Company Registration No. SC313181 (Scotland)
BBB Properties Limited
Unaudited financial statements
for the year ended 30 November 2016
Pages for filing with Registrar
BBB Properties Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BBB Properties Limited
Balance sheet
as at 30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
5,066,201
2,303,433
Current assets
Debtors
3
55,402
360,355
Cash at bank and in hand
172,455
75,158
227,857
435,513
Creditors: amounts falling due within one year
4
(1,904,266)
(2,173,316)
Net current liabilities
(1,676,409)
(1,737,803)
Total assets less current liabilities
3,389,792
565,630
Capital and reserves
Called up share capital
5
2,500,002
2
Capital redemption reserve
1
1
Profit and loss reserves
6
889,789
565,627
Total equity
3,389,792
565,630
BBB Properties Limited
Balance sheet (continued)
as at 30 November 2016
- 2 -
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 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 .
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.
The financial statements were approved by the board of directors and authorised for issue on 26 May 2017 and are signed on its behalf by:
JM Bennett
Director
Company Registration No. SC313181
BBB Properties Limited
Statement of changes in equity
for the year ended 30 November 2016
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2014
2
1
515,764
515,767
Year ended 30 November 2015:
Profit and total comprehensive income for the year
-
-
49,863
49,863
Balance at 30 November 2015
2
1
565,627
565,630
Year ended 30 November 2016:
Profit and total comprehensive income for the year
-
-
324,162
324,162
Issue of share capital
5
2,500,000
-
-
2,500,000
Balance at 30 November 2016
2,500,002
1
889,789
3,389,792
BBB Properties Limited
Notes to the financial statements
for the year ended 30 November 2016
- 4 -
1
Accounting policies
Company information
BBB Properties Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention
as modified by the revaluation of certain fixed assets.
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 £.
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.
These financial statements for the year ended 30 November 2016
are the
first
financial statements of BBB Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents the value of rental income receivable in the year and recharges of costs incurred on behalf of the tenant.
receivable
in the year and recharges of costs incurred on behalf of the tenant.
1.3
Investment properties
Investment properties, which are properties h eld to earn rentals and/or for capital appreciation, are measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
properties,
which
are properties h
eld to earn rentals and/or for capital appreciation,
are
measured using the fair value model and stated at its fair value as the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
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 .
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
.
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.
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.
BBB Properties Limited
Notes to the financial statements (continued)
for the year ended 30 November 2016
1
Accounting policies (continued)
- 5 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 tax currently payable .
the
tax currently
payable
.
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.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BBB Properties Limited
Notes to the financial statements (continued)
for the year ended 30 November 2016
- 6 -
2
Investment property
2016
£
Fair value
At 1 December 2015
2,303,433
Additions
3,495,165
Disposals
(732,397)
At 30 November 2016
5,066,201
The value of the investment properties have been assessed by the directors who are RICS chartered surveyors and they consider that cost reflects the fair value.
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
14,393
7,023
Other debtors
41,009
353,332
55,402
360,355
4
Creditors: amounts falling due within one year
2016
2015
£
£
Corporation tax
83,469
11,853
Other taxation and social security
1,761
-
Other creditors
1,819,036
2,161,463
1,904,266
2,173,316
BBB Properties Limited
Notes to the financial statements (continued)
for the year ended 30 November 2016
- 7 -
5
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
2,500,002 Ordinary shares of £1 each
2,500,002
2
Called-up share capital represents the nominal value of shares that have been issued.
Reconciliation of movements during the year:
Ordinary
Number
At 1 December 2015
2
Issue of fully paid shares
2,500,000
At 30 November 2016
2,500,002
During the year the company issued 2,500,000 ordinary shares at par value to acquire the assets and liabilities of 3B's (Scotland) LLP, a limited liability partnership whose members are also directors of BBB Properties Limited. The transfer took effect on 16 March 2016. Since the year end a further 431,938 ordinary shares have been issued at par to complete the transfer.
6
Profit and loss reserves
The retained earnings reserve has moved based on the profit in the year. The reserve takes account of any profit or loss movements and can be used to pay dividends out.
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2016
2015
£
£
Other related parties
75,000
75,000
BBB Properties Limited
Notes to the financial statements (continued)
for the year ended 30 November 2016
7
Related party transactions (continued)
- 8 -
The following amounts were outstanding at the reporting end date:
2016
2015
Amounts owed to related parties
£
£
Key management personnel
1,345,743
2,158,743
1,345,743
2,158,743
The following amounts were outstanding at the reporting end date:
2016
Amounts owed by related parties
£
Other related parties
14,393
2015
£
Other related parties
7,023
No guarantees have been given or received.
8
Control
In the opinion of the directors there is no individual controlling party.