REGISTERED NUMBER:
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B Y G INVESTMENTS LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2021 |
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REGISTERED NUMBER:
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B Y G INVESTMENTS LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2021 |
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B Y G INVESTMENTS LIMITED (REGISTERED NUMBER: 11562247) |
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Contents of the Financial Statements |
for the year ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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B Y G INVESTMENTS LIMITED |
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Company Information |
for the year ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |
B Y G INVESTMENTS LIMITED (REGISTERED NUMBER: 11562247) |
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Balance Sheet |
31 March 2021 |
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31/3/21 | 31/3/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
B Y G INVESTMENTS LIMITED (REGISTERED NUMBER: 11562247) |
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Balance Sheet - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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B Y G INVESTMENTS LIMITED (REGISTERED NUMBER: 11562247) |
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Notes to the Financial Statements |
for the year ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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B Y G Investments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company's balance sheet reflects net current liabilities as at 31st March 2021. However, included in creditors due within one year are loans from a Trust. The Trustees have provided assurances that they will not request repayment of their loans until such time as the company has sufficient funds available and accordingly the directors consider the going concern basis of preparation to be appropriate. |
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Significant judgements and estimates |
The Directors exercise their expertise and judgement in the appointment of investment managers and the monitoring of their performance with regard to the company's investment portfolio. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Fixed asset investments |
The company values it's investments at fair value at each balance sheet date, such fair values being obtained by an annual report produced by the financial institution charged with managing such investments. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
B Y G INVESTMENTS LIMITED (REGISTERED NUMBER: 11562247) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
Additions |
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Disposals | ( |
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Revaluations |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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Cost or valuation at 31 March 2021 is represented by: |
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Other |
investments |
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Valuation in 2021 | 114,553 |
Cost | 5,482,450 |
5,597,003 |
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Fixed asset investments are valued at their fair value as at the balance sheet date, based on the valuation provided by the external company with whom the investments are made. Their original cost amounted to £5,482,450. |
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Fixed asset investments comprise several portfolio's of investments. The investments are valued at each year end to their fair value using their bid price for unit trusts. For investment trusts and company shares, the mid-price between the bid and offer price is used. After taking into account any units encashed to pay ongoing management fees, the difference between the share portfolio carrying value and the annual 31st March valuation provided by the investment managers is taken to a fair value reserve so as to include the portfolio at its fair value at the balance sheet date. Any deferred tax provision is then calculated by reference to the fair value of investments less original costs and any indexation allowance where applicable. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Other creditors |
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Included in other creditors are loans from a Trust which are unsecured, carry no interest charge and are not subject to a formal agreement. Accordingly such loans are treated as repayable on demand and accounted for at cost less impairment. |
B Y G INVESTMENTS LIMITED (REGISTERED NUMBER: 11562247) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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7. | RESERVES |
Fair |
value |
reserve |
£ |
No description | 92,788 |
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At 31 March 2021 |
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8. | RELATED PARTY DISCLOSURES |
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During the previous year, the B Y Griggs No 1 Discretionary Settlement introduced funds by way of loans amounting to £1,580,970 which the company used to make investments during the year ended 31st March 2021. |
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During the year ended 31st March 2021, the B Y Griggs No 1 Discretionary Settlement introduced funds by way of additional loans amounting to £19,210,773 and repayments of £98,000 were made. |
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As at the 31st March 2021, the amount owed to the Trust was £20,693,743 (2020 : £1,580,970). The loans carry no interest, are unsecured and have no set repayment date. |