY PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
600,000
600,000
Current assets
Debtors
5
21,279
Cash at bank and in hand
18,018
30,316
39,297
30,316
Creditors: amounts falling due within one year
6
(260,972)
(250,310)
Net current liabilities
(221,675)
(219,994)
Total assets less current liabilities
378,325
380,006
Creditors: amounts falling due after more than one year
7
(300,835)
(300,835)
Provisions for liabilities
(15,352)
(15,352)
Net assets
62,138
63,819
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
62,136
63,817
Total equity
62,138
63,819
For the financial year ended 30 April 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 year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
M McManamon
Director
Company registration number 11321308 (England and Wales)
BALLYCROY PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2021
2
55,350
55,352
Year ended 30 April 2022:
Profit and total comprehensive income
-
8,467
8,467
Balance at 30 April 2022
2
63,817
63,819
Year ended 30 April 2023:
Loss and total comprehensive income
-
(1,681)
(1,681)
Balance at 30 April 2023
2
62,136
62,138
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
1
Accounting policies
Company information
Ballycroy Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.
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 £.
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
Going concern
These financial statements have been prepared on a going concern basis which assumes that thetrue company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from its directors, who have indictated that they will continue to support Ballycroy Properties Limited for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows.
As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. In view of the above, and at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities that might arise.
1.3
Investment property
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:2
2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
600,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
21,279
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,440
240
Other creditors
259,532
250,070
260,972
250,310
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
300,835
300,835
There is a legal charge dated 12 July 2018 in favour of the lender, Paragon Bank PLC, to secure loan facilities. This comprises fixed charge over the company's property included within investment properties.
There is a legal charge dated 22 January 2021 in favour of the lender, Nottingham Building Society, to secure loan facilities. This comprises fixed charge over the company's property included within investment properties.
At 30 April 2022, of the creditors falling due after more than one year, the bank loans totalling £300,835 are secured.
BALLYCROY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
(300,835)
300,835
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
65,448
65,448
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