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Company registration number:
05828761
BBP Investments Limited
Unaudited filleted financial statements
31 March 2022
THE BARKER PARTNERSHIP
Chartered Accountants and Statutory Auditors
Thirsk
BBP Investments Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
BBP Investments Limited
Directors and other information
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Directors |
Mr B W Barker |
(Resigned 9 April 2021) |
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Mrs H B Barker |
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Mrs S Scawthorn |
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Mr J R Chapman |
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Secretary |
Mrs S Scawthorn |
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Company number |
05828761 |
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Registered office |
BBP House, Keld Close |
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Barker Business Park |
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Melmerby, Ripon |
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North Yorkshire |
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HG4 5NB |
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Accountants |
The Barker Partnership |
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17 Central buildings |
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Market Place |
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Thirsk |
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North Yorkshire |
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YO7 1HD |
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BBP Investments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of BBP Investments Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BBP Investments Limited for the year ended 31 March 2022 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of BBP Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BBP Investments Limited and state those matters that we have agreed to state to the board of directors of BBP Investments Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BBP Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that BBP Investments 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 BBP Investments Limited. You consider that BBP Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BBP Investments 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.
The Barker Partnership
Chartered Accountants
17 Central buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
2 August 2022
BBP Investments Limited
Balance sheet
31 March 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
3,845,000 |
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3,650,000 |
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_______ |
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_______ |
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3,845,000 |
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3,650,000 |
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Current assets |
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Debtors |
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6 |
1,072,277 |
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1,000,403 |
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Cash at bank and in hand |
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159,059 |
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170,401 |
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_______ |
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_______ |
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1,231,336 |
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1,170,804 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
200,168) |
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(
184,684) |
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_______ |
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_______ |
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Net current assets |
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1,031,168 |
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986,120 |
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_______ |
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_______ |
Total assets less current liabilities |
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4,876,168 |
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4,636,120 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
2,803,538) |
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(
2,941,706) |
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Provisions for liabilities |
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(
9,962) |
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- |
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_______ |
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_______ |
Net assets |
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2,062,668 |
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1,694,414 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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2,062,568 |
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1,694,314 |
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_______ |
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_______ |
Shareholders funds |
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2,062,668 |
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1,694,414 |
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_______ |
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_______ |
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For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
02 August 2022
, and are signed on behalf of the board by:
Mrs S Scawthorn
Director
Company registration number:
05828761
BBP Investments Limited
Notes to the financial statements
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is BBP House, Keld Close, Barker Business Park, Melmerby, Ripon, North Yorkshire, HG4 5NB.The principal activity of the company is that of property investment.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on the going concern basis, the validity of which depends on the continued support of the company's parent company BBP Group Ltd and its fellow subsidiary companies.The companies have confirmed that they will continue to provide financial support and that they have no intention of recalling the loans in the foreseeable future.
Turnover
Turnover represents rents receivable during the year, exclusive of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directlyattributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2021:
3
).
5.
Tangible assets
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Investment property |
Total |
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£ |
£ |
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Cost or valuation |
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At 1 April 2021 |
3,650,000 |
3,650,000 |
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Revaluation |
195,000 |
195,000 |
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_______ |
_______ |
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At 31 March 2022 |
3,845,000 |
3,845,000 |
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_______ |
_______ |
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Depreciation |
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At 1 April 2021 and 31 March 2022 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2022 |
3,845,000 |
3,845,000 |
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_______ |
_______ |
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At 31 March 2021 |
3,650,000 |
3,650,000 |
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_______ |
_______ |
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Investment property
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by Carter Towler, Chartered Surveyors in 2021, and updated by the directors in 2022 to reflect current market values. The valuations were made on an open market, existing use basis.
6.
Debtors
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2022 |
2021 |
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£ |
£ |
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Trade debtors |
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- |
1,000 |
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Amounts owed by group undertakings |
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1,069,277 |
996,403 |
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Other debtors |
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3,000 |
3,000 |
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_______ |
_______ |
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1,072,277 |
1,000,403 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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132,000 |
126,000 |
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Trade creditors |
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6,194 |
173 |
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Corporation tax |
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21,384 |
22,497 |
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Social security and other taxes |
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28,635 |
26,351 |
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Other creditors |
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11,955 |
9,663 |
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_______ |
_______ |
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200,168 |
184,684 |
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_______ |
_______ |
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The bank loan is secured by a charge on the company's investment properties.
8.
Creditors: amounts falling due after more than one year
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2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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713,638 |
851,806 |
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Amounts owed to group undertakings |
|
2,089,900 |
2,089,900 |
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_______ |
_______ |
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2,803,538 |
2,941,706 |
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_______ |
_______ |
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The bank loan is secured by a charge on the company's investment properties.
9.
Related party transactions
The company's parent company, BBP Group Limited, has provided it with an interest free, unsecured loan with no fixed repayment terms. The balance outstanding at the year end and included in creditors is £2,089,900 (2021 - £2,089,900).The company has provided other group companies with interest free, unsecured loans with no fixed repayment terms. The balances outstanding at the year end and included in debtors are £6,727 due from CSB Construction Limited (2021 - £96,253) and £1,062,550 due from Barker Business Park Limited (2021 - £900,150).