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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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J B M Properties Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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J B M Properties Limited |
J B M Properties Limited (Registered number: SC156897) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
J B M Properties Limited |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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308 Albert Drive |
Pollokshields |
GLASGOW |
G41 5RS |
J B M Properties Limited (Registered number: SC156897) |
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Abridged Balance Sheet |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(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. |
J B M Properties Limited (Registered number: SC156897) |
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Abridged Balance Sheet - continued |
31 May 2017 |
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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 on
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J B M Properties Limited (Registered number: SC156897) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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J B M Properties Limited is a
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and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The Company has transitioned to FRS 102 from previously extant United Kingdom Generally Accepted Accounting |
Practice as at 1 June 2016. The reported financial position and financial performance for the previous year are not affected |
by the transition to FRS 102. |
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Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including |
expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based |
on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. |
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Investment property |
Investment property is stated at fair value. Revaluation surplus or deficit is recognised in the income statement. Deferred |
taxation is provided on the gains at a rate expected when the property is sold. |
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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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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where |
turnover is recognised when the company obtains the right to consideration and rental income receivable in the year. |
J B M Properties Limited (Registered number: SC156897) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not more than |
twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date |
of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2016 |
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Revaluations | 55,899 |
At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Cost or valuation at 31 May 2017 is represented by: |
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£ |
Valuation in 2017 | 225,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 169,101 | 169,101 |
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Investment property was valued on an fair value basis on 31 May 2017 by the director's . |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 28,020 | 38,720 |
J B M Properties Limited (Registered number: SC156897) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The Royal Bank of Scotland holds a fixed charge on the investment property and a floating charge over the assets of the |
company. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 50 | 50 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2017 and 31 May 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The advances were repaid to the company on 4 July 2016. |
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10. | FIRST YEAR ADOPTION |
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The accounting policies applied under the company's previous accounting framework are not materially different to section |
1A FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally |
Accepted Accounting Practice applicable to Small Entities) and have not impacted on equity or profit or loss. |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
J B M Properties Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance |
Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of |
the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of J B M Properties Limited for the year ended 31 May 2017 which comprise the Abridged Income Statement, Abridged |
Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given |
us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of J B M Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J B M Properties Limited and state those matters that we have agreed to state to the Board of Directors of J B M Properties Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that J B M Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J B M Properties Limited. You consider that J B M Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of J B M Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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308 Albert Drive |
Pollokshields |
GLASGOW |
G41 5RS |
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